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Best Forex Brokers Canada for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact Checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail CFD accounts lose money You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

Trading forex (currencies) in international markets is popular among residents in Canada. Before any fx broker in Canada can accept forex and CFD traders as clients, they must become authorised by the Investment Industry Regulatory Organization of Canada (IIROC), which is the financial regulatory body in Canada. IIROC's website is iiroc.ca. We recommend Canadian residents follow IIROC on Twitter, @IIROCinfo and @FINTRAC_Canada.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Canadian Forex Brokers for 2022

ForexBrokers.com 2022 Review

To find the best forex brokers in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their Overall ranking. Here is our list of the top Canadian forex brokers.

  • CMC Markets - Excellent overall, best platform technology
  • Interactive Brokers - Great overall, best for professionals
  • FOREX.com - Excellent all-round offering
  • AvaTrade - Great for beginners and copy trading

Best Forex Brokers Canada Comparison

Compare Canada authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Accepts CA Residents Regulated by IIROC Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
CMC Markets check check 0.73 (August 2021) $0 starstarstarstarstar
Interactive Brokers check check 0.6 (From 09/25/21 - 10/02/21) $0 starstarstarstarstar Visit Site
FOREX.com check check 1.1 (US August 2021) $100 starstarstarstarstar Visit Site
AvaTrade check check 0.91 (Aug 2020) $100 starstarstarstarstar
Saxo Bank check 0.8 (August 2020) $2,000 starstarstarstarstar
FP Markets check 1.2 (September 2021) $100 AUD starstarstarstarstar
HYCM (Henyep) check 0.6 (Sept 2021) $100 starstarstarstarstar
BlackBull Markets check 0.845 (October, 2021) $50 starstarstarstarstar
VT Markets check 1.2 (September 2021) $200 starstarstarstarstar

Interested in stock trading? Read our guide to the best online brokers in Canada.

How to Verify IIROC Regulation

To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from OANDA's website:

OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.

Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA's website which shows each province that the broker can operate in Canada.

About the IIROC

IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatory bodies in Canada:

For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.

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Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.


John Bringans

John is the Editor of ForexBrokers.com and BrokerNotes.co. An experienced media professional, John brings over six years of experience in key leadership roles at newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and has a fast growing knowledge base of the financial services industry. John helps ensure that articles are accurate, clear, and concise, while assisting the research and editorial teams in the production of content across Reink Media Group domains.


Joey Shadeck

Joey is the Content Strategist and Research Analyst at BrokerNotes.co. He has nearly ten years of experience in the finance industry, and he uses his expertise to obtain and verify data, conduct research, and analyze and validate our content. He has been an active trader and investor for close to ten years, and holds dual degrees in Finance and Marketing from Oakland University.


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