IG
CMC Markets
FOREX.com
XTB
AvaTrade
Plus500
BlackBull Markets
Tickmill
FP MarketsBest Forex Brokers Canada for 2023
Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck
ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Trading forex (currencies) in international markets is popular among residents in Canada. Before any forex broker in Canada can accept forex and CFD traders as clients, they must become authorised by Canada's regulatory body: the Canadian Investment Regulatory Organization (CIRO).
Founded in June 2023, the CIRO consolidates and carries on the functions of the Investment Industry Regulatory Organization (IIROC) and Mutual Fund Dealers Association (MFDA). We also 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 74% and 89% 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 2023
To find the best forex brokers in Canada, we created a list of all firms authorised by Canada's new regulator, the CIRO, then ranked the brokers by their Overall ranking. Here is our list of the top Canadian forex brokers.
- CMC Markets - Excellent overall, best platform technology
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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.
| Company | Accepts CA Residents | Regulated by the CIRO | Average Spread EUR/USD - Standard | Minimum Deposit | Overall Rating | Visit Site |
 CMC Markets
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0.51 | $0 |
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 FOREX.com
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1.4 | $100 |
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Visit Site
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 AvaTrade
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0.92 | $100 |
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 Saxo Bank
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0.9 | €2,000 |
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 FP Markets
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1.2 | $100 AUD |
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 Eightcap
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1.0 | $100 |
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 MultiBank
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N/A | $50 |
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 IFC Markets
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1.44 | $1 |
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Interested in stock trading? Read our guide to the best online brokers in Canada.
Who are the most trusted forex brokers in Canada?
No matter where you live, it’s always important to make sure that your forex broker is well-regulated. We’ve put together this list of the most trusted brokers in Canada in 2023 that accept Canadian residents and are are regulated by the Canadian Investment Regulatory Organization (CIRO):
1. CMC Markets
99 Trust Score - Publicly traded, won our 2023 Annual Award for #1 Most Currency Pairs
A highly trusted online forex and CFD broker, CMC Markets goes above and beyond to offer a rich trading experience with competitive pricing and over 12,000 tradeable instruments. CMC Markets is publicly traded and currently authorised by the following Tier-1 regulators: Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Monetary Authority of Singapore (MAS), Financial Markets Authority (FMA), and the Financial Conduct Authority (FCA). Read our full-length review of CMC Markets.
Check out some screenshots from CMC Market's trading platforms, taken by our research team during our product testing.
2. Interactive Brokers
99 Trust Score - Publicly traded and well-capitalized, earned our top 2023 Annual Award for Offering of Investments
Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in the following Tier-1 jurisdictions: the Canadian Investment Regulatory Organization (CIRO), the Securities Futures Commission (SFC), the Investment Industry Regulatory Organization of Canada (IIROC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS), Central Bank of Ireland (CBI), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and in the European Union via MiFID. Read our full-length review of Interactive Brokers.
Here are some screenshots of Interactive Brokers' trading platforms, taken by our research team during our product testing.
3. FOREX.com
99 Trust Score - Earned the Industry Award for #1 New Trading tool in our 2023 Annual Awards
Founded in 1999, FOREX.com is a GAIN Capital brand under the parent company of StoneX Group (NASDAQ: SNEX), a Fortune 500 company and a member of the National Futures Association (NFA) in the U.S. FOREX.com is licensed by the following Tier-1 regulators: the Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Commodity Futures Trading Commission (CFTC) , and in the European Union via MiFID. Read our full-length review of FOREX.com.
Browse a gallery of screenshots from FOREX.com’s trading platforms, taken by our research team during our product testing.
4. AvaTrade
94 Trust Score
AvaTrade is a trusted forex broker that stands out for its rich selection of trading platform options and for its educational content for beginners. AvaTrade is licensed by the following Tier-1 regulators: the Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), and in the European Union via MiFID. Read our full-length review of AvaTrade.
Check out some screenshots from AvaTrade's trading platforms, taken by our research team during our product testing.
Our research team evaluates and monitors dozens of the top regulators in the forex industry. Learn more about forex regulators on our Trust Score page.
Why regulation is important
Choosing a well-regulated forex broker is important for avoiding forex scams. Check out my popular educational series that teaches you how to identify common forex scams and provides helpful information about what to do if you've been scammed. For crypto traders, I explain how you can spot common crypto scams.
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 CIRO (previously known as IIROC)
As of June 2023, CIRO is the new regulator in Canada, following a rebranding and reorganization from IIROC. IIROC was 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). CIRO is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatory bodies in Canada:
- British Columbia Securities Commission
- Alberta Securities Commission
- Financial and Consumer Affairs Authority
- Manitoba Securities Commission
- Ontario Securities Commission
- Autorité des marchés financiers
- Financial and Consumer Services Commission
- Nova Scotia Securities Commission
- Prince Edward Island
- Government of Yukon Securities Registrar
- Newfoundland Securities Commission
- Northwest Territories Securities Commission
- Office of the Superintendent of Securities (Nunavut)
For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.
Is forex legal in Canada?
Yes, forex trading is legal in Canada. It’s always recommended to choose a broker that is well-regulated (preferably locally) and highly trusted. Forex trading in Canada is regulated provincially; each Canadian province is regulated by its own respective regulatory authority. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others.
Do you pay tax on forex trading in Canada?
With the important caveat that we cannot provide tax advice, it should be said that residents of Canada must report all income to the Canadian Government – including capital gains made from trading forex. How your tax professional may elect to apply any such gains or losses you have from trading in the financial market may vary depending on your unique circumstances.
It may be best for Canadian citizens or residents to consult a tax professional to determine any potential Canadian tax obligations. If you are not a Canadian resident or citizen, then you must report your global income from forex trading in the country of your permanent residence.
How do I start trading forex in Canada?
To open a forex trading account in Canada, it’s important to start by selecting a forex broker that is well-regulated and properly licensed in Canada by the Canadian Investment Regulatory Organization (CIRO). Once you’ve chosen a forex broker, you can follow this step-by-step guide to getting started with forex trading in Canada:
- Complete the live account application process with your forex broker and read through the applicable terms and conditions.
- Next, you’ll need to fund your new brokerage account. Choose your preferred deposit method, and make sure you are starting with an amount you can afford to risk.
- Check out a demo (or, virtual trading) account to familiarize yourself with the broker’s trading platform. Get comfortable with the broker’s website and product offerings, and consume any available educational content.
- Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits).
- Now, you can enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.
How do you trade the Canadian dollar currency pair?
Popular approaches to trading the Canadian dollar as the base currency often involve either the Japanese Yen or the euro (the CAD/JPY or EUR/CAD pair). These currency pairs are popular with investors in Canada (and across the world) due to their correlation to the price of oil. Canada is a major producer of oil and Japan is a major importer, thus the CAD/JPY pair can be affected by the price of oil. Similarly, the price of Canadian oil itself can be influenced by the CAD/JPY rate.
Note: Any attempt to try to capture statistical arbitrage (when trading the CAD/JPY while tracking the price of oil, for example) must involve strict risk management and carefully calibrated trade timing and duration.
What is the best forex trading app in Canada?
The best forex trading app available to forex traders in Canada is CMC Markets’ mobile app. CMC Markets delivers a terrific overall mobile app experience. Featuring a clean, intuitive design, CMC Markets' mobile app delivers powerful charts, multiple research tools, integrated educational content, and much more. Our researchers have rated CMC Markets’ mobile forex trading app highly in our full-length review of CMC Markets.
Check out our walkthrough of CMC Markets' highly rated mobile app:
Check out a gallery of screenshots from CMC Markets' mobile trading app, taken by our research team during our product testing.
Who is the best forex broker in Canada?
CMC Markets is our number one rated forex broker in Canada in 2023. CMC Markets is a highly trusted brand that is publicly traded (LON: CMCX) and regulated by the Canadian Investment Regulatory Organization (CIRO), CMC Markets offers an extensive range of 10,000+ tradeable investment products on its Next Generation web trading platform and mobile app.
Article Resources
- Canadian Investment Regulatory Organization (CIRO)
- Investment Industry Regulatory Organization
- New Self-Regulatory Organization (New SRO)
- IIROC Wikipedia
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Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s regulatory status and number of held regulatory licenses.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Read our full explanation and accounting of our research and testing process to 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 Editorial Team
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. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.