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Best Forex Brokers Canada for 2022

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

October 05, 2022

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.

Investment Industry Regulatory Organization of Canada (IIROC) logo

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

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.

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  • 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.

Company Accepts CA Residents Regulated by IIROC Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
CMC Markets logoCMC Markets check check 0.51 (August 2022) $0 5 Stars
Interactive Brokers logoInteractive Brokers check check 0.6 (Aug 2022) $0 5 Stars Visit Site
FOREX.com logoFOREX.com check check 1.0 (July 2022) $100 5 Stars Visit Site
AvaTrade logoAvaTrade check check 0.91 (Aug 2020) $100 4.5 Stars
Saxo Bank logoSaxo Bank check 0.9 (September 2022) €2,000 5 Stars
FP Markets logoFP Markets check 1.2 (August 2022) $100 AUD 4.5 Stars
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 4 Stars
BlackBull Markets logoBlackBull Markets check 0.827 (August 2022) $0 4 Stars
Eightcap logoEightcap check N/A $100 4 Stars

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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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

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
John Bringans

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
Joey Shadeck

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.


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