Best Forex Brokers Canada for 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.
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.
- 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
|
0.73 (August 2021) | $0 | ||||
 Interactive Brokers
|
0.6 (From 09/25/21 - 10/02/21) | $0 | Visit Site | |||
 FOREX.com
|
1.1 (US August 2021) | $100 | Visit Site | |||
 AvaTrade
|
0.91 (Aug 2020) | $100 | ||||
 Saxo Bank
|
0.8 (August 2020) | $2,000 | ||||
 FP Markets
|
1.2 (September 2021) | $100 AUD | ||||
 HYCM (Henyep)
|
0.6 (Sept 2021) | $100 | ||||
 BlackBull Markets
|
0.845 (October, 2021) | $50 | ||||
 VT Markets
|
1.2 (September 2021) | $200 |
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:
- 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.
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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.
