2025 Fees + Features

However, you will find many CIRO-regulated brokers don’t accept residents of Ontario as OSC requirements are too onerous. CIRO place a number of measures CIRO-regulated brokers must follow to ensure they are safe brokers to trade with, 2 of these measures relate to leverage and crypto trading. Out of all our tests, Interactive Brokers had the most advanced tools, pricing, and markets, making it a compelling choice for professional traders in Canada. This is especially true if you want to trade more complex markets like futures and options in addition to traditional CFD trading.

Which MT5 Brokers Can You Use In Canada?

• From using a live trading account with Fusion Markets, it’s safe to say they offer one of the cheapest overall trading fees.
• AvaTrade allows traders to deposit in CAD and offers English and French services.
• We encourage Canadian investors to double-check this information via a broker’s website or contact them directly online.
• To verify a broker’s authorization by CIRO, traders can use CIRO’s online advisor check database (CIRO Advisor Report).
• The lowest spread Forex broker is the broker that offers the narrowest margin between the broker’s sell rate and buy rate.
• FP Markets offers copy trading through the MetaTrader 4 platform, enabling traders to replicate strategies from experienced professionals.

I like the user-friendly interface; it makes crypto trading straightforward. However, it might be that you live in Canada but are not a Canadian resident or citizen, if this is the case, you can use a broker outside Canada. For this reason, we have included brokers that will accept Canadian traders. Given the differences in regulations between Canadian provinces and territories, some brokers only accept clients from certain regions. Two notable examples are Alberta and Ontario, which both have additional regulatory requirements than other areas. We encourage Canadian investors to double-check this information via a broker’s website or contact them directly online.

Additional Fees

Brokers with consistently positive feedback were rated higher, as this real-world validation reinforces their credibility and reliability. Pepperstone offers competitive spreads starting from 1 pip on its Standard Account and down to 0 pips on the Razor Account. With platforms like MT4, MT5, cTrader and TradingView all available, it caters to a range of trading preferences. In addition, AvaTrade offers full support for MT4 and MT5 (including EAs, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms. Traders can also use AvaTrades’ in-house platform, AvaOptions, to trade Vanilla options.

The platform works well for those looking to save on day trading fees while accessing major financial markets. Though customer service could use improvement, I find their low-cost structure hard to beat. Client protection is paramount when it comes to Forex market regulation, not just in Canada, but around the world with top-tier regulators like the FCA in the UK and ASIC in Australia. Similar to these, IIROC enforces rules designed to protect clients against the insolvency of regulated brokers. As such, there are a number of strict conditions that brokers have to abide by in order to operate, such as minimum capital requirements and regular, comprehensive financial reports. No, MetaTrader 4 is a 3rd party trading platform that many Forex brokers offer so you can trade forex.

FOREX.com and IFC Markets are our top picks for the best forex brokers for traders based out of Canada. It is unique compared to other countries, as IIROC membership is a requirement, but each of the ten provinces regulates Forex traders residing within their jurisdiction. It is one reason many international Forex brokers choose not to operate in Canada. The compliance fees to ensure a broker complies with the ten districts and the potential number of clients makes Canada unattractive for offshore brokers. Beginner traders can benefit from the Axi Academy and webinars, while copy traders can rely on the embedded MT4 service.

Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida’s passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement.

Final Recommendations for Canadian Traders

The legality of Forex trading in Canada is rooted in the provincial securities acts, which provide the foundation for regulatory oversight. CIRO enforces AML measures to prevent illicit activities, and Canadian regulators have introduced client-focused reforms (CFRs) to ensure that brokers act in their clients’ best interests. FXCM allows CAD deposits with a minimum of 5,000 CAD required for new accounts. Forex.com offers over 3000 instruments but does not support CAD accounts. Forex.com administers Canadian services from New Jersey, USA, with restrictions for Accredited Investors in Alberta. If you are new to trading Forex then you should consider opening canadian forex brokers an account with a Forex broker that offers demo accounts.

What is Negative Balance Protection in Forex Trading?

We tested Capitalise.ai and found it pleasant to work with, as it offered interactive tutorials on how to use the tool. After 10 minutes, we could write our automated strategy by selecting our rules, and Capitalise.ai did the rest, including backtesting and optimizing. Please note, that Eightcap is regulated by the Vanuatu Financial Services Commission (VFSC), not IIROC, but still accepts Canadian clients. One Expert Advisor that stood out to us is the “mini terminal” included in the bundle.

Best Forex Brokers in Canada for 2025

The main criteria for Canadian Forex brokers include CIRO regulation and low spreads. Secondary criteria are Forex pairs availability, CAD payments, CAD accounts availability, and low currency conversion fees. AvaTrade provides its services in Canada through the CIRO-regulated Friedberg Direct. AvaTrade allows traders to deposit in CAD and offers English and French services.

Is trading Forex legal in Canada?

As for forex trading with Eightcap, we like to test the broker’s average spreads of the major pairs as we feel this gives a better impression of the trading costs. Eightcap impressed us in our tests, recording an average spread of 1.06 pips across the majors, much lower than the industry average of 1.52 pips we tested. In our tests, we liked that Eightcap had the largest choice of crypto markets, offering a 95 cryptocurrencies with MT5 and TradingView and 79 with MT4. Crypto includes Bitcoin, XRP, and Litecoin, plus over 100 more to trade. Since Eightcap is an offshore broker (regulated by ASIC in Australia and SCB in Bahamas), they can offer CFD crypto trading which CIRO regulated brokers cannot.

• The Vantage mobile app is not just another app; it’s a trading tool that brings the power of the desktop to your pocket.
• This consistency makes it ideal for busy traders like me who need quick order execution in financial markets.
• Our testing showed that interactive brokers offer low trading costs that improve with higher trading volumes, making it an ideal set-up for professionals.
• With multilingual support and extensive educational resources, the company aims to provide its clients with a comfortable and efficient trading environment.
• FOREX.com stands out for its extensive product offering and very strong platforms and tools, which make it a good fit for traders of varying experience levels.

Combined federal and provincial taxes determine the total tax liability for Canadian Forex traders operating as a business. Forex trading taxes in Canada are treated as either capital gains for occasional or secondary activity traders, or business income if trading is done frequently or as a primary source of income. CIRO-regulated Forex brokers, such as AvaTrade, require at least $33 to open a trade, but recommend a deposit of at least $100 or $200 for sustainable trading. To open a Forex trading account with a broker in Canada, first go to the official website of the Canadian Forex broker and ensure it is legitimate. The first step is to search for the Forex broker’s CIRO membership details at the bottom of the forex broker operating in Canada. CIRO members often display their registration credentials and links to regulatory disclosures, especially the “business name” they have used to register their activities in Canada.