3 Best Forex Brokers for 2024

Therefore, Canadian traders pay Capital Gains Tax on all their forex trading profits. Yes, these Canadian brokers can be trusted as they are regulated by the Canadian Investment Regulatory Organization (CIRO). You can comfortably trade in the forex market with these service providers that are regulated in Canada. It’s always recommended to choose a https://forexbroker-listing.com/ 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.

1. Axi offers a wide range of trading instruments, including forex, CFDs, commodities, indices and cryptocurrencies, allowing you to diversify your investment portfolios.
2. Visit the homepage for Canadian traders on compare forex brokers if you’re looking for a more specific niche of broker comparison.
3. Experts advise traders, especially new ones, to pick and concentrate on certain currency pairs.
4. Through Foreign Exchange Control order, FECB (Foreign Exchange Control Board) was supposed to strengthen the Canadian dollar against the sterling pound and the U.S dollar.

Top 10 Forex Brokers Reviewed

Canadian and US forex brokers are similarly limited in the amount of leverage they can offer. US brokers are regulated by the National Futures Association, while Canadian forex brokers are subject to the IIROC and the relevant provincial regulatory body. Save yourself hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you. The CIRO is a self-regulatory organization, previously called IIROC, and it creates, monitors and enforces financial rules over the Canadian forex market. To check if a broker is a member of the CIRO, you should check the broker’s registered name on CIRO website.

What is a Forex broker?

Founded in 1989, CMC Markets is a highly trusted, publicly traded brand that holds five Tier-1 licenses regulatory licenses, including the Canadian Investment Regulatory Organization (CIRO). 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 my Overall rankings of the top forex brokers. 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. In an effort to protect Canadians, the Canadian Federal Government has enacted one of the strictest regulatory bodies in the world regarding investment platforms that target Canadian residents. The standards for international firms offering forex-type services are very strict.

How is the forex market regulated in Canada?

A diverse selection of FX pairs also allows for more trading opportunities. You may also wish to check other markets they offer such as Shares CFD, Indices, and commodities such as gold. Trading costs play a huge role in your profitability while trading currency pairs. The broker also had the lowest average spreads compared to any other fixed-spread broker, averaging 1.4 pips across the major currency pairs. From our spreads analysis, Friedberg Direct, through AvaTrade, offers competitive average spreads of 0.9 pips for EUR/USD, which is better than the industry average of 1 pip for a market maker broker. CMC Markets offers Canadian traders outstanding educational resources and an excellent trading experience thanks to its learning center.

What Is The Most Popular Trading Platform in Canada?

The U.S. Dollar (USD) is the most traded currency in the largest financial market in the world – the global forex market. As forex trading has become increasingly popular in the United States, more online forex brokers have begun offering currency-related investment products. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker. This comparison site is updated each month by the authors of compare forex brokers who have worked with the forex industry in the past. Only those currency brokers that are regulated were used in this comparison to help protect investors from poor quality operators overseas.

What fees should you be aware of when choosing a forex broker in Canada?

FOREX.com has a great range of platforms, including the popular MetaTrader 4, its upgrade, MetaTrader 5 and its own, excellent proprietary platform. Lastly, OANDA also offers a range of technical analysis tools and an expansive education suite, making the broker particularly suitable for beginners. You can search by broker name on this IIROC page to verify it’s properly licensed in Canada. Note that some brokers are regulated under the name of a larger umbrella company; for example, FOREX.com, one of our top picks, is part of the larger StoneX group.

This systemized, and structured way of reviewing each broker helps to compare each one side by side. Yes, most currency brokers let you make both personal and business transactions. All the top four currency brokers, Currencies Direct, TorFX, OFX, and Key Currency allow you to make personal and business transfers. Currency brokers can help you transfer larger amounts of money through their personal approach. They’re well placed to find you the best deals on your exchanges so you avoid missing out.

You’ll need to provide some personal information, like your name, address, and contact details. As a UK based company, it can also be more complicated to process payments from the US, and they service a smaller than average amount of countries. If you want to make transfers at the lowest cost, Currencies Direct is the best provider for you. The first step is forex broker listing to visit the website of the Forex broker where you want to open an account and navigate toward their account opening page. Follow the account opening process by providing a valid email or username, a strong password and all the personal information that is required. To be extra sure, you can also visit the CIRO’s website and search for the company’s name.

A currency broker can be your ally in navigating international transfers. HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws. Our guides, comparison tools and calculators are available free of charge. The content contained on the HelloSafe.ca website is for information purposes and does not replace that of professional advisors.

CMC Markets also delivers some of the lowest trading costs in the industry. In our 2024 Annual Awards, CMC Markets finished Best in Class in the Commissions and Fees category thanks to its consistently low spread offering, which is available for all customer segments and account types. Beginner forex traders will appreciate CMC’s wide range of educational resources and MetaTrader enthusiasts can use MT4 plugins from Autochartist and FX Blue. For its Classic (no commissions) account, TMGM offered an average spread of 1.21 pips, while for its Edge (commission-based) account, the broker averaged spreads of 0.32 pips across the 6 major currency pairs.

However, you also want to make sure they comply with all Canadian regulations governing forex trading, which are quite complicated. In addition to trading platforms, we also cover social trading and copy trading platforms and other trading tools the broker provides. The Investment Regulatory Organization of Canada (IIROC) is the financial regulator of Canada. As a Canadian resident, when choosing a forex broker, it is best to choose a broker regulated by IIROC as it means the broker can legally offer trading services in Canada. It’s worth noting that beginner forex and CFD traders might be intimidated by the broker’s miscellaneous fees and the complexity of its proprietary platforms. Ensure your broker lists all the currency pairs you are interested in trading.

For example, Fusion Markets offers leverage margins of up to 0.50%, while other brokers, such as Forex.com, offer up to 2% margins. They also offer different margins depending on whether you are trading in major or minor pairs, stocks, or commodities. CIRO sets Canada’s securities and investment rules that focus on protecting you and your money when you trade online. Along with tight RAW spreads and high leverage, FP Markets offers execution speeds for market orders, which are immediately entered at the best market price.

If you want tighter spreads but don’t mind commissions, the RAW account with a $7 per lot commission offers average spreads from 0.5 pips. As a market maker, OANDA simplifies the pricing model by offering only one trading account type for retail traders, a Spread-Only account. Canadian clients can choose a broker with CIRO regulation or consider a handful of replicable offshore forex brokers.

They are an 11x winner of Canada’s Best Managed Company award, boast of over $30 billion in assets under administration and have over 250,000 new accounts opened annually. The brokers you use must be registered with a Canadian Investment Regulatory Organization (CIRO), which ensures they meet strict standards to protect you should anything go wrong with the broker. Most financial instruments, including ETFs, are legal for online trading, and they wouldn’t be available in your regulated online broker if they weren’t. Once you have submitted your documents, you can fund your account and start trading. When you open a trading position, you will need enough funds in your account to cover margin requirements. Additionally, you ensure you are familiar with all the advanced tools of the trading platform by the time you start trading.

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. 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.