Top Forex Brokers in Canada: A Review of the Leading Providers

The firm also provides specialized educational content like its “Trading for Beginners” section. When you visit IFC Markets, you are partaking in 16 years of experience in the forex and CFD markets. The platform is regulated by BVI, FSC and LFSA along with carrying insurance from AIG Professional Indemnity Insurance for Financial Institutions. Learn more about forex and find the best forex broker in Canada with our guide. In Canada, you may be eligible to pay taxes on any profits made from forex trading.

  1. TradingView has 16 million members, making it the largest investment community on the web.
  2. Choosing one of the best forex brokers in Canada with a solid range of assets is another way to optimise your forex trading.
  3. The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
  4. Equity ETFs pulled in $13 billion for the year, where Canada, developed markets, emerging markets and global equities enjoyed steady year-long inflows.
  5. The key to its popularity is that it has an intuitive interface, offers automated trading solutions with Expert Advisors (EAs), and has a top selection of trading indicators and tools that you can customize.
  6. While Forex is legal in Alberta and Ontario, the regulation rules and very complex so most brokers prefer not to access clients from these jurisdictions.

These three offer a safe and optimal trading environment for Canada-based forex traders. If you are interested in forex brokers accepting Canadian clients, with a particular emphasis on user-friendliness, then OANDA certainly fits the bill. OANDA is canadian forex review one of the IIROC regulated forex brokers on our list – ensuring Canadian traders are afforded the highest levels of protection possible. OANDA is also regulated by top-tier entities in many other countries, highlighting just how safe this broker is.

AvaTrade offers AvaOptions trading app/platform, which will help you make the most of your options trading. This broker offers 42 forex pairs plus gold and silver for options trading. For its Standard account, FOREX.com’s published spreads are slightly higher than the industry average at 1.66 pips compared to 1.52 for the top 5 most traded currency pairs from our analysis. FP Markets’ competitive spreads along with its fast execution speeds is why we rated the broker as the best ECN Forex broker for Canadian traders. When you open an account with OANDA you can choose between three excellent trading platforms.

The section that follows explores a selection of these brokers in detail, providing insight into their fees, platform, and features. New traders should enter the forex market aware of the risks and should not invest more than they can afford to lose. To start forex trading in Canada, shop around online for a domestic or offshore forex broker. Demo accounts and online training courses are an excellent way to learn the basics and practice strategies.

How do I open a forex trading account in Canada?

Aside from that, Avatrade allow you to trade the forex market with 0% commissions – ensuring you’re able to save substantial amounts of money in the long run. Some brokers will offer a ‘Standard’ account which will appeal to traders of all experience levels. Typically, these accounts will be commission-free and incorporate a variable spread structure. Therefore, it’s vital to explore all of the account types offered by your chosen broker and find one that has a fee structure and feature set that suits you and your goals. If you are an advanced trader, you might even want to keep an eye out for brokers that offer minors and exotics to trade.

Benefits of Forex Brokers and Platforms

Also, an Islamic account free of commissions and interests included in the offering to the clients that follow the Muslim belief (Find swap free forex brokers here). While your account is held with Friedberg Direct, you will still be able to trade most of the products that AvaTrade normally offers. You will still benefit from low fixed spreads on AvaTrade’s entire product range using MT4 and MT5.

USD/CAD technical price analysis: Price likely to revisit 0.382 fib

Similarly, the price of Canadian oil itself can be influenced by the CAD/JPY rate. 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’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.

– Great ECN Style Trading Broker

You can view our lowest spread forex broker page to compare Eightcap to other Canadian brokers. If you are an experienced trader who wants tighter spreads, the Edge account will suit you more. With this account, you pay 0.0 pips spread, but you’ll have to pay a commission of CAD 9 per round-turn lot, which is higher than the industry average of CAD 7 per round-turn lot. Should you choose to use USD rather than the Canadian dollar as your base currency, you will only pay $7 per round-turn lot, which will reduce your trading costs significantly in the long run. Questrade is hands down a top choice for Canadian residents, and the reason for this is it’s a great platform that is based out of Canada and that offers forex trading, as well as stocks and CFDs.

Canada-based traders can have their orders executed at the best possible price via IB’s SmartRouting engine. The latter explores the best stock, option and combination prices available at the moment you place your order and looks to immediately fill those orders electronically. IBKR Lite pricing plan allows for unlimited trading of US-listed stocks and ETFs with no commissions charged. The broker offers three types of pricing plans including Transparent Volume-Tiered Pricing, Fixed-Rate Pricing and Zero Commission US Stock Trading (IBKR Lite). The engaging webinars offered by CMC Markets are hosted by an experienced team of market analysts led by Michael Hewson. The webinars cover a wide range of topics like trading strategies, trading tips and tricks, news breakdowns and live coverage of the most important economic data.

While you can obtain spreads as low as 0.0 pips, commissions are steep at $7 per side ($14 round-turn), compared to the industry average of $3.50 per side. As a Canadian forex trader, you are granted access to both a zero commission (Standard or MetaTrader account) and a commission-based trading account (RAW Pricing account). COM also offers comprehensive education materials to new and intermediate traders and responsive customer support.

Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative. The first step to trading forex is to choose a broker that accepts clients in Canada (see our top recommended brokers above).

Using a licensed and regulated broker is advisable to minimize risk and ensure adequate legal protections. Remember though, many international brokers will have separate regulatory oversight depending on where they are based and operate. Scroll to the website footer to find this information or reach out to the broker’s customer service team. AvaTrade for example, operates in Canada in collaboration with a division of Friedberg Mercantile Group Ltd, which is regulated by IIROC. Additionally, some Canadian forex brokers may impose charges like withdrawal fees or inactivity fees. The other main fee to be considered is commission, charged by many forex brokers in Canada.

Each year, we collect thousands of data points and publish tens of thousands of words of research. NSFX – You will always find that your trading bankroll and trading budget will stretch much further at NSFX for they are committed to giving all of their traders the maximum value. They do this via their ongoing monthly promotional offers that will allow you to get the best trading value no matter whether you are a high or low volume real money based Forex trader. 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.

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money. Yes, as a forex trader residing in Canada (or Canadian citizen abroad) you’ll be obligated to report your earnings in Canada and pay capital gains taxes on your profits, which must be listed on your tax return.

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