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Best Forex Brokers in Canada for 2022

There is no doubt that the forex market is the most widely traded market in the world. Every day, $5.3 trillion is spent on buying and selling foreign exchange, with only 8 major currencies and 7 currency pairs constituting 80% of the entire market. Among those currencies is the Canadian dollar, also known as the "loonie". In recent years, forex trading has gained much popularity in Canada. Today, Canadian traders can trade through multiple online brokers and platforms.

For any forex broker legally operating in Canada to accept forex or CFD traders as clients, it must become authorized by the Investment Industry Regulatory Organization of Canada (IIROC), the country's major financial regulatory agency. As long as the right criteria and approach are followed, the diversity of services can become more of an advantage, rather than a challenge. In the following list, we compile the Best Canada Forex Brokers list for 2022 for your information.

Top 10 Best Forex Brokers in Canada

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

a well-regulated and reputable forex broker with smooth account-opening process

Competitive commissions and spreads

FCA-reguated broker with thousands of assets to choose from;

Offering a professional trading platform on both web and mobile devices.


A multi-regulated broker, reliable to trade with.

Low forex fees applied, no withdrawal fees.


A Multi-Regulated Big Player that renders you adequate Safety.

Enjoy the Ease of Withdrawal without any Additional Charges.


An online trading pioneer regulated by two tier-1 regulators: FCA & ASIC.

Trading a diversified investment as low as US$50.


Stringently regulated broker, with an extensive range of instruments to choose from.

Low fixed spreads, no commission charged.


Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.


Stringently regulated broker, with low forex CFD fees.

Easy and user-friendly account opening process.


Regulated by Two Tier-1 Regulators: ASIC & FCA, Trustworthy to Trade With.

Low Forex Trading Fees, Spreads From 0 Pips, No Inactivity Fee.


Comparison of the Best Forex Brokers in Canada

Forex Broker


Minimum spread

Maximum Leverage

Minimum Deposit



Depends on the trading commodity

















50 USD/300 GBP




200 AUD

FP Markets


From 0.0 pips


100 AUD or equivalent











Forex Trading Knowledge Questions and Answers

Is forex trading legal in Canada?

There are no restrictions on foreign exchange trading in Canada...

There are no restrictions on foreign exchange trading in Canada. The IIROC (Investment Industry Regulatory Organization of Canada) oversees the forex industry on a national scale. The local regulatory bodies are also taking steps to ensure the industry's safety. Be sure the broker is licensed by the IIROC before you start forex trading in Canada. To find confirmation of a broker's risk disclosure, look at the bottom of the broker's website. The IIROC also has a page entitled "Dealers We Regulate." where you can search for a broker. Brokers without licenses from IIROC are subject to local regulation, which determines whether they will be allowed to operate in their area.

Is forex trading legal in Canada?

How to trade forex in Canada?

You can trade foreign currencies through any number of forex brokers in Canada if you wish to become a forex trader...

You can trade foreign currencies through any number of forex brokers in Canada if you wish to become a forex trader. Canadian forex brokers must be registered with IIROC, the major regulatory body. To open an account with a broker, you need to provide certain personal information, such as your age, job, and net worth.

Brokers offer multiple platforms designed for different experience levels. While basic trading platforms require a low minimum account balance, advanced platforms will allow for reduced pricing for high-volume traders.

Similarly to discount brokers, forex brokers have mobile apps, which make it convenient to trade on the go, and tools to aid in market research. You can do anything with forex brokers. You can contact customer service via email, telephone, or live chat.

What Is the maximum trading leverage in Canada?

In Canada, Forex traders are limited to leverage and margin levels of 50:1. Similarly, this is the same limit applied in the United States, while in Europe it is 30:1 for currency leverage.

If the margin rate is lower, the leverage ratio will also be higher. A margin rate of 2% would work out as a leverage ratio of 50:1, which would allow you to take a position of $50 with a margin of $1. For the same amount of capital, a 3% margin would overturn a leverage ratio of 33:1.

What Is the maximum trading leverage in Canada?

How to compare forex brokers In Canada?

Selecting the best forex brokers in Canada requires consideration of numerous factors...

Selecting the best forex brokers in Canada requires consideration of numerous factors, especially since every client has different goals and needs.


IIROC (Investment Industry Regulatory Organization of Canada) is the primary financial regulatory body in Canada. Each region has its own local regulatory agency. It is strongly advised to use a licensed and regulated broker to minimize risk.

Trading Platforms

In the forex market, the trading platform you choose can determine the success or failure of your experience. Platforms that are slow to execute may prevent you from taking advantage of the best opportunities. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular and trustworthy platforms offered by most forex brokers in Canada.

However, some FX brokers may offer proprietary platforms that may not be as widely accepted. As the case may be, ensure that there is a good range of charting tools, indicators, and analysis options, and any additional services you may need as well.

Minimum Deposits

For beginners, the best brokers will require a low minimum deposit amount. Beginners, on the whole, are less likely to have reliable capital they are willing to risk on forex trading. Forex brokers in Canada may require a deposit of $1,000 or more to open an account, but these clients will often receive tighter spreads and additional features than others.


In comparing spreads and fees, forex investors should take into consideration the kind of strategies they may use. As frequent trades cause costs to add up, scalpers will benefit from low spreads. Spreads vary across FX pairs; major pairs tend to have tighter spreads than exotic pairs, given their higher liquidity.

Currency Pairs

Check out a broker's product listing if you know which currency pairs you wish to trade. Major pairs, such as CAD/USD, are often available, but minor and exotic pairs, like CAD/ZAR, are less commonly traded. In any case, a good forex broker in Canada should offer a wide selection of currency pairs.

Customer Support

A dedicated and professional customer service team can make all the difference for traders. In the event of an emergency, you can immediately contact responsive customer support.

Currency Pairs


Payment Options

Another important consideration when choosing a forex broker is the payment methods available. Visa and MasterCard are two examples of payment methods that process quickly, allowing you to deposit and withdraw quickly. Some other, more secure methods, such as bank wire transfers, often take from one to five days to complete.

Do forex traders pay tax in Canada?

There is no capital gains tax in Canada, so all income earned by day trading is taxable at your current tax rate since it isn't taxed at your capital gains rate which is only 50%. Taxes incurred as a result of day trading losses are totally deductible and certain expenses related to day trading may also be a tax-deductible expense. The CRA considers currency trading as a business activity and therefore these profits are 100% taxable at the end of the year.

Is It worth trading forex in Canada?

Forex trading demands a strong knowledge of the market, a disciplined approach, and a well-planned trading plan. Your strategy will also require funding. If you fit all of those conditions, wherever you reside does not matter.

You can be assured of high levels of security for your funds since the IIROC has strict rules for clients and brokers accepting Canadian clients.

Is It worth trading forex in Canada?

Risk Warning

The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.