ACTUAL FOREX TRADING
BECOME A PROFITABLE FOREX TRADER
THE BEST FOREX BROKERS FOR CANADIAN TRADERS
A List of the Top Canadian Forex Brokers
"Traders in Canada have more brokerage options than their US neighbors. But not as many as traders based in the UK, Europe, and Australia.
Let me share with you the best brokers available for Canadian residents"
My recommended Forex brokers are ranked by
- Regulation
- Spread tightness
- The variety of markets offered
- My personal trading experience with them
Canadian traders used to have a wider choice of Forex brokers. However, a recent regulatory change by the Canadian Investment Regulatory Organization (CIRO), formerly IROC, has limited options. Canadian trading clients can now generally only open trading accounts with brokers registered with CIRO or CIPF. The regulatory change has made it hard for Canadian traders to open trading accounts with low-regulated brokers offering high leverage.
Genuine Forex brokers offering services to Canadian residents can be Canadian Investor Protection Fund (CIPF) members. This fund protects Canadian residents trading capital up to $1,000,000. You can search the fund register here.
There are still plenty of brokers available to Canadian clients. Below is a list of the top Forex brokers for Canadian traders.
THE LEADING BROKERS FOR CANADIAN CLIENTS
As a retail trader, you can only trade Forex using CFDs unless you trade currency futures or Forex options, which I do not recommended.
CFD trading is the only way for a retail trader to have a professional trading experience and follow the spot Forex market.
I trade CFDs daily. I recommend you do the same, though you don't really have a choice!
The Best CFD Brokers
Below is a list of my most recommended brokers for traders in Canada.
Darwinex
Regulator: FCA
Office HQ: London, UK
Other Offices: Spain
Leverage: 1:30 (FCA standard)
Trading Platforms: MetaTrader 4, MetaTrader 5
Markets: Forex, indices, metals, energies, stocks, and ETFs
Minimum Deposit: 500 EUR/USD/GBP
Payment Methods: Bank transfer, card, Skrill, UnionPay
Account Currencies: EUR, GBP, USD
Social Trading: No
Copy Trading: Yes (Darwins)
Spread Type: Variable
Minimum EURUSD Spread: 0.2 pips
Minimum GBPUSD Spread: 0.6 pips
Minimum USDCAD Spread: 0.7 pips
Minimum USDCHF Spread: 0.7 pips
Minimum USDJPY Spread: 0.6 pips
Key Summary Reliable, strong regulation, copy trading, tight spreads
Open a free demo account with Darwinex
My Rating: 9/10
CMC Markets
Regulator: FCA
Office HQ: London, UK
Other Offices: Australia, Austria, Canada, China, Germany, New Zealand, Norway, Poland, Singapore, Spain, UAE
Leverage: 1:30 (FCA standard)
Trading Platforms: Web Trader, Mobile App Trader, MetaTrader 4
Markets: Forex, indices, shares, commodities, treasuries, FX indices
Minimum Deposit: n/a
Payment Methods: Bank transfer, wire transfer
Account Currencies: CAD, AUD, EUR, GBP, NOK, NZD, SGD, USD
Social Trading: No
Copy Trading: No
Spread Type: Variable
Minimum EURUSD Spread: 0.5 pips
Minimum GBPUSD Spread: 0.9 pips
Minimum USDCAD Spread: 1.3 pips
Minimum USDCHF Spread: 1.5 pips
Minimum USDJPY Spread: 0.7 pips
Key Summary strong regulation, professional, CIPF
Open a free demo account with CMC Markets
My Rating: 8/10
Saxo Bank
Regulator: FCA, Danish FSA, MAS, FINMA, ASIC
Office HQ: Copenhagen, Denmark
Other Offices: UK, Singapore
Leverage: 1:30
Trading Platforms: SaxoTraderGO, SaxoTraderPRO, TradingView, MultiCharts, Updata
Markets: Forex, indices, metals, energies, stocks, commodities, Forex options, Futures, Bonds, and ETFs
Minimum Deposit: 2,000 CAD
Payment Methods: Bank transfer, debit card
Account Currencies: EUR, GBP, USD
Social Trading: No
Copy Trading: No
Spread Type: Variable
Minimum EURUSD Spread: 0.7 pips
Minimum GBPUSD Spread: 0.8 pips
Minimum USDCAD Spread: 0.9 pips
Minimum USDCHF Spread: 0.7 pips
Minimum USDJPY Spread: 0.8 pips
Key Summary wide range of markets, strong regulation, TradingView
Open a free demo account with Saxo Bank
My Rating: 8/10
FP Markets
Regulator: ASIC
Office HQ: Sydney, Australia
Other Offices: St Vincent and the Grenadines
Leverage: 1:500
Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, WebTrader, Mobile Trading Apps
Markets: Forex, shares, indices, metals, commodities, cryptos, bonds, ETFs
Minimum Deposit: No minimum deposit
Payment Methods: Bank transfer, card, Neteller, Skrill
Account Currencies: CAD, EUR, GBP, USD
Social Trading: No
Copy Trading: Yes (MAM, PAMM)
Spread Type: Variable
Minimum EURUSD Spread: 0.0 pips
Minimum GBPUSD Spread: 0.0 pips
Minimum USDCAD Spread: 0.0 pips
Minimum USDCHF Spread: 0.0 pips
Minimum USDJPY Spread: 0.0 pips
Key Summary high leverage, low regulation
Open a free demo account with FP Markets
My Rating: 7/10
Best spreads: FP Markets
Best Social Trading: n/a
Best Copy Trading: Darwinex
Platform Reliability: Darwinex
Best Customer Service: Darwinex
Biggest Brokerage: CMC Markets
Most Comprehensive Range of Markets: Saxo Bank
Highest Regulated: Saxo Bank
High Leverage Brokers
Canadian residents can only open trading accounts with high-leverage brokers if they sacrifice strong regulation. If you need a high-leverage Forex broker, the only real option is FP Markets.
I encourage you to trade with lower leverage and higher regulation brokers like Darwinex, Saxo Bank, and CMC Markets.