Search Inside Bitcoins

Best Canada Forex Brokers for 2020

Based in Canada and wish to trade forex online? If so, read our guide to find out the best Canada forex brokers of 2020.

Looking to find a Canada forex broker that allows you to buy and sell currencies at the click of a button? If so, you’ll be pleased to learn that there are heaps of platforms to choose from.

With that said, knowing which broker to sign up with is no easy feat – as you’ll need to make considerations regarding regulation, fees, spreads, commissions, tradable currencies, leverage, and more.

To help you along the way, here we discuss the top five Canada forex brokers currently active in the space. If you prefer to do your own research prior to signing up, we’ve also listed some handy tips on how to find a broker on a DIY basis.

On this Page:

Contents [show]

    Our Recommended Canadian Forex Platform

    If you’re super-strapped for time and you simply want to start trading right now, we would suggest using the Canada forex broker listed below. Our top pick ticks most boxes – such as tight spreads, low commissions, dozens of tradable pairs, and heaps of supported payment methods. All you need to do is click on the link below, open an account, deposit funds – and you’re good to go!

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders
    eToro exchange
    81% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    Top Forex Brokers Canada

    We spent the required time researching and testing hundreds of individual forex brokers – all of which service Canadian traders. In order to get our top picks down to just five, we implemented a very strict set of criteria. This ensures that you are accustomed to the very best Canada forex trading platforms active in the online arena.

    Note: Online forex brokers typically denominate their services in US dollars. As such, although you’ll be depositing funds with Canadian dollars, everything at your chosen broker will be displayed in USD.

    How to Choose a Forex Broker in Canada

    While most of you will prefer to simply choose one of our recommended brokers and start trading straight away, some of you might want to perform your own research prior to taking the plunge. This is actually a good idea as it will allow you to be 100% sure that the forex broker is right for your needs. For example, while you might have found a broker that is regulated in Canada and supports Paypal, it won’t be ideal if it doesn’t host your preferred trading pair.

    As such, below we have listed the most important factors that you need to look out for before choosing a forex broker in Canada.

    • Licensing

    The most important factor that you need to look out for is whether or not the Candian forex broker is regulated. More specifically, the broker needs to be regulated and authorized by a tier-one licensing body. If you want to keep things local, then this should be from Canada’s IIROC. Other notable bodies include the UK’s FCA, Australia’s ASIC, and MAS in Singapore.

    • Forex Pairs

    Have you thought about the type of currency pairs that you wish to buy and sell? If you’re looking to trade the Canadian dollar, then you’ll want to choose a platform that hosts heaps of minors. With that said, you should also look to see what exotic pairs are supported if you want to gain exposure to the emerging markets. Fortunately, brokers allow you to see what pairs are supported prior to joining.

    • Payment Methods

    You should also check to see what payment methods the broker supports. Most platforms will support debit/credit cards and bank wires, as well as e-wallets like Paypal. However, you also need to explore whether there is a minimum deposit amount in place, and if the broker charges fees to use a specific payment option.

    • Spreads and Commissions

    Understanding how much your chosen broker is going to charge you to trade forex is also important. Firstly, look to see whether or not the platform charges trading commissions. If it does, this is usually on a variable-fee basis. For example, if the broker charges 1% and you trade $200, then you’ll need to pay $2 in fees.

    Don’t forget, this is also applicable when you exit your trade. Regardless of whether or not a commission is charged, you will always need to pay a spread. This is the difference between the ‘buy’ and ‘sell’ price of a pair. Crucially, we would suggest sticking with Canada forex brokers that offer spreads of less than 1 pip.

    • Trading Tools and Research

    You’ll also want to ensure that the broker offers a comprehensive research department. This should include heaps of expert analysis, seminars, weekly trading tips, and fundamental news in real-time. For those of you with the ability to read charts, opt for a broker that offers heaps of advanced technical indicators.

    • Customer Support

    Finally, you should also check to see what the customer support department is like. Firstly, explore what hours the support team works. Ideally, this should be on a 24/7 basis. Secondly, explore what support channels are available. At a minimum, this should cover live chat, telephone support, and email. The final icing on the cake is if the broker offers a local Canadian toll number.

    Leverage at Canada Forex Brokers

    Have a slightly higher appetite for risk? If so, you’ll be pleased to know that the IIROC – which is the regulatory body responsible for regulating Canadian brokers, allows retail traders to apply leverage of up to 50:1. With that being said, there is no guarantee that you will be able to obtain leverage to this amount, as the decision ultimately lies with the broker.

    This is why you are required to answer some questions about your prior trading experience when opening a brokerage account. In other words, if the Candian broker feels that you are too inexperienced to handle leverage at levels of 50:1, you’ll likely get a much lower limit. Moreover, limits will all-but-certainly be lower on minor and exotic pairs.

    Conclusion

    By reading our guide from start to finish, you should now have chosen a Canada forex broker that meets your needs. We’ve discussed our top five broker picks of 2020 – all of which meet our strict set of criteria. This includes low trading commissions, tight-spreads, heaps of regulatory licenses, and a good number of tradable currencies. Essentially, this allows you to start trading straight away, as all of our recommended brokers have been pre-vetted.

    With that being said, it might be best to research a broker yourself to ensure it meets your trading requirements. We’ve outlined the many metrics that you need to look out for prior to choosing a new platform, so we hope you’ve read through them. Ultimately, just make sure that you are well versed in stop-loss orders before you risk your own funds. If you aren’t, you will likely lose a lot more than you had hoped for.

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders
    eToro exchange
    81% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    FAQs

    Are Canada forex brokers safe?

    All of the forex brokers listed on this page are regulated by tier-one licensing bodies. This even includes the Investment Industry Regulatory Organization of Canada (IIROC) - the body responsible for regulating Candian brokers. Take note, not all forex brokers in Canada are regulated, so be sure to check this.

    What leverage limits do Canada forex brokers offer?

    As per IIROC - retails traders based in Canada are capped to leverage limits of 50:1. However, your chosen broker might offer you less - especially if you're new to forex.

    Should I join a commission-free Canada forex broker?

    Commission-free brokers remove the need to pay any variable-fees when trading forex online. However, you'll still need to pay a fee via the spread. If the spread is too high, avoiding commission isn't as attractive as it sounds.

    What is the minimum deposit amount at Canada forex brokers?

    Although most brokers in Canada require a minimum deposit of at least $100, a number of platforms do not have any account minimums at all.

    What payment methods do Canada forex brokers support?

    At a minimum, brokers in Canada usually support a debit/credit card and bank wire. With that said, some brokers also support e-wallets like Paypal. Be sure to check this prior to joining a new broker!

    Forex brokers by country

    ABCDEFGHIJKLMNOPQRSTUVWXYZ#

    Don't see the answer that you're looking for?

    Ask us Now!