Best Forex Brokers Canada

Best Forex Brokers Canada

If you are looking to trade forex in Canada then you would ideally want a forex broker that is regulated and authorised to offer forex trading to Canadian residents.

The Investment Industry Regulatory Organization of Canada is the national self-regulatory organisation which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. IIROC was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc. (RS).

The best forex brokers in Canada will take regulation seriously and must comply with strict rules put in place to protect traders. This can help to give you peace of mind and allow you to focus on your trading strategies.

The best forex brokers in Canada should also offer user friendly trading platforms, tight spreads, low commissions, reliable execution speeds, trading tools, educational resources, daily forex analysis, various funding options, a good range of currency pairs and excellent customer support.

I have spent hundreds of hours researching, comparing and testing various forex brokers. Based on my findings I was able to hand select those that I deem to be amongst the best forex brokers in Canada according to what I feel are some of the most important aspects traders should consider.

Best Forex Brokers Canada:

Forex.com

8.5

Spreads

8.0/10

Liquidity

9.0/10

Commissions

8.0/10

Support

8.0/10

Regulation

9.5/10

Features

  • Strict regulation
  • Direct market access (DMA)
  • Accepts U.S. clients
  • Advanced trading platforms and tools
  • Dedicated market strategist
  • Smart technical tools, like Autochartist & Recognia
  • $50 minimum deposit

FXChoice

7.7

Spreads

7.5/10

Liquidity

7.5/10

Commissions

7.5/10

Support

9.0/10

Regulation

7.0/10

Features

  • Free VPS
  • ECN accounts
  • Non-dealing desk
  • Competitive trading fees
  • Multiple funding options
  • Copy-trading tools

Fortrade

7.4

Spreads

7.0/10

Liquidity

7.0/10

Commissions

7.0/10

Support

7.0/10

Regulation

9.0/10

Features

  • A vast collection of educational materials
  • Trading Central and other useful trading tools
  • Multiple trading instruments across different asset classes
  • Flexible trading platforms

CMC Markets

7.2

Spreads

6.5/10

Liquidity

6.5/10

Commissions

6.5/10

Support

7.5/10

Regulation

9.0/10

Features

  • Strict regulation
  • Segregated clients’ funds
  • MT4 and Next Generation platforms
  • Innovative trading tools like Module Linking and Pattern Recognition
  • No minimum account opening deposit

Oanda

7.9

Spreads

7.5/10

Liquidity

7.5/10

Commissions

7.5/10

Support

7.5/10

Regulation

9.5/10

Features

  • Regulated in multiple jurisdictions
  • Powerful trading platforms
  • Advanced trading tools
  • Rapid execution speeds
  • No minimum deposit
  • 24/5 client support
  • Range of funding options
  • Educational resources
Best Forex Brokers in Canada
Best Forex Brokers in Canada

How to choose the best forex brokers in Canada?

In order to come to an accurate conclusion on which forex brokers are the best in Canada, I spent countless hours researching the services of each broker that accepts forex traders from Canada. I then compared these brokers key features and rated each one according to my findings. Some of the factors considered in my forex broker reviews include the following:

Spreads

The lower the forex brokers spreads across a range of currency pairs, the better. This is because low spreads can help save on trading costs and enables the broker to support forex scalping strategies. In order to make it on to my best forex brokers in Canada list, they should have some of the tightest spreads when compared to other brokers.

Commissions

As with low spreads, the lower a forex broker’s commission is, the more the trader can save in the long term. This can be especially important for those who trade frequently as costs can add up. Each brokerage that made it into my best forex brokers in Canada list offers either competitive commissions or no commission at all.

Trading platforms

The broker should have a good choice of trading platforms for multiple devices including desktop, web browsers and mobile devices. In order to make it onto my best forex broker Canada list, I had to ensure that they offered the MetaTrader platforms as I believe these are the most user friendly.

Trading tools

The more trading tools provided by the broker, the more convenient the overall trading experience can be. This is because tools allow for in-depth yet quick market analysis whilst they can also help to speed up frequently performed actions. The best forex brokers in Canada should offer a vast array of useful trading tools free of charge.

Educational resources

It is important that a broker provides its clients with educational resources so that they have the relevant knowledge to make informed trading decisions. The best Canadian forex brokers will offer clients free educational materials such as trading guides, videos, tutorials, market research and webinars.

Trading instruments

Some forex traders also like to branch out into other markets. You may not wish to now but you don’t know if you will in the future. It is worth considering if the broker provides all of the trading instruments that you plan on trading. The best Canadian forex brokers should have a range of trading instruments across different asset classes including forex, stocks, indices, commodities, cryptocurrencies, precious metals, energies, bonds, ETFs and more.

Funding options

Each broker can have a variety of different funding options to make deposits and withdrawals to and from your trading account. This can include bank transfers, credit/debit cards and online payment processors such as PayPal, Neteller and Skrill. The brokers that I chose to go on my best forex brokers in Canada list had to have a good selection of convenient account funding options to suit the needs of different traders.

Customer service

It is not really helpful if a broker has a great product range and industry leading trading conditions if they are let down by poor customer service. For that reason, the best forex brokers in Canada should offer prompt and efficient client support through multiple channel including live chat, telephone and email. The support should be provided around the clock and in multiple languages to cater to traders worldwide.

Regulation

Each of the best Canadian forex brokers should be regulated by a respected authority. Multiple regulation across different jurisdictions is even better. What’s important is that a regulated broker can offer some protection to traders that an unregulated broker cannot.

Best Forex Brokers Canada Summary

Hopefully you now have a clear understanding on what to look for in a Canadian forex broker and can choose from my list of the best forex brokers in Canada if you want to open a forex trading account. For further reading and more detailed analysis of each broker, you may refer to my forex broker reviews.