Best Canadian Forex Broker 2024

A comparison guide for forex trading in Canada

It really doesn’t make any difference whether or not you have previous experience of trading in foreign currencies – we’re here to help. From the complete beginner through to the traders who’ve been honing their strategies for years, our information is invaluable for everyone.

If you want to find out how to get started with forex trading, we’ve got all the information you need right here on our site. Read through our comprehensive broker reviews to find out which ones are most appropriate for your needs, and we’ll help you get onto the forex trading ladder. If you’re more experienced, you’ll find the wealth of information in our broker reviews incredibly helpful, signposting you towards brokers you may not have considered before.

Our aim at TradersBest.com is to provide you with all the information and support you need to make informed trading decisions. And we’ve got the very best online trading platform for you somewhere within these pages, so let’s get started with tracking it down for you!

Is forex trading in Canada legal?

The Investment Industry Regulatory Organization of Canada, otherwise known as the IIROC is the regulatory body governing forex trading in Canada. However, the various regions also have their own regulators, so the legal position can get a little murky in some cases.

For instance, Alberta has a legal requirement that forex traders must qualify as being ‘accredited investors’ before they can trade forex. That requires fulfilling one of the following conditions:

• Qualifying as a bank or financial institution
• Having a net income of $200,000 or more over the previous 2 years
• Having a financial portfolio worth $1,000,000 or more
• Having $5,000,000 or more invested in property

Top 5 tips to ensure secure and fair forex trading in Canada

This is how our experts track down the best forex brokers in Canada

We conduct every forex broker review by referring to an extremely detailed checklist. It’s our aim to leave absolutely no stone unturned in our mission to bring you the important facts that you need to know.

We’ve already taken a look at the need for certification from an industry regulator. If a broker can’t prove that it abides by all current Canadian regulations concerning trading, then it simply won’t make it onto our Canada forex broker list. But assuming all goes well with the preliminary checks, these are the aspects of our reviews that we think are the most important.

User experience

The best forex broker isn’t necessarily the one with the most features. After all, if you’re only just starting out on your forex trading journey, you probably won’t need many of the tools and resources required by highly experienced traders. But you will be expecting to find your way easily around the site, so navigation features highly on our agenda.

We expect brokers to make it exceptionally easy to find the information you’re looking for. From depositing funds to trading and withdrawing, we let you know how easy and intuitive a broker’s site is to use.

Trading platforms

The trading platform is the part of the broker’s site where you’re likely to be spending the majority of your time. And you’ll be requiring a platform that’s perfectly suited to your trading level, with features that will be of real benefit to you.

Most of the brokers offering forex trading in Canada host the popular MT4 trading platform, which is the number one choice across the country. But an increasing number of brokers have developed their own proprietary trading platforms, so we’ll always bring you information about how easy and intuitive they are to use.

Types of account

Before you can start to trade forex in Canada, you first need to open a trading account, and most brokers give you a range of options:

Demo account

Ideal for newbie traders, a demo account allows you to trade risk-free in real time, so you can get the hang of how trading works.

Mini and micro accounts

The perfect option for beginners, a mini or micro account comes with low deposit requirements and offers low-level trading while you’re learning about the world of forex.

Standard account

As your knowledge of trading grows, you can move up to a standard account. This requires higher deposits, but gives you access to an increased range of tradable assets, as well as enhanced tools to help with your trading activities.

VIP and professional accounts

Experienced and high-level forex traders can access advanced account options, packed with additional features. You can expect a superior level of support, as well as a competitive fee structure, but this option requires a major investment, putting it out of reach of smaller investors and traders.

Payments and fees

You’ll need to know your options for depositing and withdrawing funds from your forex broker’s account, as well as information about fees. And you’ll also need to know whether there are likely to be delays in processing withdrawal requests.

We’ll tell you about the fees associated with each type of trading account, as well as information about inactivity fees, if you don’t keep up with your trading activities. Our aim is to give you the complete picture, making it easy to pick out the best forex broker in Canada for your specific requirements.

Customer support

We all need the occasional helping hand, so we check out each forex broker’s customer support services, to see what level of help is available. We’ll tell you if the site has a help centre that addresses the most common questions. And we’ll let you know whether any live chat support is available too.

Our top forex brokers in Canada

Checklist: This is how you find the best forex broker in Canada for you

Here at TradersBest.com, we believe there’s a forex broker suitable for every type of Canadian trader and investor, regardless of how much previous experience you have. And to help you find your perfect match, we’ve put together a checklist of questions. Answering them will help to define your perfect forex trading experience, making it easy to find the broker that’s right for you.

How much previous trading experience do you have?

Experienced traders can take their pick, but newbies should look for a broker that offers helpful resources for beginners.

Do you want to trade from home or on the go?

All of the top forex brokers in Canada offer access to a desktop website, which is perfect for home  or office trading. But if you think you’ll enjoy checking your trading activities while out and about, look for a broker that offers a mobile site, or even an app, for superior functionality.

How much help will you need?

Beginners need to pick a forex broker that offers plenty of onsite help and support. Look out for training tutorials, webinars and videos that guide you through the process of trading foreign currencies.

What else can you trade online in Canada?

It’s not just forex trading that’s legal in Canada. If you find you have a taste for risk, you have several other options that you might like to consider. Day trading is perfectly legal, and you can trade in CFDs and ETFs too, as well as stocks and shares.

Here at TradersBest.com, we’ve got invaluable information to get you started, no matter what type of trading you’re interested in.  From news about the latest forex brokers in Canada to our comprehensive CFD broker list, all the information you need to get started is right here, on our website.

Conclusion: This is where you’ll find the best forex brokers in Canada

Now we’ve reached the end of the article, you’ve hopefully gained some insights into getting started with forex trading. If you’re ready to start tracking down the absolute best forex platform in Canada for your purposes, then your journey starts right here!

But remember, we’re not just here to tell you about your trading opportunities in Canada. We’re here to help global traders, so whether you’re looking for the best forex broker in Australia, Malaysia or the UK, we can help with that too. In fact, we’ve got information about the best forex platforms worldwide, so whatever your questions, we can help. Be sure to bookmark this page and keep checking back regularly to find out what’s new!

Best Forex Broker in Canada FAQ