Forex Brokers in Canada
In Canada, forex brokers are overseen by the Investment Industry Regulatory Organization of Canada (IIROC). Unlike many other countries, IIROC is the industry’s self-regulatory organization. The organization is recognized by the separate financial regulators that exist in Canadian provinces, such as the British Columbia Securities Commission and the Ontario Securities Commission.
Regarding the strict financial regulations by the Canadian government, many international forex brokers refuse to accept Canadian residents as their clients. Most of the Canadian traders are forced to sign up with a Canada-based forex broker. Therefore, many international forex brokers choose to set up a local presence with legal business entities registered in Canada, in order to serve the local Canadian traders better.
| Broker | Max Leverage | Min Deposit | |
|---|---|---|---|
| Interactive Brokers Australia 1977
| 1:100 | $10000 | Review |
| OANDA British Virgin Islands 1996
| 1:20 | $1 | Review |
| FXCM Australia 1999
| 1:400 | $1 | Review |
| WesternFX Bangladesh 2013 | 1:500 | $25 | Review |
| FXPCM Canada 2007
| 1:500 | $100 | Review |
| Questrade FX Canada 1999 | 1:200 | $1000 | Review |
| CMC Markets Australia 1989
| 1:500 | $1 | Review |
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.
FAQ
What is the best forex broker in Canada?
Finding the best forex broker in Canada is not much different from choosing the right broker in general. Aside from making sure that the forex broker is available for client registration from Canada, you need to check its regulation, minimum deposit, spread, leverage, payment methods, and other trading-related aspects that may affect your strategy. Furthermore, make sure that the broker has a good credibility and reliable customer support.
Where can I trade forex in Canada?
The list in this page can be a good reference if you look to trade with in Canada. We have sorted specific forex brokers that accept clients from Canada, so you can choose one of the brokers by comparing their minimum deposit, regulation, leverage, and rating. If you are interested to learn further about a certain broker, feel free to click the review button.
What is the best forex broker for beginners?
If you are a beginner and looking for the right broker to trade with in Canada, some aspects that you need to pay attention to are the low minimum deposit, demo account, and educational features. Apart from that, it's also better to make sure that the broker has good customer service because as a beginner, you may need to consult about broker services that still seem incomprehensible to you.
