10 Best Forex Brokers Canada for 2022.
The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.
Trading forex (currencies) in international markets is popular among residents in Canada. Before any fx broker in Canada can accept forex and CFD traders as clients, they must become authorised by the Investment Industry Regulatory Organization of Canada (IIROC) , which is the financial regulatory body in Canada. IIROC's website is iiroc.ca. We recommend Canadian residents follow IIROC on Twitter, @IIROCinfo and @FINTRAC Canada.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Canadian Forex Brokers for 2022.
To find the best forex brokers in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their Overall ranking. Here is our list of the top Canadian forex brokers.
- Excellent overall, best platform technology - Great overall, best for professionals - Excellent all-round offering - Great for beginners and copy trading.
Best Forex Brokers Canada Comparison.
Compare Canada authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
Forex Broker Accepts CA Residents Regulated by IIROC Average Spread EUR/USD - Standard Minimum Deposit Overall Visit Site CMC Markets Yes Yes 0.730 $0.00 5 Stars N/A Interactive Brokers Yes Yes 0.600 $0 5 Stars Visit Site FOREX.com Yes Yes 1.100 $100.00 4.5 Stars Visit Site AvaTrade Yes Yes 0.910 $100.00 4.5 Stars Visit Site Saxo Bank Yes 0.800 $2,000.00 5 Stars Visit Site FP Markets Yes 1.200 $100 AUD 4 Stars Visit Site HYCM Yes 0.600 $100 4 Stars Visit Site BlackBull Markets Yes 0.845 $50 4 Stars N/A Eightcap Yes $100 4 Stars N/A VT Markets Yes 1.200 $200 4 Stars N/A LegacyFx Yes 0.00 $500 3.5 Stars N/A.
Interested in stock trading? Read our guide to the best online brokers in Canada.
How to Verify IIROC Regulation.
To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from OANDA's website:
OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA's website website which shows each province that the broker can operate in Canada.
About the IIROC.
British Columbia Securities Commission Alberta Securities Commission Saskatchewan Financial Services Commission Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers New Brunswick Securities Commission Nova Scotia Securities Commission Prince Edward Island Newfoundland Securities Commission.
For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.
More Forex Guides.
Methodology.
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 01/10/2022 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the "Contact" link at the bottom of this page.
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OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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