Can You Trade Forex In Canada? Regulation Guide & Best Brokers

Both entities offer exactly the same product, but choosing Fusion Markets means you can choose CAD as your account base currency. Having CAD as your account base currency will save you on costs, as you can prevent currency conversion charges when trading. Friedberg Direct offers excellent liquidity on a wide range of financial products.

canadian forex review

It encourages you to stick to more stable currency pairs, resulting in a lower risk of loss. A favorable portfolio of tradable assets– We also only recommend forex brokers in Canada who offer lots of tradable assets, including assets you would be more familiar with. Equity traders seeking access to the 4,500+ assets must trade manually in the proprietary trading platform, MT5 offers 400+, and MT4 has none. The size of the spread you are offered depends on many things, including the overall demand for the currency, its volatility and liquidity.

There are quite a few useful tools for fundamental investors at Questrade, and the platforms are very easy to use. Questrade clients can trade on two desktop trading platforms or the mobile app. Questrade Trading is the web-based platform, offering basic charting, quotes, watchlists, and research tools. There are a few customization options, such as choosing columns for reporting and order entry defaults.

BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Margin interest for registered accounts is approximately 4.5% higher.

MT4/MT5 has thousands of EAs, and traders may explore them to determine if they suit their trading style. Equity markets open and close each trading day and are not operational continuously like Forex and cryptocurrencies. Requirements for the Active Trader program are either a $10,000 minimum deposit or a monthly trading volume of at least $25M.

How is the forex market regulated in Canada?

New customers can sign up for a new account on the Questrade website, and go through a few videos that offer guides to the various available platforms. If you’re transferring an account from another brokerage or bank, Questrade will rebate up to $150 in transfer fees. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. We have put every one of these forex brokers through our rigorous assessment and testing process.

Trading in CFDs carry a high level of risk thus may not be appropriate for all investors. is well known for offering multiple types of trading platform, although most traders use MetaTrader 4 they can avail of Forextrader Pro and Web Trading. This makes them popular among traders who like to utilize different platforms, normally for more advanced automated trading programs.

While Questrade has the upper hand with its trading platform, Qtrade provides a more robust stock research center and portfolio analysis tools. Canadian citizens looking to invest online in the stock market have a variety of options. Online brokers come in different flavors, from deep discount to full service, while others are known for their trading tools or research. With a firmer control from IIROC, forex brokers in Canada haven’t been able to offer the leverage and extensive products that other customers around the globe receive. Next you need a funded account with an online broker that allows you to trade forex from Canada. You also need to develop a trading plan and strategy to increase your chances of success.

canadian forex review

Friedberg Direct has a CAD $50 minimum requirement for deposits or withdrawals. Depositing and withdrawing with a Friedberg Direct account can be done using credit cards, debit cards, or wire transfers. TMGM excels in its range of shares, with over 12,000 stocks available to trade. You can use either MetaTrader 4 or IRESS for trading stocks CFD however, MetaTrader 4 is limited to only the top 30 stocks in the US. As a bonus, all clients with TMGM will have access to Trading Central. This product is a one-stop shop to help you make better investment decisions.

AvaTrade – Best Canadian Forex Broker

Localized payment methods – Deposits or withdrawals made using Canadian payment methods will be faster and cheaper for you. All the Canada forex brokers we recommend offer a variety of handy payment methods, including Visa/Mastercard debit/credit cards, Interac E-transfer, and PayPal. The Performance Analytics tool powered by Chasing Returns helps clients become better traders.

Strict regulatory environment makes Canada an attractive jurisdiction to brokers that value safety of funds and reduced risks for traders. Here you will find a list of brokers that either chose to open an office in this country, were founded here, or are regulated or registered with IIROC, FINTRAC, or OBSI. Canadian Forex brokers are open to residents of almost every country in the world. Brokers will often make more money in the spread between bid and ask prices for currencies.

Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.

Most likely you will want to use the Standard account since this has no minimum deposit. In fact, the standard account offers the same essential features one needs for successful forex trading as the Premium account, but without the $25,000 minimum account balance requirement. The Premium account offers a dedicated account manager and faster refresh of quotes, features most traders can do without. We recommend Fusion Markets for Canadian forex traders based on their low fees, forex trading platform, and high leverage.

It is ideal to use a payment option separate from the bank or credit/debit card used for day-to-day financial operations. Deposit processing times for bank wires are between one and two business days. Unfortunately, does not list a phone number and e-mail address on the Contact Us page. explains its products and services well and strives for operational excellence. It eliminates the need for customer support and reduces it to emergencies only.

canadian forex review

I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up , with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers.

Canadian Forex Brokers

The core MT4/MT5 trading platforms are available, alongside a cutting-edge proprietary trading platform. Steven Hatzakis is the Global Director of Research for 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.

  • Theresa Carey is a brokerage expert that has spent over 30 years evaluating online brokers and robo-advisors.
  • It is also responsible for protecting personal financial information.
  • Get comfortable with the broker’s website and product offerings, and consume any available educational content.
  • There is a very high degree of risk involved in trading securities.
  • Yes, and if you are considering trading to be your main income, the Canada Revenue Agency will consider it a business income, which is 100% taxable.

These results therefore may not be indicative of actual savings and should be used only as a guide. Personally I really liked using their mobile app which is top quality compared to many of their competitiors and incorporates most of the options you get on desktop. They also integrated their research and investigation services into their app that allows traders to get real time data to help make their decisions. Developed for traders, by traders, TMGM specialises in CFD Online Trading with its clients at the forefront of all decisions. TMGM is a low-cost Forex Broker with deep liquidity and lightning speed execution technology.

This is done to avoid the heavy tax burden, and be able to offer trading services for other clients as well. On the other hand, the regulations are lenient to give freedom for traders to go for any international or offshore FX brokers, without requiring a valid license. What makes Canada a gem that attracts investors is the Canadian Investor Protection Fund or CIPF, which compensates the traders if a broker announces insolvency. The generous protection fund compensates traders up to $1 million. It might come to the surprise of some that there are undeniable advantages for Forex trading in Canada, and many FX investors are considering moving their funds to Canadian-based brokers. Canada is one of the countries where Forex brokers are highly secure and trustworthy.

The Best CFD Broker For Crypto Trading

Yes, the IIROC is the state body that oversees the activity of the traders, making sure the welfare of the Canadian investors against any act of fraud. The lack of regulations in Canada about Forex trading has encouraged many brokers to go offshore, leaving a pool of few Forex brokers in Canada. However, there are plenty of good FX brokers that can be found locally as well. Thus, the authorities in the country are making sure the Forex companies in Canada are being controlled and regulated. This means that the Canadian investors are confident that they are dealing with the best Forex brokers in Canada that are reliable, and regulated. This is great news because IIROC has some of the best rules anywhere in the world making Canadian Forex brokers amongst the safest in the world.

Interactive Brokers brings a smart order router and stays on top of changes in market conditions to re-route all or parts of your order. While the research and tools may be different from platform to platform, most offer economic analysis, real-time news, and advanced data analysis. When you visit IFC Markets, you are partaking in 16 years of experience in the forex and CFD markets. The platform is regulated by BVI, FSC, and LFSA along with carrying insurance from AIG Professional Indemnity Insurance for Financial Institutions. Learn more about forex and find the best forex broker in Canada with our guide. Even $1 can be considered as a minimum deposit, since there are no restrictions on Forex brokers in Canada, the regional regulatory agencies do not impose any minimum deposit amount.

We have a more in-depth ECN forex broker comparison for Canadian traders. As a no-dealing desk broker, FP Markets uses straight-through processing of limit orders, allowing for faster trade execution speeds than many similar brokers. Limit orders can include setting a buy limit, buy stop, sell limit or sell stop to maximise profits and minimise losses. The graph below shows FP Markets achieving an average execution speed of 80ms based on data from 25 trades – the quickest of all the competition. Spreads for 60 currency pairs are available including CAD/USD, GBP/USD, AUD/USD, and EUR/USD. Besides customer support, TMGM offers a unique feature called TMGM Academy.

I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. This list will also shed light on investors about forex brokers in Canada that provide the optimum trading capabilities along with top tier customer service. This way, investors can compare one forex broker to another in terms of featuring the best trading platforms and trading conditions.


The broker is noteworthy for its transparent account fees and low trading costs across the board. The bid-ask spread is the commission brokers make as your intermediary on a forex platform. The bid price is the maximum price that a buyer is willing to pay for a currency, and the ask price is the minimum amount at which a broker is willing to sell a currency.

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these