Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, including their trading tools, fees, ease of use and suitability for different types of investors.
| Updated: Over the last decade, forex trading has gained significant popularity, including in Canada, and you may be interested in finding a reputable broker in this dynamic market. Based on our in-depth assessment of multiple licensed Canadian forex trading platforms, we have singled out the top performers equipped to meet various trading needs. Feel free to examine our premium roster of regulated and trustworthy brokers, whose platforms were tested with real money. Each of the trading platforms below is available in Canada.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
AvaTrade57% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money when trading CFDs with this provider.
Forex.com77.7% of retail investor accounts lose money
CMC Markets67% of retail investor accounts lose money
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
Libertex83% of retail investor accounts lose money
eToro52% of retail investor accounts lose moneyCanadian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. IC Markets | 48,248 | 4.8 ⭐ |
| 2. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 3. Fusion Markets | 4,873 | 4.8 ⭐ |
| 4. AvaTrade | 11,076 | 4.7 ⭐ |
| 5. Global Prime | 341 | 4.7 ⭐ |
| 6. CMC Markets | 2,571 | 4.3 ⭐ |
| 7. Eightcap | 3,429 | 4.0 ⭐ |
| 8. Libertex | 9,566 | 3.9 ⭐ |
Canadian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Libertex | 0.1 | 0.5 | 0.5 | 0.2 |
| 2. BlackBull Markets | 0.8 | 0.8 | 1.4 | 0.8 |
| 3. Fusion Markets | 0.90 avg (Classic) | 1.04 avg. (Classic) | 1.03 avg. (Classic) | 1.04 avg. (Classic) |
| 4. Global Prime | 1.00 avg (Standard) | 1.20 avg (Standard) | 1.16 avg (Standard) | 1.18 avg (Standard) |
| 5. CMC Markets | 0.5 (min) | 0.7 (min) | 0.8 (min) | 0.9 (min) |
| 6. IC Markets | 0.82 | 0.94 |
| 1.03 |
| 7. AvaTrade | 0.8 | 1.3 | 1.2 | 1.2 |
| 8. Eightcap | 1.00 (min) | 1.2 | 1 | 1.1 |
| 9. Forex.com | 1.0 min (Standard) | 0.9 min (Standard) | 1.3 min (Standard) | 1.3 min (Standard) |
Canadian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Libertex | 0.005% of traded volume |
| 2. AvaTrade | $0 |
| 3. Forex.com | $0 for Standard accounts; $5 per standard lot per side for Raw accounts |
| 4. Eightcap | $0 on Standard and TradingView accounts; $7 round-turn on Raw accounts |
| 5. Fusion Markets | $0 on Classic accounts; $4.50 per round turn on ZERO accounts |
| 6. CMC Markets | $0 for forex trading |
| 7. BlackBull Markets | $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) |
| 8. Global Prime | $0 on Standard accounts; $7 round-turn on Raw accounts |
| 9. IC Markets | Standard MT: $0; Raw cTrader: $6 per round turn; Raw MT: $7 per round turn |
Important Note: Canadian forex brokers must obtain a license from the country’s financial regulator, the Canadian Investment Regulatory Organization (CIRO), to provide their services and accept forex and CFD traders as their customers. Canadian residents can refer to https://www.ciro.ca/ for further information.
Top 11 FX Brokers in Canada
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView Trustpilot Rating 4.8 out of 4,873 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via the VFSC entity)
Index CFDs: 1:5
Cryptocurrency CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.90 avg (Classic)
USDJPY: 1.04 avg. (Classic)
EURGBP: 1.03 avg. (Classic)
GBPUSD: 1.04 avg. (Classic)Forex Commission per Lot per Trade $0 on Classic accounts; $4.50 per round turn on ZERO accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, FasaPay, Jeton Wallet, Perfect Money, OnlineNaira, DOKU, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, Bank Wire, ZotaPay, VNPAY, DuitNow, XPay, Dragonpay, VAPay, AstroPay, PayID, JetonBank, STICPAY, Interac, LuqaPay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller, Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, Dragonpay Founded by Australian trading experts, Fusion Markets was launched in 2017 and has become a popular choice for traders around the world. Although many brokers advertise low spreads, Fusion Markets has been recognized by BrokerChooser, receiving the “Lowest Spread Forex Broker” award for four consecutive years.
In addition to tight spreads, Fusion Markets offers strong value for traders, charging a low commission of only $2.25 per lot per side ($4.50 per round turn). Cost-effectiveness is one of the broker’s main strengths.
Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC; AFSL No. 385620), the Financial Services Authority of Seychelles (License No. SD096), and the Vanuatu Financial Services Commission (VFSC). Under ASIC regulation, the broker also offers negative balance protection for eligible clients.
With no minimum deposit requirement and a wide range of popular trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, Fusion Markets remains an attractive option for traders. The broker has an average rating of 4.8 out of 5 on Trustpilot, based on 4,873 reviews.
Key Pros
- Offers some of the lowest spreads
- ASIC clients have negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment methods
Key Cons
- Does not offer investor protection
- Traders outside Australia do not have negative balance protection.
- Accounts cannot be set up in minor currencies.
- Does not have an FCA license
- 2. FP Markets
Overall Score 4.37/5READ REVIEWTRADE NOW 73.33% of retail investor accounts lose moneyFP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSC (Mauritius) Min Deposit $50 (AU$100) Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, IRESS, cTrader, TradingView Trustpilot Rating 4.9 out of 9,422 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: Up to 1:2 (retail clients); up to 1:5 (professional clients)Spread EURUSD: 1.17
USDJPY: 1.64
EURGBP: 1.40
GBPUSD: 1.43Forex Commission per Lot per Trade Standard account: $0; Raw account: $6 round-turn per lot Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skrill, SticPay, FasaPay, Virtual Pay, Perfect Money, PagSmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker-to-Broker, PayPal, XPay, Rapyd Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, PayTrust88, PayPal FP Markets entered the online trading market in 2005, making it a well-established broker with favorable trading conditions for its clients. Traders across multiple markets can trade a wide range of currency pairs as well as numerous CFDs. Some of FP Markets’ biggest advantages include competitive spreads, popular trading platforms, and a strong selection of tools suitable for beginners.
To deliver a smooth experience for different types of traders, FP Markets supports popular platforms, including MetaTrader 4, MetaTrader 5, IRESS, TradingView, cTrader, and WebTrader. Dedicated mobile apps also give Android and iOS users easy access to trading on the go.
Tight spreads are among the features that attract many traders to FP Markets. Reviewers on Trustpilot give the brand an average score of 4.9 out of 5. The maximum leverage available to retail FP Markets clients is 1:30 for certain products, including popular currency pairs. To help protect traders, the broker follows the rules and guidelines set by major regulators in jurisdictions such as Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers a good selection of educational tools for traders
- Competitive spreads
- Easy mobile trading
- Regulated by reputable authorities
- Offers a wide range of currency pairs
Key Cons
- Some supported trading platforms feel outdated.
- Could expand its product selection
- No investor compensation protection for clients under ASIC regulation
BlackBull Markets Broker Details Regulators FSA (Seychelles, No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.8 out of 2,681 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrency CFDs: 1:500Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 1.4
GBPUSD: 0.8Forex Commission per Lot per Trade $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, bank transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, FasaPay, China UnionPay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, bank transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China UnionPay, Boleto, FasaPay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets stands out for its tradable asset diversity, offering a selection of more than 26,000 financial instruments. The broker caters to forex traders with more than 70 major, minor, and exotic currency pairs that can be traded via three types of ECN accounts: Standard, Prime, and Institutional. Commodities, shares, indices, and futures can also be traded with BlackBull Markets.
The broker is licensed by the FSA (Seychelles) and the FMA, and it offers relatively reasonable trading conditions, although the exact trading costs largely depend on the type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types charge above-average commissions per lot.
Customers with live accounts can top up their balances with payment cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. Deposits come at no extra cost, but the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses a proprietary copy-trading platform
- Swap-free trading via ECN Standard and ECN Prime accounts
- Multi-platform support
- Provides 24/7 customer support
- Strong education hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 withdrawal fee
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy Trustpilot Rating 4.7 out of 341 reviews Number of CFD Forex Pairs to Trade 59 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrency CFDs: Up to 1:2 (ASIC); up to 1:5 (Pro and VFSC)Spread EURUSD: 1.00 avg (Standard)
USDJPY: 1.20 avg (Standard)
EURGBP: 1.16 avg (Standard)
GBPUSD: 1.18 avg (Standard)Forex Commission per Lot per Trade $0 on Standard accounts; $7 round-turn on Raw accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, FasaPay, VNPay, Pagsmile, BPAY, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the financial authorities in Vanuatu and Australia, the broker provides access to more than 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs.
Major-pair spreads on Raw accounts start at zero pips, with most orders executed within 10 milliseconds on average. The broker’s ASIC-regulated entity supports MT4 only, while clients trading under VFSC regulation also have access to MT5. Global Prime also plans to expand its range of supported platforms with TradingView soon.
These excellent trading conditions, coupled with a streamlined registration process, fee-free deposits and withdrawals, and round-the-clock support, have earned the broker a solid 4.7 rating on Trustpilot. Still, there is room for improvement, as the company does not offer cent or Islamic accounts. The broker has no compensation scheme for client funds, either, which is another area where Global Prime could improve.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could offer more trading platforms
- Limited range of educational resources
- Does not offer Islamic or cent accounts
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No. 391441), CySEC (No. 246/14), FCA (No. 921296), FSC (No. GB25204603), FSA (No. SD100), SCA Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, TradingView, Capitalise.ai, FlashTrader Trustpilot Rating 4.0 out of 3,429 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.2
EURGBP: 1
GBPUSD: 1.1Forex Commission per Lot per Trade $0 on Standard and TradingView accounts; $7 round-turn on Raw accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, FasaPay, Interac, Pix, UnionPay Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfer, BPAY, FasaPay, Pix, Interac, UnionPay Eightcap was established in 2009 in Melbourne, Australia. The brokerage has grown significantly over the years and now serves traders in more than 125 countries worldwide. The Australian company is licensed to conduct online trading by top-tier financial regulators like the FCA, ASIC, and CySEC. It also holds licenses from the SCB in the Bahamas and the FSA of Seychelles. The broker provides favorable trading conditions, but its product range is somewhat narrower than that of some competitors.
Around 800 financial instruments (600+ in Europe) are available, placing the broker’s selection of tradable products slightly below the industry average. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum retail leverage ratios capped at 1:30 or 1:500, depending on the country of access.
Traders at Eightcap can go long or short on approximately 56 forex pairs, with minimum spreads starting from 0.0 pips on Raw accounts, where a $7 round-turn commission applies instead. Standard accounts allow commission-free forex trading but have slightly higher spreads (from 1 pip) than their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal, including Skrill, Neteller, PayPal, Visa, Mastercard, BPAY, Pix, FasaPay, and Interac.
Key Pros
- Commission-free FX trading via Standard accounts
- Spreads from 0.0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Wide variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
AvaTrade Broker Details Regulators CBI (No. C53877), ASIC (No. 406684), FFAJ (No. 1574), ADGM/FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, AvaTrade App, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.7 out of 11,076 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2 for EU residents, 1:25 for non-EU residentsSpread EURUSD: 0.8
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers AvaTrade is one of the most experienced brokers and has been offering online trading services since 2006. Licensed and regulated to operate across six continents, the brand focuses on CFD and forex trading and gives traders access to popular platforms, including MetaTrader 4 and MetaTrader 5. Alongside the MetaTrader platforms, AvaTrade also offers its AvaTrade WebTrader and AvaTrade App platforms, which include several innovative features, such as AvaProtect.
New traders can also try copy trading through AvaTrade’s AvaSocial platform. AvaTrade offers a seamless mobile trading experience through its dedicated app, available for both Android and iOS users.
It is no wonder that so many traders have chosen AvaTrade, as the brand offers some of the best trading conditions online. Hedging, short selling, and scalping are allowed, giving traders fewer restrictions to worry about. Fast order execution and competitively low spreads are also among the reasons the broker has earned a score of 4.7 out of 5 on Trustpilot. AvaTrade’s services are regulated in nine jurisdictions, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission among its regulators.
Key Pros
- Regulated in 9 jurisdictions across 6 continents
- Offers various trading platforms suitable for both beginners and experienced traders
- Enables smooth mobile forex trading via a dedicated app
- Offers over 50 forex options and numerous CFDs.
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing lags behind top brokers' offerings
- The desktop platform may seem slightly outdated
- Many payment solutions are country-specific.
IC Markets Broker Details Regulators FSA (Seychelles), CySEC (Cyprus), ASIC (Australia), SCB (Bahamas), CMA (Kenya) Min Deposit $200 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, ZuluTrade Trustpilot Rating 4.8 out of 48,248 reviews Number of CFD Forex Pairs to Trade 62 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: Up to 1:2 (Retail); up to 1:5 (Pro)Spread EURUSD: 0.82
USDJPY: 0.94
EURGBP:- 0.27 (Raw)
- 1.27 (Standard)
GBPUSD: 1.03Forex Commission per Lot per Trade Standard MT: $0; Raw cTrader: $6 per round turn; Raw MT: $7 per round turn Deposit Methods Bank Transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, BPAY, FasaPay, POLi, RapidPay, Klarna, Nuvei, UnionPay, Local Online Banking Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, POLi, RapidPay, Klarna Launched in 2007, IC Markets is an experienced Sydney-based broker catering to traders across multiple markets. We recommend the brand primarily to forex traders due to its tight spreads and broad coverage of more than 61 currency pairs. With support for the standard MetaTrader 4 and MetaTrader 5 platforms, as well as cTrader and TradingView, IC Markets offers a smooth trading experience for both seasoned and less experienced traders.
Competitive pricing is one of the main reasons many traders choose IC Markets. With no deposit or withdrawal fees, traders can enjoy a cost-effective trading experience. Forex commissions are as low as $3.50 per lot traded with Raw MetaTrader accounts, while the average spread for a major pair like EUR/USD is 0.02 pips. Raw cTrader accounts offer even better value, with commissions of $3 per side and spreads from 0.0 pips.
The minimum deposit at IC Markets starts at $200, and traders have multiple secure payment options to choose from, including Visa, Mastercard, PayPal, Neteller, and Skrill. To further ensure client security, the broker follows strict guidelines set by regulators such as the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission (License No. 335692). Further evidence of the broker’s excellent trading services is its high Trustpilot score of 4.8 out of 5.
Key Pros
- Offers a large number of forex pairs for trading
- Great for forex traders due to its low spreads.
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commissions
Key Cons
- Non-EU customers do not have investor protection.
- Not listed on a stock exchange
- The list of products can be expanded further.
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No. SD073) Min Deposit $100 ($1 for the Invest MT5 account) Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 3.8 out of 2,046 reviews Number of CFD Forex Pairs to Trade 82 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.7
USDJPY: 1.1
EURGBP: 0.9
GBPUSD: 1.1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, bank transfer, PayPal, Neteller, iDEAL, POLi, Perfect Money, and cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, and Perfect Money Formerly known as Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it a reputation as one of the world’s leading and most reliable brokers. Licensed by ASIC and the FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 80+ forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals specializes primarily in CFD trading, offering leverage of up to 1:500 to professional forex traders. Fees on forex trades are largely built into the spreads, although clients with Zero/ECN accounts pay a round-turn commission of up to $6 per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is available via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. Withdrawals could be improved, though, as Admirals’ customers can request no more than one free withdrawal per month.
Key Pros
- Over 8,000 markets available
- 80+ forex pairs tradable as CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Not publicly traded on a stock exchange
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, CIMA, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader, NinjaTrader Trustpilot Rating 4.6 out of 2,221 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.0 min (Standard)
USDJPY: 0.9 min (Standard)
EURGBP: 1.3 min (Standard)
GBPUSD: 1.3 min (Standard)Forex Commission per Lot per Trade $0 for Standard accounts; $5 per standard lot per side for Raw accounts Deposit Methods Visa, Mastercard, Skrill, Neteller, Wire Transfer, PayPal Withdrawal Methods Visa, Mastercard, Wire Transfer, Neteller, Skrill, PayPal Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Customers have the chance to trade more than 80 currency pairs or choose from over 7,000 other CFD markets for stocks, commodities, indices, and cryptocurrencies. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis. Additionally, customers will benefit from an economic calendar, advanced charts, and a wide range of Expert Advisors for algorithmic trading.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable a smooth trading experience on any type of device. MetaTrader 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.002 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of over 6,000 products
- Forex spreads can be very competitive
Key Cons
- Navigating the platforms can be difficult for beginners
- Instruments on MT4 are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
CMC Markets Broker Details Regulators FCA, ASIC, MAS, CIRO, BaFin, FMA, BMA, DFSA Min Deposit $0 Trading Platforms MT4, MT5, TradingView, Next Generation (proprietary) Trustpilot Rating 4.3 out of 2,571 reviews Number of CFD Forex Pairs to Trade 330+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.5 (min)
USDJPY: 0.7 (min)
EURGBP: 0.8 (min)
GBPUSD: 0.9 (min)Forex Commission per Lot per Trade $0 for forex trading Deposit Methods Visa, Mastercard, Maestro, Online Banking, Bank Transfer, PayPal, PayID, Online Bill Payment, PayNow, Inward Telegraphic Transfer, Checks, OnlineNaira Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer, Electronic Funds Transfer (EFT) When it comes to online trading, choosing an experienced broker like CMC Markets (established in 1989) can be a wise decision. In 1996, the brand launched its online operations, claiming to be the first to complete an online forex transaction. Although this claim cannot be confirmed, the company is certainly one of the pioneers of online trading and currently ranks among the most trustworthy online brokers. Shares Magazine named the broker Best Financial Services Provider of the Year for six consecutive years.
Forex traders will be pleased to see that the company covers over 300 currency pairs, while other traders will appreciate the numerous CFDs and spread betting options available on CMC Markets’ platforms. Spread betting is available only in certain countries. The broker offers its clients the proprietary Next Generation platform, which is intuitive and easy to use. The Next Generation platform does not support automated trading. Traders who prefer automated trading can install the MetaTrader 4 platform, which is also supported by CMC Markets. TradingView is another option for the broker’s clients.
One of the best qualities of CMC Markets is the company’s transparency, as it is publicly listed on the London Stock Exchange (LSE) and licensed by some of the industry’s most reliable authorities. In Australia, the broker is regulated by ASIC and authorized to offer derivative products under AFS license no. 238054 and stockbroking services under license no. 246381. The broker is also licensed by the FCA in the UK, operating under license no. 173730 and spread betting license no. 170627. CMC Markets caters to customers in Europe under license no. 154814, issued by BaFin. As a result, CMC Markets has become a popular choice among traders who have given the broker an average score of 4.3 out of 5 stars on Trustpilot.
Key Pros
- A reputable brand listed on the LSE
- One of the first online forex brokers
- Covers an extensive selection of currency pairs (330+)
- Offers a proprietary trading platform (Next Generation)
- Enables smooth mobile trading
Key Cons
- Automated trading is available only on MetaTrader 4
- Fees on stock CFDs can be high
- Supports a limited number of withdrawal methods
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686), SVGFSA (No. 1278), FSCM Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 3.9 out of 9,566 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.1
USDJPY: 0.5
EURGBP: 0.5
GBPUSD: 0.2Forex Commission per Lot per Trade 0.005% of traded volume Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, Eps, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. The long-established company caters to traders looking for portfolio diversification with over 300 markets for forex, cryptocurrencies, indices, stocks, options, ETFs, and bonds, among other asset groups. Cost-effectiveness is one of the broker’s key characteristics thanks to its tight spreads across all asset classes.
Traders are presented with several options in terms of platforms, the first one being Libertex’s award-winning proprietary software. If you wish to trade on the go, the in-house platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 3.9 score on Trustpilot and a range of accolades, including the trophy for “Best CFD Broker in Europe” at the 2025 Global Forex Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- A great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Dutch, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
Is Forex Trading Legal in Canada?
Forex trading is legal in Canada, with the national regulatory organization being the Canadian Investment Regulatory Organization (CIRO). Each Canadian province and territory has its own regulatory authority too, as noted in the following section of this publication. Hence, the CIRO, the Canadian Securities Administrators (CSA), and the various securities commissions oversee forex trading in the country.
Traders are advised to register accounts at properly regulated brokers whose licensing information is easily obtainable. The CIRO is the national, overarching authority, which has carried on the responsibilities of the previous authority, the Investment Industry Regulatory Organization of Canada (IIROC). While CIRO oversees investment and mutual fund dealers, its primary role in retail over-the-counter forex trading is regulating the firms that offer such services. Said firms must be registered as investment dealer members, formerly known as forex dealer members or FDM.
We should also note that many forex brokers in Canada operate as subsidiaries or affiliates of larger global entities, and it is their Canadian divisions that need CIRO registration. The CSA and the respective securities commissions operate locally. It is worth pointing out that some forex brokers may be regulated locally, but not at the national level.
Canadian Investment Regulatory Organization (CIRO) Regulation Info
Founded on June 01, 2023, the Canadian Investment Regulatory Organization (CIRO) took on and consolidated the regulatory functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada. The organization is dedicated to providing robust protection mechanisms for investors, as well as efficient and consistent regulation.
CIRO’s authority has been acknowledged by the Canadian Securities Administrators (CSA), formed by the respective provincial and territorial regulatory bodies across Canada:
- Alberta – Alberta Securities Commission
- British Columbia – The British Columbia Securities Commission (BCSC)
- Manitoba – The Manitoba Securities Commission
- New Brunswick – Financial and Consumer Services Commission
- Newfoundland and Labrador – Office of the Superintendent of Securities Service Newfoundland and Labrador
- Nova Scotia – The Nova Scotia Securities Commission
- Ontario – The Ontario Securities Commission
- Prince Edward Island – Prince Edward Island Office of the Superintendent of Securities
- Quebec – l’Autorité des marchés financiers
- Saskatchewan – Financial and Consumer Affairs Authority of Saskatchewan
- Northwest Territories – Office of the Superintendent of Securities, Legal Registries, Department of Justice, Government of the Northwest Territories
- Nunavut – Office of the Superintendent of Securities for Nunavut
- Yukon – Office of the Yukon Superintendent of Securities
How Can I Verify CIRO Authorization?
Verifying registration is an essential step that must be taken before registering an account and trading. Users can contact their local securities regulator if they find a company is not registered.
Traders can verify if a specific forex broker adheres to the regulatory requirements of the Canadian Investment Regulatory Organization by navigating to the Office of the Investor section, found under the main menu of the organization’s website. CIRO monitors the activity of 250+ investment and mutual fund firms, along with their 109,951 representatives. In 2024 alone, the organization conducted over 150 enforcement investigations and held more than 70 disciplinary hearings.
Traders can check if there are any terms and conditions imposed on a dealer member by navigating to the CSA National Registration Search database provided by the Canadian Securities Administrators.
Additionally, the licensing information can be obtained from the home pages of forex brokers, where they typically indicate if they are a member of the Canadian Investment Regulatory Organization and provide their license numbers from local regulators.
Are My Funds Safe with Forex Brokers in Canada?
First of all, the safety of traders’ funds is ensured when they engage in trading via properly regulated forex brokers who are members of the CIRO. As already noted, regulations tend to vary based on provincial legislation. However, companies offering forex trading services must be registered in the province they intend to operate in and must be members of the CIRO.
Additionally, investor protections are available at specific Canadian forex brokers. While brokerage insolvency is a highly unlikely event, investor protection is a vital aspect of the forex trading process when it comes to established and trustworthy Canadian brokers. Keep in mind, however, that investor protection does not cover losses ensuing from market unpredictability or poor investment decisions.
Some forex brokers operating in the territory of Canada are members of CIPF, the Canadian Investor Protection Fund, with insurance covering up to CA$1 million in client assets. CIPF coverage is custodial and protects the cash, securities, and futures contracts held in your account in the event of a broker’s insolvency. It explicitly excludes crypto assets. Filing an insurance claim typically requires providing evidence of account holdings and losses. As another precaution against potential broker insolvency, CIRO-regulated brokers must hold their clients’ funds in segregated accounts, separate from the broker’s operational funds.
Do Canadian Brokers Provide Negative Balance Protection?
Novice forex traders might wonder what negative balance protection is and how it works. It is a protection mechanism, provided by many regulated Canadian forex brokers, ensuring traders cannot lose more than they have already deposited to their trading accounts. This safeguard is typically intended for retail clients, whereas professional traders often are ineligible for negative balance protection.
With this important safeguard in place, users can mitigate the risk exposure, especially during volatile market conditions and opening trading positions with high leverage. In the worst-case scenario, their losses will be capped at the initial capital they have invested.
Setting stop-loss orders is yet another mechanism traders can utilize to lower the risk of exceeding their initial capital. Being aware of market conditions and ensuring one’s trading account is properly funded are other important considerations that traders must address to protect themselves against possible losses.
Do You Pay Taxes on Forex Trading in Canada?
While forex trading involves multiple lucrative opportunities, many Canadian traders wonder if they are obliged to pay taxes on their profits. Indeed, trading forex in Canada is subject to taxes.
Profits must be reported as capital gains, with 50% of forex trading gains being taxable. The remaining 50% are not taxable. Similarly, losses can be included in traders’ tax returns to be deducted against other capital gains to lower the tax liability, including in future tax years. This is a major advantage for Forex traders who may start their trading journey with losses and later become profitable.
The above applies to most individual forex traders’ capital that is not marked as business income. Moreover, Canadian forex traders should note that tax rates vary based on their province or territory and income level.
Day trading, on the other hand, may be marked as business income, which is fully taxable at regular tax rates. The Canadian Revenue Agency (CRA) determines the business income status of traders based on multiple factors, including the frequency and volume of their transactions, the typical length of holding periods, and the time spent on trading activities, among others. Accurate record-keeping and correct reporting are critical, with capital gains reported on Schedule 3 of the T1 Income Tax and Benefit Return and business income on Form T2125.
Leverage Caps at Canadian and Offshore Forex Brokers
Many people prefer trading forex due to the available leverage being higher compared to other assets. They can benefit from this opportunity by registering with Canadian Forex traders offering high leverage.
Trading forex with leverage enables users to open higher positions than the amount of money available in their account by borrowing the broker’s money. Thus, they increase their buying power and, potentially, their profits. For instance, a leverage of 1:100 indicates that for every $1 in their account, traders control $100 in the market. Leverage, however, is also associated with a higher risk of losing funds, so it is essential to pick a Canadian Forex broker who offers high leverage responsibly.
The maximum leverage allowable to retail traders by a CIRO-regulated Canadian forex broker is 1:50. This limit is rather high compared to certain jurisdictions, such as EU countries and Australia, where the maximum allowable leverage is 1:30. That said, the 1:50 ratio applies only to the currency pair USD/CAD, with the maximum leverage on other currency pairs being lower. When trading GBP/CAD at a Canadian broker, for example, you will typically be able to use leverage of up to 1:20.
How to Qualify for a Professional Forex Account in Canada
To be designated as professional traders, customers of forex trading brokers must meet some eligibility criteria. Typically, they must have experience in leveraged trading. Their cash deposits and trading portfolios must amount to more than $500,000. Furthermore, professional experience in the financial sector might also be required. The said eligibility criteria may vary across different Canadian forex trading brokers.
Pro account holders typically have access to higher leverage, personal account managers, participation in VIP Programs, advanced trading tools, and various referral incentives. However, the benefits of pro-account holders may exclude negative balance protection, leverage restrictions, and risk warnings. All other features remain the same as those applicable to standard trader accounts.
What Trading Platforms are Available to Canadian Traders?
Forex trading platforms enable traders to place trades, analyze market trends, replicate the trades of experienced traders, and assess risk, among other activities. Various trading platforms are available in the Canadian forex trading market, with the most popular options being MetaTrader 4 and MetaTrader 5, Trading View, cTrader, and ProRealTime.
While MT4 is used by 85% of traders, MT5 ranks second, with 6% of traders preferring this platform, according to statistics provided by the Traders Union. Trading View is best suited for performing technical analysis. Additionally, cTrader is a competitive platform to MetaTrader, and the choice between the two depends on individual preferences and trading style. ProRealTime is yet another option offering high-quality charts, effective decision support tools, and updated market data.
Below you can find some useful references with links to organizations that monitor the forex market in Canada.
- The Canadian Investment Regulatory Organization
- CSA National Registration Search
- Ontario Securities Commission
- British Columbia Securities Commission
- l’Autorité des marchés financiers (Quebec)