Best Forex Broker in Canada for 2024
Top Forex Brokers in Canada:
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
InstaForex - Biggest Forex bonuses (up to 100% per deposit)
Admirals - Best for MetaTrader charting (with company's proprietary Supreme Edition plug-in)
IronFX - Best for VIP services (access to prop traders, forecasts, free VPS)
XBTFX - Top choice for investors (Copy trading/ PAMM and MAM accounts).
Forex trading is a popular way to earn extra income in Canada, with many traders engaging in it professionally; therefore, all brokers operating in the country should be authorized by the Canadian Investment Regulatory Organization (CIRO). Traders from Canada can also trade with many brokers that have other Tier-1 regulations, such as the FCA (UK) and ASIC (Australia), if the brokers themselves do not restrict clients from this country.
Traders Union has selected brokers based on various factors, including CIRO authorization, trading commissions, reliability, customer support, and many others. This selection process ensures that traders can find a broker that meets their specific needs and preferences. If you’re looking for an online broker for Forex trading in Canada, you’ve come to the right place. Here we have compiled a list of the 10 online brokers that offer the best Forex trading experience in 2024.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Position | Broker | Supported currency pairs | CIRO regulation | Accepts Canadian Citizens | Minimum deposit | |
|---|---|---|---|---|---|---|
1 |
40 |
100$ |
||||
2 |
72 |
5$ |
||||
3 |
108 |
1$ |
||||
4 |
80 |
1$ |
||||
5 |
50 |
100$ |
||||
6 |
75 |
10$ |
||||
7 |
50 |
0$ |
||||
8 |
62 |
100$ |
||||
9 |
40 |
0$ |
||||
10 |
55 |
15$ |
| Eightcap | FBS | InstaForex | Admirals | IronFX | XBTFX | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, MT5 |
MT4, MobileTrading |
MT4, MultiTerminal, MobileTrading, MT5, WebTrader |
MT4, MT5, WebTrader, Mobile platforms |
WebTrader, MetaTrader4 |
cTrader, MetaTrader4, MetaTrader5 |
Instruments |
CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
Forex, indices, metals, futures contracts |
FSC - currency pairs, stocks, indices, metals, oil and gas, commodity futures, cryptocurrencies, and InstaFutures. CySEC - currency pairs, commodities, stocks, indices, cryptocurrencies, synthetic stocks and ETFs, and stocks at the moment of IPO. |
stocks, ETFs, as well as CFDs on currency pairs, commodities, stocks, indices, bonds, ETFs, and cryptocurrencies. |
Forex, Commodities, Indices, Stocks, Metals, Futures (ALL CFDs) |
CFDs on currency pairs, cryptocurrencies, stocks, indices, commodities, and precious metals |
Spread |
0 points |
0.2 points |
0 points |
0.5 points |
0 points |
0 points |
Cent accounts |
||||||
Replenishment / Withdrawal |
Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP | Cards: Visa, MasterCard; e-wallets: Skrill, Neteller, Wire Transfer, Rapid Transfer | FSC - cash deposits, bank cards, cryptocurrencies (BTC, LTC, ETH, and USDT), PayCo, and WebMoney. CySEC - Visa/Mastercard, Bank Transfer, Skrill, Neteller, Rapid, iDeal, Przelewy24 and BLIK, GiroPay, and Payoma. | Bank transfer, Visa and MasterCard bank cards (deposits only), Skrill, and Neteller for the ASIC regulated broker. Bank transfer, Visa and MasterCard bank cards, Skrill, Neteller, Klarna (deposits only), PayPal, and iBank&BankLink for the FCA regulated broker. Bank transfer, Visa and MasterCard bank cards, Skrill, and Klarna (deposits only) for the CySec regulated broker. Bank transfer, Visa and MasterCard bank cards (deposits only), and Perfect Money for the JSC regulated broker. | Wire bank transfers, Local bank transfers, credit/debit cards, payment apps (Skrill, Neteller, etc.) | Crypto wallets |
Trading features |
Free 30-day demo account; |
Advisors; Hedging; Protection against a gap. |
The ability to open segregated and Islamic (swap-free) accounts; Hedging currency risks; Cryptocurrency trading. |
Available options for protection against volatility; One-click trading. There is a copy trading platform (available with CySec) |
Indicators; Advanced Terminal. |
Free demo account; |
Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.
The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.
The InstaForex Team is professional and reliable. I highly recommend this service. They offer optimal trading conditions that are suitable for both novice and professional traders. Clients can work with various types of accounts, use a minimum order of 0.01 lots and more than over 2,500 Forex trading instruments. InstaForex has been working with the Traders Union for many years. We analyzed thousands of customer reviews which were overall positive. Many customers were particularly impressed with their excellent customer service. One such customer said “Its experts are doing everything to solve the financial and technical problems encountered by users as soon as possible”. The user-friendly interface of the website allows you to quickly find and analyze relevant information on both active and passive trading. InstaForex always cares about its customers - it provides favorable conditions for trading, as well as Customer support in an expeditious manner. It is these features that gives it a high rating of reliable Forex brokers of the Traders Union.
Forex trading for beginners has several options to launch their trading journey and build experience. Demo accounts offer a risk-free environment with virtual funds to practice strategies. Cent accounts, on the other hand, allow trading with real money in small amounts, providing a realistic experience with minimal risk. Finally, copy trading lets beginners piggyback on the strategies of seasoned traders, learning from their decisions firsthand.
| Broker | Demo | Cent | Copy Trading | |
|---|---|---|---|---|
Pay attention!
Each broker mentioned in the table above offers easy-to-use/understand web, mobile, and desktop applications. We have selected these five brokers very carefully after analyzing all the possible factors such as educational material and resources, research and analytical tools, technical indicators and their ease of use, pricing and fee structure, etcetera.
Forex trading is legal in Canada, but it’s subject to a range of laws and regulations that can be complex. The national regulator for Forex trading is the Canadian Investment Regulatory Organization (CIRO), but there are also local regulators in each region. The Ontario Securities Commission in Toronto, British Columbia Securities Commission in British Columbia, and Autorité des Marchés Financiers in Montreal and Quebec.
To trade Forex in Canada, it's important to ensure the broker is licensed with the CIRO. In addition, in Alberta, Canada, traders must qualify as accredited investors before they can start trading. To qualify, they need to have earned a minimum income of $200,000 in the last two years, hold at least $1,000,000 in financial investments, hold at least $5,000,000 in property investments, or be a bank or financial institution.
Rule 100.2(d) limits leverage and margin levels to 50:1, and brokers must provide risk disclosures to their clients. Finally, brokers must be members of the Canadian Investor Protection Fund (CIPF). Forex brokers in Canada also have restrictions on advertising and marketing.
Yes. As a Forex trader in Canada, you need to pay taxes on your trading profits. If you make over $200 in profits, you'll need to declare these earnings on your income tax return.
Are you wondering how to declare your Forex trading profits for tax purposes? Well, you have a couple of options. One option is to declare them as personal income, which means that once your total Canadian income reaches $4001, you'll be taxed at your marginal tax rate. Another option is to declare them as a capital gain. It's important to consider both options and choose the one that works best for your financial situation.
There are two ways to to declare your forex trading profits as a capital gain:
Claim 40% of all profits, which should be declared at line 127 on your tax return.
Declare fx trading as a business, which means all income from the trade will be taxed at 47% if it exceeds $200.
It's important to note that taxation rules may vary depending on your country and jurisdiction. It's recommended that you consult with a tax professional or accountant for guidance on how to properly report your forex trading profits.
Forex Trading in Canada - Is it legal? Do I Pay Taxes?The following are the typical Forex trading hours in Canada for the three main trading sessions in local time.
The Asian forex trading time in Canada opens at approximately 6:00 PM EST and closes at approximately 3:00 AM EST.
The London forex trading time in Canada opens at approximately 3:00 AM EST and closes at approximately 12:00 PM EST.
The New York Forex trading time in Canada opens at approximately 8:00 AM EST and closes at approximately 5:00 PM EST.
In the global financial industry, the Forex market is the most liquid and also the largest sector that’s growing rapidly. Forex market in Canada is regulated by CIRO ( Canadian Investment Regulatory Organization). Any broker must be authorized and regulated by CIRO before accepting Forex traders from Canada.CIRO specifies the rules and regulations that all the brokers must follow. It also has the power to add or remove any broker from its regulatory list if it doesn’t follow the rules strictly.
Canada is continuously working on improvements to make its financial market an ideal place for all types of traders. That's because some experts suggest that the current landscape of the Canadian regulatory authority is not ideal, and that’s why there are not many domestic brokers in the country.
Yes, Forex trading profits are taxable in Canada. If you're a part-time trader and only make $1,000 in profits throughout the year, this amount will be taxed as income rather than at the Forex trading capital gains rate. However, if you’re making more than $200 in Forex trading profits, these earnings will need to be declared on your income tax return.
In order to start Forex trading in Canada, the first step is to choose the right online brokerage. You can choose any of the trading platforms mentioned above to trade Forex in a safe and low-risk environment.
First, you’ll need to choose the brokerage that does not only offer Forex trading but also accepts traders from Canada. After that, you’ll need to go to the brokerage’s website to open your Forex trading account and deposit your funds. The account opening might take some time depending upon the brokerage, and you can start trading Forex once your funds are deposited in your account.
It solely depends upon your definition of "rich". But the fact of the matter is that you can generate a handsome amount of profit by trading Forex in Canada. Moreover, it's also critical to understand all the risk factors, and you should only invest the money that you can easily afford to lose.
