Best Canadian Forex Brokers for 2021
To find the best forex brokers in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their Trust Score. Here is our list of the top Canadian forex brokers.
- CMC Markets – Best web platform, most currency pairs
- Interactive Brokers – Great for professionals and institutions
- FOREX.com – Great all-round offering
- AvaTrade – Multiple trading platform options
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 Trust Score.
| Forex Broker | Accepts CA Residents | Regulated by IIROC | Average Spread EUR/USD – Standard | Minimum Initial Deposit | Trust Score | Overall | Visit Site |
|---|---|---|---|---|---|---|---|
| Saxo Bank | Yes | 0.800 | $10,000.00 | 99 | 5 Stars | Visit Site | |
| CMC Markets | Yes | Yes | 0.740 | $0.00 | 99 | 5 Stars | N/A |
| Interactive Brokers | Yes | Yes | N/A | $0 | 94 | 4.5 Stars | Visit Site |
| City Index | Yes | 1.100 | £50.00 | 93 | 4.5 Stars | N/A | |
| FOREX.com | Yes | Yes | 1.400 | $100.00 | 93 | 4.5 Stars | N/A |
| AvaTrade | Yes | Yes | 0.910 | $100.00 | 93 | 4 Stars | Visit Site |
| FP Markets | Yes | 1.140 | $100 AUD | 81 | 4 Stars | Visit Site | |
| Tickmill | Yes | 0.530 | $100.00 | 81 | 4 Stars | Visit Site | |
| HYCM | Yes | 2.00 | $100 | 84 | 3.5 Stars | Visit Site | |
| VT Markets | Yes | 1.30 | $200 | 79 | 3.5 Stars | N/A | |
| BlackBull Markets | Yes | 0.76 | $200 | 70 | 3.5 Stars | N/A | |
| OctaFX | Yes | 1.100 | $5 | 59 | 3.5 Stars | N/A |
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
IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Maket Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatorty bodies in Canada:
- 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