10 Best Forex Brokers in Canada

 

We have listed the 10 Best Forex Brokers in Canada, offering access to Forex, stocks, indices, and commodities. Trusted authorities regulate these brokers, offer competitive spreads, and provide advanced trading platforms, ensuring that both beginner and professional traders can trade the global markets with confidence and security.

 

10 Best Forex Brokers in Canada (2025)

 

• MultiBank Group – Overall, the Best Forex Broker in Canada
• CMC Markets – Powerful, user-friendly trading platform.
• PU Prime – Ultra-low spreads from 0.0 pips with fast execution.
• OANDA – Long-standing presence in Canada, regulated by IIROC.
• FXCM – Regulated by FCA, FSCA, and ASIC, with Canadian access via partnerships.
• TMGM – ASIC and FMA regulated with a strong international presence.
• FP Markets – Offers social trading and copy trading features.
• Eightcap – Range of trading tools and educational resources for Canadian Traders.
• XTB – Competitive spreads and commission-free accounts.
• Admirals – FCA and CySEC regulated with a strong global presence.

 

Top 10 Forex Brokers (Globally)

 

 

1. MultiBank Group

MultiBank Group, regulated by 🇦🇺 ASIC and other top-tier authorities, accepts Canadian traders and provides access to global markets, including forex, commodities, indices, and CFDs. Offering competitive spreads, multiple account types, and professional-grade trading tools across MT4, MT5, WebTrader, and proprietary apps, it combines regulatory security with broad market access and advanced execution.

 

 

★★★★

Minimum Deposit: $50 Regulated by: ASIC, AUSTRAC, BAFIN, CIMA, ESCA, CySEC, FSC, FMA, MAS, TFG, VFSC Crypto: Yes

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Frequently Asked Questions

 

Can Canadian residents open an account with MultiBank Group?

Yes, Canadian residents can open an account with MultiBank Group. While it is primarily regulated by 🇦🇺 ASIC and other international authorities, the broker accepts Canadian clients and provides access to a range of account types, including Standard, Pro, and ECN accounts, suitable for both beginner and experienced traders.

 

What platforms does MultiBank Group offer?

MultiBank Group provides multiple platforms to suit different trading styles and experience levels. These include MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and proprietary mobile and desktop applications, as well as social and copy trading tools for those seeking advanced or automated strategies.

 

 

Pros and Cons

 

 

 

Final Score

 

 

2. CMC Markets

CMC Markets Canada offers a robust trading environment for Canadian investors, featuring a wide range of instruments, advanced trading platforms, and strong regulatory oversight. With no minimum deposit requirement and competitive pricing, it effectively serves both novice and experienced traders looking to access global markets.

 

 

★★★★★

Minimum Deposit: $0 Regulated by: BaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA Crypto: Yes

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Frequently Asked Questions

 

What platforms are available for trading?

CMC Markets offers its award-winning proprietary Next Generation web and mobile platforms, known for advanced charting and features. Additionally, they support the popular MetaTrader 4 (MT4) platform, and integrate with TradingView for its charting capabilities, providing diverse options for traders.

 

Can I open a demo account?

Yes, CMC Markets offers free demo accounts with virtual funds that allow you to practice trading on their Next Generation platform or MetaTrader 4. These demo accounts generally do not expire and can be topped up, providing a risk-free environment to test strategies.

 

 

Pros and Cons

 

 

 

Final Score

 

 

3. PU Prime

PU Prime is regulated internationally by 🇸🇨 FSA (Seychelles), 🇲🇺 FSC (Mauritius), and 🇿🇦 FSCA (South Africa), but it is not licensed under 🇨🇦 IIROC. Despite this, PU Prime does accept Canadian traders, giving them access to global markets, tight spreads, and advanced platforms while operating under offshore regulatory oversight.

 

 

★★★

Minimum Deposit: 20 USD (Cent) Regulated by: FSA,FSC,FSCA Crypto: Yes

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Frequently Asked Questions

 

Is PU Prime regulated in Canada?

No. PU Prime is not licensed by 🇨🇦 IIROC. Instead, it is overseen by 🇸🇨 FSA (Seychelles), 🇲🇺 FSC (Mauritius), and 🇿🇦 FSCA (South Africa). While this means it does not have local Canadian regulation, the broker maintains compliance with multiple international regulators to ensure credibility.

 

Can Canadian traders open an account with PU Prime?

Yes. PU Prime accepts Canadian traders even without 🇨🇦 IIROC approval. Clients in Canada can open accounts, access MT4 and MT5, and benefit from competitive spreads starting at 0.0 pips, although investor protections differ compared to IIROC-regulated brokers.

 

 

Pros and Cons

 

 

 

Final Score

 

 

Top 3 Forex Brokers in Canada – Head to Head

 

 

4. OANDA

OANDA provides Canadian traders with a robust and regulated trading environment, offering access to a wide range of financial instruments and advanced trading platforms. With competitive spreads, no minimum deposit requirement, and strong customer support, it caters to both novice and experienced traders looking to engage in global markets.

 

 

★★★★

Minimum Deposit: $0 Regulated by: NFA, CFTC Crypto: Via Paxos

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Frequently Asked Questions

 

Does OANDA offer MetaTrader 4 or MetaTrader 5?

Yes, OANDA offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) in Canada. They integrate OANDA’s competitive pricing and execution with MT4’s advanced charting and automated trading capabilities, and MT5’s enhanced features like depth of market.

 

Are there any bonuses for Canadian traders?

Yes, OANDA Canada does offer bonuses, primarily welcome bonuses for new clients and cashback/rebate programs for high-volume traders (Elite Trader program). These typically require meeting specific deposit and trading volume thresholds within a set timeframe.

 

 

Pros and Cons

 

 

 

Final Score

 

 

5. FXCM

FXCM, a global online forex and CFD broker established in 1999, operates in Canada through a partnership with Friedberg Direct, a regulated Canadian investment dealer.

 

 

★★★★

Minimum Deposit: $50 Regulated by: FCA, ASIC, CySEC, FSCA Crypto: Yes

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Frequently Asked Questions

 

Which trading platforms does FXCM offer?

FXCM offers its proprietary Trading Station platform (desktop, web, mobile) as its flagship. They also support the widely popular MetaTrader 4 (MT4), and provide integration with TradingView for advanced charting. Additionally, for specialized needs, they offer various API options.

 

Does FXCM offer demo accounts?

Yes, FXCM offers free demo accounts loaded with virtual funds (e.g., $20,000 or more). These allow traders to practice strategies and familiarize themselves with the Trading Station and MetaTrader 4 platforms in a risk-free environment.

 

 

Pros and Cons

 

 

 

Final Score

 

 

6. TMGM

TMGM is a globally recognized forex and CFD broker that accepts Canadian clients, offering them the benefit of its competitive trading conditions.

 

 

★★★

Minimum Deposit: $100 Regulated by: ASIC, FMA, VFSC Crypto: Yes

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Frequently Asked Questions

 

Can Canadian residents open an account with TMGM?

Yes, Canadian residents can open an account with TMGM. While TMGM isn’t locally regulated by CIRO, they accept Canadian clients through their global entity, often regulated by bodies like VFSC. They support CAD as an account currency, offering competitive trading conditions for Canadian traders.

 

What platforms does TMGM support?

TMGM supports the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available across desktop, web, and mobile. They also offer the IRESS platform for advanced functionality, particularly for those seeking access to a wider range of instruments like shares.

 

 

Pros and Cons

 

 

 

Final Score

 

 

7. FP Markets

FP Markets is a well-established online broker primarily regulated by ASIC, and internationally by CySEC and FSCA. While it accepts Canadian clients, it’s not regulated by Canadian authorities like CIRO. This means Canadian traders might not have access to local investor protection schemes like CIPF.

 

 

★★★★★

Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes

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Frequently Asked Questions

 

Does FP Markets accept clients from Canada?

Yes, FP Markets does accept clients from Canada. However, it’s important to note that they are not regulated by Canadian authorities like CIRO. Canadian traders will be onboarded under one of FP Markets’ international entities.

 

What is the minimum deposit to open an account?

For Standard and Raw MT4/MT5 accounts, the minimum deposit with FP Markets is AUD 100 (or equivalent in other currencies). However, for IRESS Share Accounts, a higher minimum of AUD 1,000 is required.

 

 

Pros and Cons

 

 

 

Final Score

 

 

8. Eightcap

Eightcap is an online broker that accepts Canadian traders, allowing them to trade with Canadian dollars (CAD) and offering access to popular trading platforms like MetaTrader 4 and MetaTrader 5.

 

 

★★★★

Minimum Deposit: $100 Regulated by: ASIC, FCA, CySEC, SCB Crypto: Yes

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Frequently Asked Questions

 

What trading platforms does Eightcap offer?

Eightcap offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available across desktop, web, and mobile. They also provide direct integration with TradingView for advanced charting and analysis, offering a comprehensive suite of tools for diverse trading preferences.

 

What types of accounts are available?

Eightcap offers two primary live account types: Standard and Raw. The Standard Account features commission-free trading with slightly wider spreads, while the Raw Account provides tighter spreads but charges a commission per trade. They also offer a TradingView account.

 

 

Pros and Cons

 

 

 

Final Score

 

 

9. XTB

XTB is a global online broker providing trading services across various financial instruments, including Forex and CFDs on stocks, indices, commodities, and cryptocurrencies. While XTB operates globally, Canadian residents can access its services via XTB FR, the French branch of the XTB Group.

 

 

★★★★

Minimum Deposit: $0 Regulated by: FCA, KNF, IFSC, CySEC Crypto: Yes

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Frequently Asked Questions

 

What trading platforms does XTB offer?

XTB primarily offers its award-winning proprietary xStation 5 platform, available as a web and mobile app. While they previously supported MetaTrader 4 (MT4) for existing users, new accounts are now directed to xStation 5, which boasts advanced charting, analysis tools, and comprehensive features.

 

What types of accounts does XTB offer?

XTB primarily offers two retail account types: Standard and Pro. The Standard account is commission-free with spreads built into the pricing, while the Pro account features tighter spreads with a small commission per trade. They also offer Islamic (swap-free) accounts.

 

 

Pros and Cons

 

 

 

Final Score

 

 

10. Admirals

Admirals has expanded its operations to Canada via Admiral Markets Canada Limited. This subsidiary is registered with CIRO (formerly IIROC) and is a CIPF member, offering investor protection within specified limits.

 

 

★★★

Minimum Deposit: $25 Regulated by: FCA, ASIC, CySEC Crypto: Yes

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Frequently Asked Questions

 

Does Admirals offer leverage?

Yes, Admirals offers leverage to Canadian traders. For retail clients, this typically means a maximum leverage of 1:50 for major currency pairs and 1:20 for minor pairs, with lower limits for other instruments like cryptocurrencies (1:2).

 

Is negative balance protection available?

Yes, Admirals offers negative balance protection for its retail clients in Canada. As a CIRO-regulated broker, it is required to ensure that clients cannot lose more than the funds in their trading accounts, safeguarding them from incurring debt due to market volatility.

 

 

Pros and Cons

 

 

 

Final Score

 

 

10 Best Forex Brokers in Canada – A Comparison

 

 

Forex Trading in Canada – Quick Overview

Forex trading is legal and highly regulated in Canada. The primary oversight body is the Canadian Investment Regulatory Organization (CIRO), which was formed by amalgamating IIROC.

These brokers provide significant investor protections, including segregated client funds, negative balance protection, and membership in the Canadian Investor Protection Fund (CIPF), which covers eligible assets up to $1 million in case of broker insolvency.

 

 

Pros and Cons of Forex Trading in Canada

 

 

You Might also Like:

 

• MultiBank Group Review
• CMC Markets Review
• PU Prime Review
• Oanda Review
• FXCM Review
• TMGM Review
• FP Markets Review
• EightCap Review
• XTB Review
• Admirals Review

 

In Conclusion

Forex trading in Canada provides a secure and transparent environment for traders, thanks to the robust oversight from CIRO and investor protection from CIPF. Canadian forex brokers are recognized for their dedication to client safety, clear regulatory standards, and providing essential trading tools and education for new traders.