Forex trading in Canada is regulated primarily by provincial regulators such as the Investment Industry Regulatory Organization of Canada (IIROC). Due to strict Canadian regulations, only a limited number of forex brokers are licensed to operate fully in Canada, and many international brokers accept Canadian clients under regulatory compliance.
This article lists the top 10 forex brokers in Canada, highlighting their regulatory status, platform offerings, account types, and suitability for Canadian traders.
What Canadian Traders Look for in Forex Brokers
- IIROC or equivalent provincial licensing
- Access to regulated and safe trading environments
- Support for CAD deposits and withdrawals
- Reliable platforms like MT4, MT5, or proprietary software
- Competitive spreads and fees
- Responsive customer service and educational resources
Top 10 Forex Brokers in Canada (2025)
1. OANDA Canada
- Regulation: IIROC, CFTC (US)
- Minimum Deposit: No minimum
- Platform: Proprietary platform, MT4
- Highlights: Transparent pricing, strong research, flexible account sizes
2. FOREX.com Canada
- Regulation: IIROC
- Minimum Deposit: $50
- Platform: MT4, FOREX.com WebTrader
- Highlights: Wide product range, strong regulatory compliance
3. Interactive Brokers Canada
- Regulation: IIROC
- Minimum Deposit: Varies by account
- Platform: Trader Workstation (TWS)
- Highlights: Institutional liquidity, multi-asset trading
4. CMC Markets Canada
- Regulation: IIROC
- Minimum Deposit: $0
- Platform: Next Generation, MT4
- Highlights: Advanced charting tools, low spreads
5. Questrade
- Regulation: IIROC
- Minimum Deposit: $1,000 (varies)
- Platform: Questrade Trading, MT4 via integration
- Highlights: Popular Canadian broker with forex CFDs
6. IG Canada
- Regulation: IIROC
- Minimum Deposit: $250
- Platform: IG proprietary, MT4
- Highlights: Regulated spread betting and CFD trading
7. Dukascopy Bank SA (via Canadian entities)
- Regulation: Licensed Swiss and Canadian entities
- Minimum Deposit: $1000+
- Platform: JForex, MT4
- Highlights: Swiss banking safety, ECN execution
8. FOREXClub Canada
- Regulation: IIROC
- Minimum Deposit: $250
- Platform: MT4
- Highlights: Regional presence, educational support
9. City Index (via Canadian branches)
- Regulation: IIROC
- Minimum Deposit: $100
- Platform: MT4, WebTrader
- Highlights: Established broker with low spreads
10. Pepperstone (Accepts Canadians)
- Regulation: ASIC, FCA (not IIROC)
- Minimum Deposit: $200
- Platform: MT4, MT5, cTrader
- Highlights: ECN pricing, fast execution, growing Canadian client base
Key Takeaways
- IIROC regulation is a key trust factor for Canadian traders
- Brokers like OANDA, FOREX.com, and Interactive Brokers dominate the Canadian market
- CAD deposit and withdrawal support is important for cost-effective trading
- Platforms like MT4, MT5, and proprietary software provide diverse trading experiences
- Some international brokers accept Canadian clients but lack IIROC licensing
Frequently Asked Questions
Which forex brokers are regulated in Canada?
OANDA Canada, FOREX.com Canada, Interactive Brokers, CMC Markets, and Questrade are IIROC-regulated.
Can I deposit in Canadian dollars?
Yes, many Canadian brokers support CAD deposits and withdrawals.
Are offshore brokers legal for Canadians?
Offshore brokers may accept Canadians but are not IIROC-regulated and carry regulatory risks.
What is the minimum deposit to start trading forex in Canada?
Minimum deposits vary, with some brokers allowing accounts with no minimum, while others require $50–$1,000.
Do Canadian brokers support MetaTrader platforms?
Most top Canadian brokers support MT4 and some also support MT5.
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