It offers over 1,000 CFDs across forex, commodities, stocks, ETFs, indices, cryptocurrencies, and bonds. Its fees are highly competitive, and the lineup of platforms includes MetaTrader 4, MetaTrader 5, TradingView, and two proprietary mobile apps. AXI is a well-rounded financial derivatives broker that is headquartered in Australia and regulated by ASIC. It offers access to more than 280 tradable instruments across different asset classes, which can be traded on the renowned MetaTrader 4 platform. OANDA also provides educational tools, market insights, and charting options, which are particularly helpful for new traders looking to build experience in a secure environment. Setting up a forex trading account in Canada is relatively simple, especially with brokers that are familiar with Canadian compliance requirements.

What is a Registered Retirement Savings Plan (RRSP) in Canada?

FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Led by Steven Hatzakis, Global Director of Online Broker Research, the ForexBrokers.com research team collects and audits data across more than 100 variables. We analyze key tools and features important to forex and CFD traders and collect data on commissions, spreads, and fees across the industry to help you find the best broker for your needs. FOREX.com is a highly trusted broker backed by the publicly traded StoneX Group Inc. delivering excellent trading tools and broad market access for forex and CFD traders across the globe.

It also boasts 180 currency pairs, one of the widest ranges available on the FX market. However, Interactive Brokers does offer a slightly wider range of assets all in all. However, if you pay more than $10 a month in commissions, the fee will be waived. Speaking of commissions, they start at 0.2 pips with a $2 per order minimum – however, that amount is decreased for active traders.

How can I avoid fake brokers in Canada?

I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day. Day trading in Canada is legal, where, unlike its southern neighbor, there is no pattern day trader (PTD) rule or a minimum portfolio of $25,000 to start day trading. Still, Canadian brokers will monitor your account and may implement minimum deposit requirements to offer leveraged day trading.

CIRO Requirements for Forex Brokers

Forex brokers that accept Canadian clients must be authorised by the Investment Industry Regulatory Organization of Canada (IIROC). The IIROC is the regulatory body that oversees investing to control Canada’s economic activity in the financial markets. Vantage FX’s aggressive approach to pricing starts with its RAW ECN account, which has spreads as low as 0.0 pips and just a $3 commission. It offers a range of other services designed to develop trading skills and set you up with the best chance of making a profit.

Does OANDA offer MetaTrader 4 or MetaTrader 5?

Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process. Whether you’re a beginner exploring forex for the first time or an experienced trader looking for advanced tools — Canada offers safe and competitive options through both local and global brokers. Looking for the best Canadian forex brokers with tight spreads and secure platforms?

Best for Copy Trading

They also provide direct integration with TradingView for advanced charting and analysis, offering a comprehensive suite of tools for diverse trading preferences. In practice, this regulatory structure is designed to protect investors and maintain market integrity. It reflects Canada’s broader securities law framework, which is administered at the provincial level but harmonized through national instruments and CIRO’s rules. Anyone offering financial advice, portfolio management, or dealing in derivatives such as Forex contracts must meet licensing and compliance obligations under this framework.

Read more about Best forex STP accounts and Best forex ECN accounts. To verify if a broker is CIRO-regulated, visit the official CIRO website. You can search by the firm’s name to confirm their registration and see if any terms or conditions apply to their membership. The primary oversight body is the Canadian Investment Regulatory Organization (CIRO), which was formed by amalgamating IIROC.

The platform’s execution speed and extensive forex pair offerings make it a top choice. IFC Markets is a reliable and licensed broker, offering a broad spectrum of trading instruments and platforms for investors of various experience levels. With multilingual support and extensive educational resources, the company aims to provide its clients with a comfortable and efficient trading environment.

• The Canadian Investor Protection Fund (CIPF) offers protection of up to C$1,000,000 per taxable account, plus an additional C$1M per RRSP/RRIF account and RESP account for total coverage of C$3M.
• OANDA stands out for its superior analytics and research tools, featuring advanced charting capabilities and integrated economic data, catering to data-driven traders.
• BestBrokers.com does not assume liability for the financial losses our readers can potentially incur while trading with the online brokers we shortlist.
• This is how you find the wealth of knowledge available on your broker’s website.

#2 CMC Markets – Regulated Forex Broker with most Currency Pairs

FOREX.com offers nearly a hundred written articles that are conveniently organized by experience level, with content for beginner, intermediate, and advanced users. Demo accounts not only develop your trading skills, they help you decide if the broker is a good fit for your needs. What might work for others might not work for you and given the fact that there are many good brokers out there you can afford to be choosey.

• FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics.
• These steps to verify a CFD broker’s licence in Canada would generally be the same for most forex brokers, and if the broker is regulated, then you can follow these general steps to verify the broker on CIRO.
• Price swings in the global currency markets continue to provide opportunities for Canadian forex traders to make profits.
• The currency markets are the biggest financial markets in the world.
• With the increasing popularity of retail trading in Canada, it is essential to be cautious of brokers that target Canadian residents but lack proper regulation.

While Classic Account offers spreads from 1.0 pips with zero commissions. VT Markets has developed a feature-rich trading app with an intuitive design that allows trading on the go and account management. The app features a wide selection of analytical tools and chart configurations and allows traders to set price alerts, canadian forex review customize their favorite watchlists, and even practice one-tap trading. The platform accommodates basic technical analysis and simple order execution. It features more than 50 analytical tools and chart configurations, as well as trading from the chart and one-click trading. The broker also provides free Virtual Private Server (VPS) hosting for low-latency trading.