Trade with a high-quality forex broker in Canada

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If you’re looking for the best forex brokers in Canada, you’ve come to the right place. Our experts have carefully handpicked the highest-quality brokers who accept Canadian traders and listed them all on this very page.

As forex trading grows continues to grow in popularity in the country, there are now numerous brokers who accept Canadian traders, yet not all of them are worth trading with. Our experts, therefore, put every single broker they come across through a rigorous reviewing and testing process. This means you can use this page to find a trustworthy and safe Canadian forex broker with ease.

All the sites listed here are regulated, reputable, and offer fair trading fees. Check out our table of top brokers below, then read on to find out more about forex broker regulations in Canada.

The best forex brokers from Canada in 2020

Broker Min Deposit Bonus Rating More
fxtm $ 10 N/A ★★★★★

$ 100 Cashback ★★★★★

$ 100 N/A ★★★★★

$ 50 Check Website ★★★★★

hycm logo $ 100 $5000 ★★★★

$ 200 N/A ★★★★

$ 25 50%* ★★★★

$ 100 N/A ★★★★

etoro logo $ 200 - ★★★★

fbs logo $ 1 100% ★★★★


How are forex brokers regulated in Canada?

The Canadian forex market is heavily regulated. Whilst this can make it hard for forex brokers to offer their services to Canadian traders, it means that as a trader in the country, you’re heavily protected.

Since 2009, any forex broker which wishes to trade with Canadian citizens must be a member of the Investment Industry Regulatory Organization of Canada (IIROC). You can check whether a specific broker has a membership by visiting the official IIROC site and using their Know Your Advisor tool.

If a broker does boast an IIROC membership, you can also expect this to be advertised on the broker’s homepage.

What is the IIROC?

The Investment Industry Regulatory Organization of Canada (IIROC) is a non-profit, national regulatory body that oversees all trading and investment on debt/equity activity within Canada. This is why forex brokers who allow trading on margin must be certified by the organization.

IIROC carefully screens all brokers before accepting their membership requests. They ensure that the broker has a clean background, has a firm understanding of the industry, and has enough capital for the nature and volume of their business.

IIROC-certified Canadian forex brokers must also have proper procedures in place to responsibly handle client accounts. This includes:

  • Know your client rules – Any forex broker in Canada must assess all traders before offering them an account. The broker will, therefore, ask you questions about your financial situation, your trading experience, and your trading objectives. This helps to stop you from over-trading and from entering a situation which would put you at risk.
  • Canadian Investor Protection Fund – All IIROC forex brokers must also be members of the Canadian Investor Protection Fund (CIPF). Trading with a broker with a CIPF membership protects you if the broker becomes insolvent.

Province Specific Forex Broker Regulation in Canada

If you are a trader based in Canada, you are free to join any Canada Forex broker. However, for the broker to be offering its services to you, it must be regulated on both a national and a provincial level. This extra protection leads us to the conclusion that Forex brokers in Canada are some of the most well-regulated companies in the world.

There are three different provincial regulatory bodies in Canada:

    • Ontario Securities Commission

    Ontario Securities Commission – known by the abbreviation OSC – is not a government, but an independent Forex regulator agency, which covers Ontario legislation territory. The official FTRACC has approved the appearance, as well as the work of the Ontario Securities Commission as an ordinary, but only additional regulator to the Canadian Forex brokers. The Ontario Securities Commission administers and enforces securities law in the province of Ontario. The mandate of the OSC is to provide protection to investors from unfair, improper and fraudulent practices, as well as to foster fair and efficient capital markets and confidence in capital markets.

    • Autorité des Marchés Financiers

    The Autorité des Marchés Financiers covers the province of Quebec. It is a government-mandated regulatory body that oversees Quebec’s financial markets, including the areas of insurance, securities, deposit institutions and financial products and services. The AMF also assists and advises consumers and traders.

    • British Columbia Securities Commission

    And finally, British Columbia Securities Commission – or also known by the abbreviation behind BCSC – is an independent regulator for the Forex trading Canada experience, too. Currently, this commission has 10 commissioners, who are in charge to protect the personal data, the finances and the brokers from different cases of scams or frauds. This controlling agency is entirely self-funded, which makes it very popular among the traders, who prefer to enforce their signals to more independent regulatory agencies.

    Financial Transactions and Reports Analysis Centre of Canada

    The Financial Transactions and Reports Analysis Centre of Canada – or simply FINTRAC – is Canada’s financial intelligence unit. The main responsibilities of this institution are to detect, prevent and deter financial crimes such as money laundering. It is also responsible for the protection of personal financial information.

    FINTRAC works in partnership with IIFOC and the provincial regulatory bodies of Canada, to ensure that forex brokers are operating responsibly. This could involve reacting to suspicious transactions, large cash transactions, or dubious electronic funds transfers.


    Do not hesitate to test a Canada Forex broker, guys! They are safe and quite profitable – especially if you already have a good established strategy for amazing outcomes! Good luck with the search for the most suitable for you broker!

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