Canadian Forex Brokers in 2024

Forex brokers from the USA, UK and Europe are popular, but still, there are Forex brokers in other countries that offer competitive forex services.

Canadian forex brokers offer various compelling benefits for day traders and investors. Forex trading is risky, irrespective of the forex broker you choose.

However, you can enjoy some form of protection for your money, if you choose a regulated forex broker.

Here you will find forex brokers accepting Canadian clients in Canada and even some offshore brokers.

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Forex brokers in Canada must provide protection to investors and traders through the Canadian Investor Protection Fund (CIPF).

This insurance guarantees up to $1 million for traders, when the forex broker applies for bankruptcy.

If the brokerage firm is liquidated, traders can get back up to $1 million. This is much greater than the £85,000 offered by the FCA for traders in the UK.

Traders who want to hold millions of dollars in their forex accounts, can safely choose Canadian forex brokers because of the insurance protection.

List of Forex Broker That Accept Canadians

Broker Name	Canadian Accepted
AvaTrade	Yes
~~BlackBull Markets~~	No
CMC Markets	Yes
~~EasyMarkets~~	No
Forex.com	Yes
Fortrade	Yes
~~FP Markets~~	No
Fusion Markets	Yes
FXCC	Yes
~~FXChoice~~	No
FXCM	Yes
FXopen	Yes
~~HYCM~~	No
Interactive Brokers	Yes
~~LMFX~~	No
NordFX	Yes
Oanda	Yes
Questrade	Yes

Above is a complete list of Forex brokers that accepts Canadians (updated for 2023). Though all accept Canadian residents, not all brokers are completely safe and some may be unregulated. We recommend the Forex brokers listed below in our top picks for Best Forex Broker for Canadians.

Regulated FX Brokers in Canada

Below you find a list of regulated Canadian forex brokers that have offices in Canada and are fully licensed to operate as a FX Broker.

QuesTrade
Oanda
Forex.Com
AvaTrade
Interactive Brokers

Source: https://www.iiroc.ca/investors/dealers-we-regulate

Forex Regulations in Canada

Forex trading, also known as foreign exchange trading, is the process of buying and selling different currencies in order to make a profit. It is a highly speculative market that can be both rewarding and risky. In Canada, the regulation of the forex market is overseen by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA).

The IIROC is a self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. It has the authority to set rules and regulations for its members, which includes financial, supervisory, and sales practice requirements, as well as rules related to the handling of customer complaints. In addition, the IIROC has the power to discipline and fine its members for any violations of its rules.

The CSA, on the other hand, is an organization composed of the securities regulators of Canada’s provinces and territories. It works together to improve, coordinate and harmonize regulation of the securities industry in Canada. The CSA monitors the activities of the IIROC and other self-regulatory organizations (SROs) to ensure they are in compliance with securities laws and regulations.

Forex trading in Canada is also subject to the same laws and regulations as other securities markets, including the requirement for transparency and fair dealing. This means that forex dealers must provide their clients with complete and accurate information about the risks and potential returns of their investment products, and must not engage in insider trading or other fraudulent practices.

Forex Regulation by Province

There are provincial FX regulatory bodies for each province such as:

the Canadian Securities Administrators (CSA),
The Financial Services Commission of Ontario,
The Alberta Securities Commission,
The British Columbia Securities Commission,
The Financial Transactions and Reports Analysis Centre of Canada,
The Mutual Fund Dealers Association,
The Canada Revenue Agency,
The Office of the Superintendent of Financial Institutions,
The Ontario Securities Commission,
The Autorite des marches financiers (Quebec).

In Canada, the governing regulatory bodies differ, with respect to the province of the forex brokers.

This can be confusing for forex traders because the brokers can operate, even without a valid license.

The regulatory environment in Canada is ambiguous because of the internal conflicts, between various regulatory bodies.

Here are our top picks for Best Forex Broker for Canadians

AVATrade

Broker Type	ECN
Regulations	FSC
Min Deposit	$5.00
Account Base Currency	USD
Max Leverage	1:3000
Trading Platforms	Metatrader 4/5

Broker Name: LQDFX

Broker Type	STP
Regulations	N/A
Min Deposit	$20.00
Account Base Curreny	USD, EUR
Max Leverage	1:1000
Trading Platforms	Metatrader 4, Mobile app(MT4)

Broker Type	Market Maker
Regulations	NFA, CFTC, RFED, FCM
Min Deposit	$50.00
Account Base Currency	USD CAD GBP
Max Leverage	50:1
Trading Platforms	FOREXTrader, Metatrader 4

Broker Type	Market Maker
Regulations	ASIC, B.V.I, FSA, FFAJ, FSCA, IIROC
Min Deposit	$100.00
Account Base Currency	USD EUR GBP AUD
Max Leverage	400:1 / 30:1 EU Clients
Trading Platforms	Metatrade 4, AvaTradeAct, Web trading, AvaOptions AvaTradeGO, Mobile trading

IIROC Guidelines and Offshore Forex Brokers

Forex brokers accepting Canadian clients may seem impossible to find.

Strict regulations and general confusion on regulations keep some brokers from dealing with Canadians.

There still are many Forex brokers that accept residents of Canada.

In an attempt to impose stringent regulatory requirements, the IIROC in Canada follows the NFA and CFTC in the USA. IIROC regulated forex brokers do offer low leverages of 1:1 and up to 50:1.

This has discouraged many brokerage firms from getting IIROC regulations. With lower leverages offered, not many Canadian traders are interested in Canadian forex brokers.

In Canada, Canadian citizens are required to choose a forex broker regulated by the IIROC.

However, it is not illegal to choose some other offshore forex broker because numerous regulatory bodies work in various provinces of Canada.

When you live in Canada and want to choose an overseas forex broker, you should understand the legal consequences and consult a legal advisor, before heavily investing with a foreign forex broker.

Below you will find a list of the ever changing international FX brokers that accept Canadian citizens in 2024.