Best Forex Brokers in Canada (2024) (2024)

*The above spreads are mentioned as presented on the broker’s website.

You can check below the spreads of those brokers on the most used currency pairs.

Spreads are in pips (equal to 0.0001)

Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators including the Investment Industry Regulatory Organization of Canada (IIROC). Compared to other Forex brokers, Interactive Brokers offers a wide range of currency pairs, great research tools and advanced trading platforms.

There are several account base currencies at Interactive Brokers without a minimum amount required, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:

Interactive Brokers spreads on major currencies

In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.

Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.

Interactive Brokers trading features

We recommend you check out our comprehensive Interactive Brokers review.

Founded in 2017, Fusion Markets is a Forex and CFD broker with offices in Australia, Vanuatu and the Seychelles, but it accepts clients from most countries worldwide (exceptions include the US and New Zealand). The broker offers access to 250+ products, including Forex and CFDs on Energy, Precious Metals, Equity Indices, US stocks and Crypto.

On AUD and USD currencies, the commissions offered are $2.25 per side commission, so a standard lot will be $4.50. On the “Zero Account”, spreads start from 0.0 and on the “Classic Account”, the spreads start at 0.9. The main difference between the two is that the latter includes your commissions in each trade. Below is a sample of the spreads applied to major currency pairs:

Fusion Markets spreads on major currencies

Fusion Markets offers several investment platforms in desktop, web and mobile apps, namely MetaTrader 4 and 5, and cTrader. All platforms give you customisable charts, fundamental and technical indicators and an intuitive interface. cTrader presents more advanced market depth options like price depth and VWAP depth.In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.

Fusion Markets trading features

We recommend you check out our comprehensive Fusion Markets review.

CMC Markets (CMC) is a global CFD and Forex broker that was established in 1989 and is listed on the London stock exchange. It currently serves more than 300,000 clients globally and gives access to over 330 currency pairs. It is regulated by many international top-tier regulators, including the Canadian IIROC regulator.

CMC Markets spreads on major currencies

CMC Markets has its own web platform and mobile app available in many languages, which are highly customisable to fit your needs. Alternatively, you can use the well-known MetaTrader 4 (MT4) as well.

CMC Markets trading features

It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. Additionally, CMC Markets supports up to 10 account currencies, including CAD, and you can fund your account by credit or debit card, bank transfer, or PayPal. However, if your account has had no trading activity for 12 months, you will be charged a monthly inactivity fee of $15 or equivalent.

FP Markets is another broker included in our list of the best forex brokers in Canada. It is one of the few brokers that give you access to social trading, allowing you to find, follow and copy successful traders automatically. It was founded in 2016; they give you access to trade more than 60 currency pairs.

FP Markets spreads on major currencies

FP Markets has its own well-designed web trading platform and mobile application. In addition, you can trade using the online trading platform Iress, and the famous MetaTrader trading platforms MT4 and MT5. These trading platforms offer a wide range of indicators and drawing tools that assist you in analysing trends and market movements. You can open an account online, fund it by bank transfer, credit or debit cards, Neteller, Skrill, or several other online payment methods, and the minimum deposit is $100.

FP Markets trading features

FP Markets does not charge any fees on deposits and withdrawals. Still, on the downside, they provide very few educational materials and research reports compared to other brokers.

Forex.com is a global online broker regulated by several top-tier regulatory authorities including the IIROC in Canada. It is a subsidiary of a publicly traded company, StoneX, which makes it a safe broker due to strict requirements regarding its financial information reliability and availability. At Forex.com, you can trade over 80 currency pairs, Forex, stocks, indices, commodities, and cryptocurrencies through CFDs.

Forex.com spreads on major currencies

The spreads provided in the table are applicable to standard accounts while for RAW pricing accounts, the spreads are significantly lower.

Forex.com offers traders a wide range of options when it comes to trading platforms. They provide access to three platforms, including the popular MetaTrader4 and MetaTrader5 platforms, as well as their exclusive trading platform, which is accessible via desktop, web, or mobile app, and offers advanced tools and functionality for experienced traders.

Forex.com has flexible account funding options, including bank wire transfers, credit or debit cards, and e-wallets such as Neteller or Skrill. Additionally, it does not charge any fees for depositing or withdrawing funds, and they offer three different account types with varying fee structures to suit different trading styles and volumes.

Forex.com trading features

On the downside, Forex.com charges a $15 monthly inactivity fee if there are no trades made within a 12-month period.