| Updated: December 3, 2024Over the last decade, Forex trading has gained significant popularity, including in Canada, and you may be interested in finding a reputable broker in this dynamic market. Based on our in-depth assessment of multiple licensed Canadian Forex trading platforms, we have singled out the top performers equipped to meet various trading needs. Feel free to examine our premium roster of regulated and trustworthy brokers, whose platforms were tested with real money. Each of the trading platforms below is available in Canada.
Fusion Markets74-89% of retail CFD accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Forex.com77.7% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
Eightcap76.09% of retail investor accounts lose money
Libertex74.91% of retail investor accounts lose money
Admirals73% of retail investor accounts lose moneyCanadian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,862 | 4.9 ⭐ |
| 2. IC Markets | 39,709 | 4.5 ⭐ |
| 3. Forex.com | 1,668 | 4.5 ⭐ |
| 4. Global Prime | 161 | 4.5 ⭐ |
| 5. AvaTrade | 8,855 | 4.4 ⭐ |
| 6. Eightcap | 2,668 | 4.2 ⭐ |
| 7. CMC Markets | 2,090 | 4.2 ⭐ |
| 8. Libertex | 9,456 | 4.0 ⭐ |
| 9. Admirals | 1,851 | 3.9 ⭐ |
Canadian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Libertex | 0.1 | 0.3 | 0.3 | 0.4 |
| 2. Admirals | 0.1 | 10 | 0.00003 | 1.00 |
| 3. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 5. CMC Markets | 0.5 | 0.7 | 1.1 | 0.9 |
| 6. IC Markets | 0.8 | 0.8 |
| 0.8 |
| 7. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 8. Eightcap | 1.00 (min) | 1.1 | 1 | 1 |
| 9. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Canadian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Libertex | $0 |
| 2. AvaTrade | $0 |
| 3. Forex.com | $0 for Standard accounts; $5 per standard lot per side for Raw accounts |
| 4. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. CMC Markets | $2.50 per lot (per side) |
| 7. Admirals | $3 per lot |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
Important Note: Canadian Forex brokers must obtain a license from the country’s financial regulator, the Canadian Investment Regulatory Organization (CIRO), to provide their services and accept Forex and CFD traders as their customers. Canadian residents can refer to https://www.ciro.ca/ for further information.
Top 9 FX Brokers in Canada
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView Trustpilot Rating 4.9 out of 1,862 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC)
Index CFDs: 1:5
Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, cost-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.9 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
- Has no FCA license
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.5 out of 161 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.4 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 4.0 out of 9,456 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.1
USDJPY: 0.3
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, Eps, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.
Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- Great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
AvaTrade Broker Details Regulators FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.4 out of 8,855 reviews Number of CFD Forex Pairs to Trade 53 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2 for EU residents 1:25 for non-EU residentsSpread EURUSD: 0.9
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.
Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.
It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.4 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.
Key Pros
- Regulated by 9 jurisdictions in 6 continents
- Offers various trading platforms suitable for beginners and expert traders
- Enables smooth mobile forex trading via dedicated app
- Offers 55 forex options and numerous CFDs
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing trails behind top brokers’ offerings
- Desktop platform may seem a tad outdated
- Many payment solutions are country-specific
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, CIMA, SFC, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader, NinjaTrader Trustpilot Rating 4.5 out of 1,668 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 for Standard accounts; $5 per standard lot per side for Raw accounts Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
CMC Markets Broker Details Regulators ASIC, MAS, FCA, BaFin, IIROC Min Deposit $0 Trading Platforms CMC Markets’ Next Generation, MetaTrader 4 Trustpilot Rating 4.2 out of 2,090 reviews Number of CFD Forex Pairs to Trade 330+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.5
USDJPY: 0.7
EURGBP: 1.1
GBPUSD: 0.9Forex Commission per Lot per Trade $2.50 per lot (per side) Deposit Methods Visa, Mastercard, Maestro, Online Banking, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer When it comes to online trading, trusting a worldly-wise broker like CMC Markets, which pounced on the scene way back in 1989, is always the best decision. In 1996, the brand launched its operations online, claiming to be the first to complete a forex deal online. While this cannot be confirmed, the company certainly is one of the pioneers of online trading, currently ranking among the most trustworthy brokers online.
Forex traders will be pleased to see that the broker covers a wide range of currency pairs, while other types of traders will also appreciate the numerous CFDs and spread betting available on CMC Markets’ platforms. The broker offers its clients the proprietary platform Next Generation, which is rather intuitive and easy to use. Unfortunately, the Next Generation platform does not support automated trading. However, those who prefer this style of trading may install the MetaTrader 4 platform, also supported by CMC Markets.
One of the best qualities of CMC Markets is the company’s transparency as it is publicly traded and licensed by some of the most reliable authorities in this industry. Regulated by the ASIC, the broker is authorized by the AFS to offer derivative products under license no.238054 and stockbroking services under license no. 246381. The broker has also been licensed by the UK’s FCA, operating under license no. 173730 and license no. 170627 (spread betting). It comes as no surprise that CMC Markets has become a top destination for numerous traders who have given the broker an average score of 4.2 out of 5 on Trustpilot.
Key Pros
- Publicly traded reputable brand
- One of the first online forex brokers
- Covers an extensive selection of currency pairs
- Offers proprietary trading platform
- Enables smooth mobile trading
Key Cons
- Automated trading available only on MetaTrader4
- Fees on stock CFDs can be high
- Supports a limited number of payment methods
IC Markets Broker Details Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.5 out of 39,709 reviews Number of CFD Forex Pairs to Trade 61 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: Up to 1:2 (Retail); Up to 1:5 (Pro)Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP:- 0.00 (Raw)
- 1.00 (Standard)
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna, Nuvei Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.
Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.
The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.6 out of 5 on Trustpilot.
Key Pros
- Offers a large number of forex pairs to trade
- Great for forex traders due to low spreads
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commission
Key Cons
- Non-EU customers have no investor protection
- Not listed on stock exchange
- List of products can be further expanded
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, TradingView, Capitalise.ai, FlashTrader Trustpilot Rating 4.2 out of 2,668 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.1
EURGBP: 1
GBPUSD: 1Forex Commission per Lot per Trade $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix, UnionPay Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac, UnionPay Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 100 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like FCA, ASIC, and CySEC. It provides favorable trading conditions but its product range is a bit slimmer compared to competitors.
There are around 800 financial instruments to choose from, which puts the broker’s selection of tradable products slightly below the industry averages. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum leverage ratios capped at 1:30 or 1:200, depending on the country of access.
Traders at Eightcap can go long or short on approximately 50 forex pairs, with minimum spreads starting from zero pips on Raw accounts where a $7 round-turn commission is in place instead. Standard accounts allow for commission-free forex trading but have slightly higher spreads (from 1 pip) compared to their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal.
Key Pros
- Commission-free FX trading via standard accounts
- Spreads from 0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Fantastic variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No.SD073) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 3.9 out of 1,851 reviews Number of CFD Forex Pairs to Trade 82 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.00003
GBPUSD: 1.00Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals mainly specializes in CFD trading, offering leverage of up to 1:500 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.
Key Pros
- Over 8,000 markets available
- 80 forex pairs tradable through CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Does not trade publicly on a stock exchange
Is Forex Trading Legal in Canada?
Forex trading is legal in Canada, with the national regulatory organization being the Canadian Investment Regulatory Organization (CIRO). Each Canadian province and territory has its own regulatory authority too, as noted in the following section of this publication. Hence, the CIRO, the Canadian Securities Administrators (CSA), and the various securities commissions oversee Forex trading in the country.
Traders are advised to register accounts at properly regulated brokers whose licensing information easily obtainable. The CIRO is the national, overarching authority, which has carried on the responsibilities of the previous authority, the Investment Industry Regulatory Organization of Canada (IIROC). The CSA and the respective securities commissions operate locally. It is worth pointing out that some Forex brokers may be regulated locally, but not at the national level.
Canadian Investment Regulatory Organization (CIRO) Regulation Info
Founded on June 01, 2023, the Canadian Investment Regulatory Organization (CIRO) took on and consolidated the regulatory functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada. The organization is dedicated to providing robust protection mechanisms for investors, as well as efficient and consistent regulation.
CIRO’s authority has been acknowledged by the Canadian Securities Administrators (CSA), formed by the respective provincial and territorial regulatory bodies across Canada:
- Alberta – Alberta Securities Commission
- British Columbia – The British Columbia Securities Commission (BCSC)
- Manitoba – The Manitoba Securities Commission
- New Brunswick – Financial and Consumer Services Commission
- Newfoundland and Labrador – Office of the Superintendent of Securities Service Newfoundland and Labrador
- Nova Scotia – The Nova Scotia Securities Commission
- Ontario – The Ontario Securities Commission
- Prince Edward Island – Prince Edward Island Office of the Superintendent of Securities
- Quebec – l’Autorité des marchés financiers
- Saskatchewan – Financial and Consumer Affairs Authority of Saskatchewan
- Northwest Territories – Office of the Superintendent of Securities, Legal Registries, Department of Justice, Government of the Northwest Territories
- Nunavut – Office of the Superintendent of Securities for Nunavut
- Yukon – Office of the Yukon Superintendent of Securities
How Can I Verify CIRO Authorization?
Verifying registration is an essential step that must be taken before registering an account and trading. Users can contact their local securities regulator if they find a company is not registered.
Traders can verify if a specific Forex broker adheres to the regulatory requirements of the Canadian Investment Regulatory Organization by navigating to the Office of the Investor section, found under the main menu of the organization’s website. CIRO monitors the activity of 250+ investment and mutual fund firms, along with their 108,000 representatives.
Traders can check if there are any terms and conditions imposed on a dealer member by navigating to the CSA National Registration Search database provided by the Canadian Securities Administrators.
Additionally, the licensing information can be obtained from the home pages of Forex brokers, where they typically indicate if they are a member of the Canadian Investment Regulatory Organization and provide their license numbers from local regulators.
Are My Funds Safe with Forex Brokers in Canada?
First of all, the safety of traders’ funds is ensured when they engage in trading via properly regulated Forex brokers who are members of the CIRO. As already noted, regulations tend to vary, based on provincial legislation. However, companies offering Forex trading services must be registered in the province they intend to operate in and must be members of the CIRO.
Additionally, investor protections are available at specific Canadian Forex brokers. While brokerage insolvency is a highly unlikely event, investor protection is a vital aspect of the Forex trading process when it comes to established and trustworthy Canadian brokers. Keep in mind, however, that investor protection does not cover losses ensuing from market unpredictability or poor investment decisions.
Some Forex brokers operating in the territory of Canada are members of CIPF, the Canadian Investor Protection Fund, with insurance covering up to CA$1 million in client assets. Insurance claims can be filed in the event of brokers’ insolvency or bankruptcy. The process typically requires providing evidence of account holdings and losses.
Do Canadian Brokers Provide Negative Balance Protection?
Novice Forex traders might wonder what negative balance protection is and how it works. It is a protection mechanism, provided by many regulated Canadian Forex brokers, ensuring traders cannot lose more than they have already deposited to their trading accounts.
With this important safeguard in place, users can mitigate the risk exposure, especially during volatile market conditions and opening trading positions with high leverage. In the worst-case scenario, their losses will be capped at the initial capital they have invested.
Setting stop-loss orders is yet another mechanism traders can utilize to lower the risk of exceeding their initial capital. Being aware of market conditions and ensuring one’s trading account is properly funded are other important considerations that traders must address to protect themselves against possible losses.
Do You Pay Tax on Forex Trading in Canada?
While Forex trading involves multiple lucrative opportunities, many Canadian traders wonder if they are obliged to pay taxes on their profits. Indeed, trading Forex in Canada is subject to taxes.
Profits must be reported as capital gains, with 50% of Forex trading gains being taxable. The remaining 50% are not taxable. Similarly, losses can be included in traders’ tax returns to be deducted against other capital gains to lower the tax liability, including in future tax years. This is a major advantage for Forex traders who may start their trading journey with losses and later become profitable.
The above applies to most individual Forex traders’ capital not marked as business income. Moreover, Canadian Forex traders should note that tax rates vary based on their province or territory and income level.
Day trading, on the other hand, may be marked as business income, which is fully taxable, at regular tax rates. The Canadian Revenue Agency determines the business income status of traders based on multiple factors such as the volume of trading and the intention to profit.
How Does the Available Leverage of Canadian CIRO-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
Many people prefer trading Forex due to the available leverage being higher compared to other assets. They can benefit from this opportunity by registering with Canadian Forex traders offering high leverage.
Trading Forex with leverage enables users to open higher positions than the amount of money available in their account by borrowing the broker’s money. Thus, they increase their buying power and, potentially, their profits. For instance, a leverage of 1:100 indicates that for every $1 in their account, traders control $100 in the market. Leverage, however, is also associated with a higher risk of losing funds, so it is essential to pick a Canadian Forex broker who offers high leverage responsibly.
The maximum leverage allowable to retail traders by a CIRO-regulated Canadian Forex broker is 1:50, which is rather high, compared to other jurisdictions, such as EU countries, where the maximum allowable leverage 1:30. That said, the 1:50 ratio applies only to the currency pair USD/CAD, with the maximum leverage on other currency pairs being lower. In Australia, the maximum permitted leverage ranges between 1:30 and 1:2, based on the underlying asset.
What Do You Need to Qualify To Be Designated as a Professional Trader in Canada?
To be designated as professional traders, customers of Forex trading brokers must meet some eligibility criteria. Typically, they must have experience in leveraged trading. Their cash deposits and trading portfolios must amount to more than $500,000. Furthermore, professional experience in the financial sector might also be required. The said eligibility criteria may vary across different Canadian Forex trading brokers.
Pro account holders typically have access to higher leverage, personal account managers, participation in VIP Programs, advanced trading tools, and various referral incentives. However, the benefits of pro-account holders may exclude negative balance protection, leverage restrictions, and risk warnings. All other features remain the same as those applicable to standard trader accounts.
What Trading Platforms are Available to Canadian Traders?
Forex trading platforms enable traders to place trades, analyze market trends, replicate the trades of experienced traders, and assess risk, among other activities. Various trading platforms are available in the Canadian Forex trading market, with the most popular options being MetaTrader 4 and MetaTrader 5, Trading View, cTrader, and ProRealTime.
While MT4 is used by 85% of traders, MT5 ranks second, with 6% of traders preferring this platform, according to statistics provided by the Traders Union. Trading View is best suited for performing technical analysis. CTrader is a competitive platform to MetaTrader and the choice between the two depends on individual preferences and trading style. ProRealTime is yet another option offering high-quality charts, effective decision support tools, and updated market data.
Below you can find some useful references with links to organisations that monitor the forex market in Canada.