country flag
  1. Home
  2. Day Trading in Canada
  3. Forex Trading In Canada

Best Forex Trading Platforms In Canada 2024

Contributor Image
Written By
James Barra
Contributor Image
Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Contributor Image
Fact Checked By
Jemma Grist
Contributor Image
Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Nov 11, 2024

Jump into our selection of the best forex trading platforms in Canada. We’ve tested every broker to ensure they offer currency pairs of interest to Canadian traders like USD/CAD and that they are regulated by the Canadian Investment Regulatory Organization (CIRO) for a secure trading experience.

Top 5 Forex Trading Platforms In Canada

After evaluating hundreds of brokers, these 5 emerged as superior options for forex traders in Canada:

Click a broker for details
  1. 1
    AvaTrade
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $300
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  2. 2
    FOREX.com
    Up to $20,000 in cash back
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:50
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  3. 3
    CMC Markets
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
    Ratings
    4.8 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4.1 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
    Web, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal
    USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN
    Go To CMC Markets
  4. 4
    Fortrade
    Ratings
    3.8 / 5
    3.3 / 5
    3.5 / 5
    2.8 / 5
    3.3 / 5
    3.3 / 5
    3.5 / 5
    3.3 / 5
    3.5 / 5
    4.2 / 5
    $100
    0.01 Lots
    1:30 (varies by entity)
    FCA, ASIC, CySEC, NBRB, FSC, CIRO
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, DMAs, ETFs, bonds
    MT4, TradingCentral
    Neteller, Skrill, Visa, Mastercard, Debit Card, Credit Card, Wire Transfer, PayPal
    USD, EUR, GBP
    Go To Fortrade
  5. 5
    FXCM
    Ratings
    4.3 / 5
    3.8 / 5
    4 / 5
    3.5 / 5
    4 / 5
    4.3 / 5
    3.8 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $50
    Variable
    1:30
    FCA, CySEC, ASIC, FSCA, BaFin, CIRO
    Forex, Stock CFDs, Commodities CFDs, Crypto CFDs
    Trading Station, MT4, TradingView
    Credit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire Transfer
    USD, EUR, GBP, AUD
    Go To FXCM

Here is a short overview of each broker's pros and cons

  1. AvaTrade - AvaTrade delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'.
  2. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  3. CMC Markets - CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.
  4. Fortrade - Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.
  5. FXCM - FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.

Best Forex Trading Platforms In Canada 2024 Comparison

Best Forex Trading Platforms In Canada 2024 Comparison
Broker CIRO Regulated CAD Account Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit
AvaTrade logo
✔ ✔ 50+ 0.9 4.3 / 5 $300
FOREX.com logo
✔ ✔ 80+ 1.2 4.9 / 5 $100
CMC Markets logo
✔ ✔ 300+ 0.7 4.2 / 5 $0
Fortrade logo
✔ - 60+ 2 - $100
FXCM logo
✔ - 40 0.2 pips var* - $50

AvaTrade

"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."

Jemma Grist, Reviewer

AvaTrade Quick Facts

GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
  • Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
  • The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.

Cons

  • Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
  • While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
  • AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
Visit AvaTrade
AvaTrade Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus OfferUp to $20,000 in cash back
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:50
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.

Cons

  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Visit FOREX.com
FOREX.com Review

CMC Markets

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

Christian Harris, Reviewer

CMC Markets Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.7
EURGBP Spread1.1
Total Assets300+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsWeb, MT4
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Pros

  • The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
  • The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
  • CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.

Cons

  • Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
  • The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
Visit CMC Markets
CMC Markets Review

Fortrade

"With strong regulatory oversight, helpful educational content and support for the market-leading MetaTrader 4 platform, Fortrade is a good pick for newer traders."

Tobias Robinson, Reviewer

Fortrade Quick Facts

GBPUSD Spread2
EURUSD Spread2
EURGBP Spread3
Total Assets60+
Leverage1:30 (varies by entity)
PlatformsMT4, TradingCentral
Account CurrenciesUSD, EUR, GBP

Pros

  • Comprehensive educational resources and content
  • Wide range of markets available including cryptos
  • Strong regulation from FCA & CySEC

Cons

  • Only one account type available
  • Slow withdrawals
  • Wider than average spreads on some assets
Visit Fortrade
Fortrade Review

FXCM

"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."

William Berg, Reviewer

FXCM Quick Facts

GBPUSD Spread0.5 pips var*
EURUSD Spread0.2 pips var*
EURGBP Spread0.5 pips var*
Total Assets40
Leverage1:30
PlatformsTrading Station, MT4, TradingView
Account CurrenciesUSD, EUR, GBP, AUD

Pros

  • FXCM has expanded its range of trading opportunities with 24-hour stock CFDs through MetaTrader 4
  • The broker offers spread discounts and other excellent perks for experienced traders in the Active Trader account
  • Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus

Cons

  • There is no choice of retail accounts for traders, nor any Cent/Micro account options
  • Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
  • The live chat support can be slow and unreliable compared to the top competitors
Visit FXCM
FXCM Review

How Did DayTrading.com Choose The Best Forex Brokers?

To find the top FX platforms in Canada, we used our directory of 216 brokers and followed this process:

  • We focused on brokers offering trading on currencies like the Canadian Dollar (CAD).
  • We filtered for forex trading platforms that accept Canadian investors and residents.
  • We ensured brokers were authorized by the Canadian Investment Regulatory Organization (CIRO).
  • We ranked platforms by their total rating, which combines 100+ data points with insights from our testers.

What Is A Forex Broker?

A forex broker provides traders with access to the global foreign exchange market, allowing them to speculate on the fluctuating prices of currencies.

Here’s how it works in Canada:

  1. Choose a forex broker that accepts Canadian traders. Take into account your needs, for example, a fast platform with excellent charting tools suitable for forex day trading.
  2. Open an account. This typically requires verifying your identity and address, which you can do by providing a copy of your provincial/territorial driver’s identification card, such as the Ontario Photo Card.
  3. Deposit Canadian Dollars in your account. Minimum deposits have come down in recent years, and typically range from $0 to $250, or C$0 to C$350.
  4. Trade currencies online. You can either buy or sell currencies directly or use derivatives like forex CFDs, placing trades on your broker’s desktop platform, web terminal, or increasingly, forex app.
💡
Brokers with CAD accounts make account management convenient for Canadians while minimizing conversion fees for deposits and withdrawals.

CIRO Oversight

The Canadian Investment Regulatory Organization (CIRO) oversees all investment dealers and trading activity in the Canadian financial markets, including foreign exchange dealing.

Forex brokers are normally required to become Dealer Members of the CIRO to operate in Canada. Firms also have to comply with the relevant provincial legislation.

The CIRO is a ‘green tier’ regulator in line with DayTrading.com’s Regulation & Trust Rating. This means it provides robust oversight of brokers through continuous monitoring and the highest level of safeguards to retail investors, including:

You can see below where I checked that Fortrade is authorized in the CIRO’s directory of ‘Dealers We Regulate’.

I simply entered the broker’s name in the search bar, clicked ‘Apply’ and scrolled down to see the results.

author image
James Barra
Author
Fortrade forex broker on Canadian regulator database
Fortrade – CIRO License

How Do Forex Brokers Make Money?

Forex platforms in Canada typically make money through two primary fee structures:

Spreads (Commission-Free)

The spread of an asset is the difference between the bid and ask prices, which forex brokers can either charge as a fixed or free-floating fee.

Fixed spreads provide a guaranteed price of trading, whereas variable spreads will change with market volatility and liquidity. Our analysis shows variable spreads are often much lower than fixed ones, especially at liquid times, although fixed spreads may be better during times with fewer active investors.

Spreads are displayed as a bid exchange rate vs an ask exchange rate. For example, a CAD/USD pair quoted at 1.1000/1.1002 means that you could buy USD with CAD at a rate of 1.1000, but you could only sell at a rate of 1.1002. The spread is thus 1.1002 minus 1.1000, which equals $0.0002, or 2 pips.

Lower Spreads (With A Commission)

The other main fee to consider is commission, charged by many forex platforms. Commission fee structures are typically presented as a flat fee, such as $7 per round per lot, or $100,000.

The cheapest forex trading platforms in Canada charge low spreads, from near zero and flat commissions, which can be beneficial for active trading strategies like forex scalping, allowing traders to enter and exit positions quickly with more precise costs.

Indirect Costs 

Forex brokers can also make money through other avenues, notably overnight financing fees (day traders can avoid these), currency conversion (if you deposit CAD to a USD account), account maintenance (many firms charge a monthly fee after a period of inactivity), and for access to premium features (like market analysis, real-time data, and hosting a virtual private server (VPS)).

I always recommend familiarizing yourself with a broker’s fee schedule BEFORE depositing any Canadian Dollars.

The top platforms are transparent about costs, even providing minimum and average spreads for their catalog of currency pairs.

author image
James Barra
Author

Comparing Forex Trading Platforms

Every trader’s needs are different, so the choice of forex trading platform is ultimately a personal one.

Having said that here are 5 key things to think about based on our many years in the industry and countless hours evaluating Canadian forex brokers:

1. Which currencies do you want to trade?

If you have a good idea of which currency pairs you want to explore, take a look at a forex broker’s product list to see what they offer.

For Canadians, it’s worth noting that while major pairs like USD/CAD are often provided, minor and exotic pairs like AUD/CAD or CAD/ZAR are less common.

CMC Markets is the exception here, bucking the trend with more currency pairs (over 300) than any other brokerage we’ve evaluated, and 34 featuring the CAD. It also stands out by offering a CAD Index, providing an alternative way to speculate on the value of the Canadian Dollar.

Trading Canadian currencies on CMC Markets platform
CMC Web Platform – Canadian Currency Pairs

2. Are trading costs competitive?

Aside from spreads and commissions, consider the kind of strategies you may implement when comparing online brokers as this can also impact the associated fees. For example, day traders may want raw spreads from 0.0 pips with a low commission per lot.

FOREX.com excels here, with spreads from 0.3 pips on CAD/USD during our latest tests, and a $7 commission per lot, helping it earn 4.6/5 in our Fees & Costs Rating.

For Canadian residents with an account denomination other than CAD, also be aware of currency conversion fees each time you add or withdraw funds from your account.

3. Is the broker regulated by the CIRO?

As outlined above, Canada’s main financial regulatory body is the Canadian Investment Regulatory Organization (CIRO). However, each region has a local agency. For example, the Ontario Securities Commission will likely oversee forex trading platforms in Ontario to some degree.

Using a licensed broker is advisable to minimize risk and ensure adequate legal protections. Remember though, many international brokers will have separate regulatory oversight depending on where they are based and operate. Scroll to the website footer to find this information or reach out to the broker’s customer service team.

AvaTrade for example, operates in Canada in collaboration with a division of Friedberg Mercantile Group Ltd, which is regulated by CIRO. AvaTrade has also scooped DayTrading.com’s ‘Best Forex Broker’ award for delivering in every area for FX traders.

4. Do you enjoy using the platform?

The trading platform, whether desktop, web or mobile, can make or break your Canadian forex trading experience. If a platform is slow, you may miss out on trading opportunities. On the other hand, a platform with advanced tools and complex interfaces can overwhelm beginners.

Two of the most-renowned platforms offered by most forex brokers in Canada are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They offer a range of in-built indicators, customizable charts, and access to algorithms, plus various timeframes, order types, and risk management tools.

Some Canadian FX brokers may offer different commercial or proprietary platforms. If this is the case, ensure there is a good range of charting tools, indicators and analysis options, as well as any additional services you may require.

FOREX.com for example, offers a bespoke web trader and mobile app that I’ve really enjoyed using. The benefits include 70+ technical indicators and 50+ drawing tools.

💡
A forex demo account is an excellent way to test-drive a platform in a simulated environment. You have the flexibility to practice trading risk-free while learning the terminal’s features.

5. Is it convenient to deposit and withdraw?

Consider the payment options available for deposits and withdrawals. Some payment solutions are typically processed rapidly, such as global brands Visa or Mastercard or local payment solutions like Interac, allowing you to get started quickly.

Other, more secure methods, such as bank wire transfers, can take up to five working days. That said, Canadian forex trading platforms that accept transfers from some of the biggest banks in the country, such as the Royal Bank of Canada (RBC), may offer favorable processing times.

For example, CMC Markets makes account funding a breeze for Canadian traders with 6+ payment methods, a CAD account and zero transfer fees.

Bottom Line

The quality of forex brokers in Canada has grown over the years as the market has become more popular. Nowadays, the top forex platforms in Canada are supported by both the CIRO and local financial watchdogs. 

To find the right broker for your needs, use DayTrading.com’s pick of the best forex trading platforms that accept Canadian traders.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com