A forex broker is a financial service firm that provides investors access to a platform for selling and buying foreign currencies.
A forex broker is a link between investors and the network of banks in contact with forex liquidity.
This article will list the 10 best forex brokers accepting Canadian clients, their merit/pros, demerits/cons, and features.
List of 10 Best Forex Brokers Accepting Canadian Clients
Here is the list of the 10 best forex brokers accepting Canadian clients:
1. Forex.com
This platform is a one-stop-shop for forex traders. With a massive range of tradable cryptocurrencies, low account minimums, and an excellent trading platform, FOREX.com is a great choice for brokers searching for a home base for their crypto trading.
Seasoned veterans and new traders will love FOREX.com’s extensive research and education centre that provides excellent forex trading courses at multiple skill levels.
Features
- Offers protection for E.U./U.K. client accounts
- Regulated by NFA (U.S.), FCA (U.K.), and CFTC.
- Low trading fee
- Diverse technical research and educational tools
Pros
- This platform is impressive and easy-to-navigate
- Wide range of research and educational tools
- It has access to over 80 currencies to sell and buy
- FOREX.com leverage is available up to 50:1
Cons
- You cannot sell and buy other securities (like stocks and bonds)
2. CedarFX
This platform believes in combining the finest market conditions with technology and excellent pricing so clients can grow their accounts.
A low spread generally indicates that liquidity is high and volatility is low, and CedarFX prides itself.
This platform offers access to a vast range of tradable securities, including futures, stocks, major and exotic forex pairs, cryptos, etc.
Features
- No deposit or withdrawal fees
- User-friendly customer service
- CedarFX allows users to offset their carbon footprint
- CedarFX offers 0% commission investing
- Offers leverage that suits user’s needs
Pros
- CedarFX allows users to offset their carbon footprint
- CedarFX offers 0% commission investing
- CedarFX offers demo account access
- Good customer service
- Eco Account Option
- Fast withdrawals and deposits with Bitcoin
Cons
- The educational resources for new investors are limited
3. IG Markets
This platform gives clients access to trade up to 83 different currency pairs. A minimum of $250 deposit is required. It accepts U.S.-based clients due to oversight from the NFA and CFTC.
IG Markets holds your money in segregated accounts under trustee arrangements for security purposes. It offers support for 3rd-party forex platforms such as ProRealTime and MetaTrader 4. It also allows API trading.
Features
- Over 16,000 trading instruments
- Good customer service
- E4asy to navigate the platform
- Offers support for 3rd-party forex platforms
Pros
- IG Market platform is easy to navigate
- Tablet and mobile platforms offer the full functionality of the desktop version
- Margin rates are affordable and easy to afford
- It has access to over 80 currency pairs
Cons
- U.S. traders can only trade forex
- Customer service is poor
- Non-availability of 2-factor authentication on mobile
4. SimpleFX
SimpleFX is an online trading app that allows you to invest fiat money or crypto in forex, indices, crypto, precious metals, and commodities.
This platform is available globally, with some exceptions. It is available through MetaTrader 4, WebTrader, and native mobile apps for iPhone, Android, and HarmonyOS (Huawei).
Features
- This platform offers a single account with access to all tradable financial instruments.
- No minimum deposit is needed
- Beginner-friendly platform
- Fast customer service/support
Pros
- It is simple to manage
- Allows over 60 currency pairs
- It spreads as low as 0.1
- Trading never closes
- It doesn’t require a minimum deposit
- No KYC for crypto accounts
Cons
- Almost too many options for new users
- Not yet available to United States users
5. Saxo Bank
This platform allows traders to trade on a high-performing platform with access to over 41,000 financial products, plus everything needed to decide about putting plans into action.
The market is navigated via curated investment themes, alerts to your phone, charting tools, expert market commentary, and in-depth webinars on this platform.
Saxo Bank offers stock, bond, mutual funds trading, and ETF; it provides a high-level platform to trade leveraged products like futures, commodities, forex, CFDs, forex options, listed options, and other derivatives.
Features
- Offers stock, bond, mutual funds trading, ETF
- Provides a high-level platform to trade leveraged products
- Outstanding research tools
- Broad product portfolio
- Access to over 41,000 financial products
Pros
- Broad, abundant, unparalleled market insight and analysis
- Exchange platforms that outstrip competitors
- It has unique analytics tools that offer exclusive trading approaches
- Several platforms fit for new investors to day traders
Cons
- Not available to U.S. clients
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6. Interactive Brokers
Interactive Brokers is the platform that offers the lowest costs in the business, including a $0 commission in the United States.-listed ETFs (stocks and exchange-traded funds).
Interactive Brokers has oversight from most of the world’s largest financial regulators, including the SEC, CFTC, U.S., and NFA.
It also submits to regulatory oversight in Canada, U.K., and Australia, and it has agencies in India, Japan, Hong Kong, and Luxembourg.
This trading platform gives you access to a wide range of securities at affordable prices. Assets can be brought worldwide from the comfort of your office or home with access to over 135 global markets.
Options, fund trading futures, and forex are also available, and most traders won’t pay a commission on any sale or purchase.
Features
- Advanced trading platform
- A wide range of tradable securities
- Interactive Brokers offers commission-free trades of ETFs and stocks
- Assets can be brought from all around the world
Pros
- Interactive Brokers trade on 135 markets in 33 different countries & 23 currencies globally
- Invest globally in options, futures, stocks, currencies, bonds, and funds from a single integrated account
- Options to select from 24 currencies as a base currency for your account
7. eToro
This platform specializes in social trading, which is ideal for new users since you can follow the trades of professional traders with a proven track record and has excellent educational resources for forex beginners.
eToro’s intuitive social trading platforms and multi-asset trading and applications can be used by anyone immediately. This platform does not support the MetaTrader 4 and 5 trading platforms.
eToro allows investors to invest their assets into cryptocurrencies or premade portfolios. eToro is an easy-to-use platform, and low spreads are a good way to enter the crypto market.
Features
- Regulated in different jurisdictions
- Unique social trading platform
- A well-established platform
Pros
- The platform is easy to navigate
- It has a copy trader feature that allows new users to copy the same strategies used by professionals
Cons
- U.S. traders are currently limited to cryptos
- Only 15 major cryptocurrencies are available to trade
8. AvaTrade
AvaTrade is one of the most secure brokers, with seven regulations across six continents. A fully regulated platform with a presence in the Middle East, British Virgin Islands, Europe, South Africa, Australia, and Japan. Avatrade deals mainly with forex and CFDs on indexes, stocks, commodities, forex, cryptos, etc.
Features
- Low trading fee
- Controlled by regulatory agencies of multiple countries
- Deals with mainly forex and CFDs on indexes, stocks, commodities, forex, cryptos, etc.
- Easy account opening
Pros
- Controlled by regulatory agencies of multiple countries
- The choice offered in terms of trading platforms
- Support is available in 14 languages and trading platforms in 20 languages
- Practice/demo account available for trying out
- The breadth of trading assets
Cons
- It does not accept U.S. customers as it isn’t regulated in the U.S.
- Transferring funds to the account may take up to five days; withdrawals could take 10 days.
9. FXCC
FXCC is one of the best brokers that allows users to choose from 70 currency pairs, spot metals, several CFD options, and the top 8 cryptos.
FXCC provides brokerage services for CFD and forex traders with more than 70 currency pairs; palladium, spot platinum, gold, and silver; 8 top cryptos, including Bitcoin, Litecoin, Ethereum, and Ripple, and 12 of the world’s leading stock indices.
Features
- Zero commission on all instruments
- Offers 70 currency pairs
- Offers MT4 to all users
- The MT4 mobile application allows you to connect your trading account from anywhere
- No deposit fees
Pros
- STP/ECN broker model
- 100% first deposit bonus
- Free VPS (Virtual Private Server)
- This platform supports MetaTrader 4
- FXCC has an offshore subsidiary for high leverage trading
Cons
- Does not accept the United States-based traders
- Only one trading platform is supported
10. FXTM
FXTM specializes in leveraged trading to give users the potential to generate financial returns on both falling and rising prices across FX, commodities, indices, shares, and cryptocurrencies.
Whether a new or experienced trader, FXTM wants to help you find comfort and freedom in the financial markets.
This platform is regulated in several jurisdictions and supports the MetaTrader 4 and 5 (MT4&5) platforms and mobile applications.
In addition to forex trading, spot gold and silver can be traded, and CFDs on cryptos, commodities, indices, and over 301 of the largest cap U.S. stocks.
This exchange also provides educational webinars and seminars for less-experienced investors.
Features
- FXTM offers low trading fees
- User-friendly interface
- Regulated in several jurisdictions and supports the MetaTrader 4 and 5 (MT4&5) platforms and their mobile applications
Pros
- Wide range of trading instruments
- Online seminars and webinars
- Fast and digital account opening
Cons
- Does not accept United State-based traders
- It does not support ZuluTrader or Myfxbook options for social trading
- No options trading
Foreign exchange, also known as forex, is a relatively new arena for many traders; learning to price currencies/coins and invest in them is often an uncomfortable territory when a prospective trader first comes into forex.
To overcome the complexity of the forex market, many brokers have set up firms dedicated to education and research to help investors trade on a day-t0-day basis.
Watch the video below to know the best forex brokers accepting Canadian clients:
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