2025 Fees + Features

2025 Fees + Features

The Oanda Chief Executive Officer is Gavin Bambury since August 2019. FP Markets stands out with tight spreads for forex and competitive fees for share CFDs. However, the added commissions for Raw accounts and the platform costs for Iress reduce its appeal for retail traders. FP Markets is our top choice at Witzel Trading due to the premium services and features provided to forex traders. Whether you’re a professional trader or just starting, FP Markets offers something for everyone, with a choice between MetaTrader 4, MetaTrader 5, cTrader, TradingView, IRESS, and WebTrader.

The Best Forex Brokers in Canada for 2025

Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is known for competitive spreads, extensive educational resources, and copy trading services. AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland.

best for forex algo-traders in Canada

These tools are ideal for beginners who want practical learning experiences. From tax-friendly options to margin accounts, there’s something for every trader’s needs. Without solid app performance, making quick decisions can feel like running in sand.

– Great Trading Tools For MetaTrader 4

• The flagship platform, IBKR Trader Workstation, offers a range of advanced tools, including market scanners and Level II pricing, which gives you access to liquidity providers’ order books.
• The MetaTrader Signals Service provides access to hundreds of signal providers globally.
• We understand that choosing a Canadian forex broker can be challenging, but we’re here to help.
• Secondly, the best Forex brokers in Canada will have multiple Forex trading platforms available to its traders so you can choose the trading platform that suits your style of trading.
• If you want the full protection of IIROC regulation as a trader, it is up to you to choose a Forex broker that is regulated by IIROC.
• IIROC-regulated firms need to detail the margin requirements for each instrument which can be found on the broker’s website.
• Patrik Shore has nearly a decade worth of experience in the financial industry and has been writing for HelloSafe over the past year.

A commissioner of oaths or a guarantor must verify that your ID is valid. We developed our review process after years of professional forex trading. We also make sure that our methodology remains current and in tune with the market with annual updates. Our experts have navigated the tricky regulatory situation of forex in Canada to bring you a complete list of the best brokers to trade with. In doing this, we reviewed hundreds of sites and put each broker we came across through our rigorous testing process. Using negatively correlated pairs for hedging can be a powerful risk management tool.

How Are Forex Brokers Regulated in Canada?

There are several canadian forex brokers MT5 brokers you can use in Canada, some that are CIRO regulated while others that aren’t. CIRO-regulated MT5 brokers include Admirals, FOREX.com and AvaTrade while non-IIROC/CIRO-regulated MT5 brokers include Eightcap, Fusion Markets and BlackBull Markets. You can use MT4 on a desktop, as a webtrader and on iOS and Android mobile apps and all will work seamlessly together.

FP Markets is best suited to experienced traders who prioritize forex and CFD trading, use advanced platforms, and are comfortable navigating regulatory structures outside Canada. Picking the best day trading platform in Canada depends on your goals. I’ve highlighted options for every need—low fees, tools, or beginner-friendly choices. Regular security updates block new threats in financial markets and crypto exchanges.

In contrast, other brokers offer variable spreads, which can widen during these periods and increase your trading costs. While reviewing CIRO-regulated brokers, FXCM stood out for us with its selection of free trading tools with the live trading account we opened. You can download 30+ trading apps that can be used on Trading Station to enhance the platform with more features.

While testing the chart patterns on the NGEN platform, we were impressed that the indicator showed potential take profit levels based on the pattern after applying the indicator. We think this is a decent tool for beginners, giving you a clear idea of when to exit the breakout trade from the current pattern. For a proprietary platform, it comes with many features you’d expect from dedicated platforms like TradingView and MetaTrader 4, although it does lack automated trading capabilities. These features include 80+ technical indicators and pattern recognition tools that use chart patterns like channels and wedges to find potential breakout opportunities. If you trade high volumes, we found that you can lower the Raw account’s costs through FOREX.com’s ActiveTrader programme via rebates, saving up to 15% on your commissions.

• Out of all our tests, Interactive Brokers had the most advanced tools, pricing, and markets, making it a compelling choice for professional traders in Canada.
• With these platforms, managing technical indicators or market orders becomes almost second nature.
• For instance, a rise in oil prices often leads to a stronger Canadian dollar, which may impact the correlation between currency pairs like USD/CAD and EUR/USD.
• FP Markets also offers ‘Traders toolbox’ and other additional trading tools to enhance your MetaTrader platform experience.
• With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
• Only a few brokers can compete with Fusion Market’s low commissions, which is $2.25 per one lot traded, $1.23 cheaper than the industry average ($3.48).

The demo account simulates a live trading environment so allows you to practice trading without risking your own funds. The most trusted forex broker in Canada is OANDA because it is the most heavily regulated broker and one of the oldest brokers on this list. OANDA is regulated by seven tier-1 regulators, including ASIC in Australia, the FCA in the UK and, of course, CIRO in Canada. The best forex brokers in Canada feature different unique characteristics and different competitive advantages. Based on the results, this makes BlackBull Markets an excellent broker for automating your trades with Expert Advisors.

Do Forex traders pay tax in Canada?

Diversification is key in trading, so we assessed the variety of assets available at each broker. We looked at the range of forex pairs, commodities, indices, stocks, and cryptocurrencies offered. Brokers that provided a wide array of assets were rated higher, as they offer more opportunities for traders to implement diverse strategies and manage risk effectively. IIROC’s regulation provides significant security to Canadian traders. Trading brokers under IIROC’s jurisdiction are required to maintain a solid financial base and undergo regular audits to ensure compliance with all regulatory standards. This oversight reduces the risk of broker insolvency and fraudulent activities, providing traders with a secure environment to conduct their trading activities.

Overview of Top Day Trading Platforms in Canada for 2025

Failure to comply with these rules can lead to the revocation of their operating license and imposition of fines. Leverage-based trading, or margin-based trading, is where the broker lends you the capital to control a bigger position and charges interest on any borrowed funds overnight known as the swap fee. This has the effect of being able to have bigger winners but also bigger losses. Non-trading fees are related to the fees charged for dormant accounts or periods of inactivity. From my examination, Edge Account offers spreads from 0.0 pips with $3.50 commission per lot, per side.

Founded in 1999 and regulated by IIROC, Questrade is known for its competitive pricing, offering low spreads and no hidden fees. The broker also provides excellent customer support and a wide range of educational resources, making it suitable for both beginner and advanced traders. With its strong regulatory standing and focus on transparency, Questrade is a top choice for Forex traders in Canada. FXCM (Forex Capital Markets) is a well-established Forex broker that has been operating since 1999 and is regulated by IIROC in Canada. FXCM offers access to a variety of currency pairs with competitive spreads and fast execution.