The “bricks and mortar” Canadian finance sector is very well regulated. In fact, there are three Regulatory Commissions and Trade Association that many financial companies must belong to. These are, the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC).
When it comes to Forex Brokers and Forex trading sites online however, Canadian citizens are welcome to sign up and trade at any of the online brokers, without restrictions.
We would strongly recommend that you do your research and select a broker that meets your requirements and can be trusted. If this sounds like a lot of work, you’re in luck as we’ve done the hard work for you. We’ve researched and reviewed some of the best brokers available today. These recommendations to our Canadian Traders are presented below.
Top 10 Canadian Forex Brokers
Recommended Canadian Forex Brokers for Canadian Traders
This guarantees that we can promote and showcase the best Forex brokers, safe in the knowledge that you, as a Canadian citizen, are going to get a completely hassle free and first class trading experience.
- Avatrade – Avatrade is incorporated and regulated by the Central Bank of Ireland, the Markets in Financial Instruments Directive of the EU (MiFID), the Australian Securities and Investments Commission (ASIC), is registered as a financial services company in the BVI and regulated by the Financial Futures Association of Japan. One of the unique features of Avatrade is that they offer leverage of 400:1, one of the highest in the industry.
- LMFX – This broker offers an extensive set of trading tools and calculators. Perfect for the more experienced trader that wants to asses his levels of risk/reward or conduct more extensive technical analysis. Junior traders are also well catered for at LMFX, with the offering of great market analysis articles, extensive educational materials and one of the best demo account offers we’ve ever seen.
- XM – are a fantastic broker making some great moves in the world of Forex trading. They are fully regulated in a number of jurisdictions. They are probably better suited to novice traders due to their extensive training options and low deposit amount of just $5, but they welcome Canadian traders of all levels. XM offers a number of trading platforms ranging from the ever popular currency trading staple, MT4, to iPhone and Android.
- NetoTrade – offer attractive bonuses, tight Forex spreads, flexible leverages, low rates, an established platform and the offer of straight through processing (STP). They also offer a low deposit amount of just $250, and a personal account manager capable of either guiding new traders, or helping more experienced traders to optimise their trading strategies. If you’re still unsure about using them, we suggest that you open a FREE demo account and check out the platform fro yourself.
- eToro – eToro is a unique broker as they bring traditional trading up-to-date by offering a “Social Trading” experience. Essentially, traders get to see & copy the strategies used by other more successful traders. eToro are fully regulated in several different jurisdictions and their licensing authorities include the NFA (US), CySEC (Cyprus), ASIC (Australia), CFTC (US), MiFID (Europe) and the FCA (UK). A leverage of 400:1 is offered along with fantastic account management.
- OandA – OandA is in fact licensed in Canada by the IIROC. They have also been granted licenses to operate by the CFTC (US), NFA (US), the FCA (UK), the Monetary Authority of Singapore and also the Dubai Financial Services Authority. They offer a low minimum deposit amount and a leverage of 50:1.