Best forex brokers in Canada
We checked which brokers let people living in Canada trade forex: 2 of the 7 we follow do. XTB leads, as it does wherever it qualifies; the other two places go to brokers available locally.
By Broksal Team, investing in forex and CFD markets since 2017. Updated . How we test
How we score
Each broker gets five sub-scores out of 5:
Regulation and safety (30%), trading costs (25%), platforms and tools (20%), range of markets (15%) and ease of use (10%). The overall score is the weighted average, rounded to one decimal.
Availability is checked against each broker's published country lists. The ranking order is editorial and reflects our commercial agreements, so it does not always follow the scores. Full methodology
Advertiser disclosure
Broksal is free to use because some brokers pay us a commission when you open an account through our links. This can influence which broker we feature and the order in which brokers appear.
Commissions never change the facts we publish about regulation, fees or country availability, and they cost you nothing.
Top 2 forex brokers for Canada
- 1
Our top pick in Canada
XTB
4.8Own platform, no minimum deposit, commission-free stocks and ETFs within a monthly limit
Forex CFDs Forex CFDs on xStation 5 with an average EUR/USD spread of about 0.8 pips on the Standard account and no commission.
- Minimum deposit
- No minimum
- Platforms
- xStation 5 (web & desktop), XTB mobile app
- Entity for Canada
- XTB International Limited — Offshore entity
- CFDs
- Yes
Show pros, cons and feesHide details
xStation 5: Market Watch with sentiment tabs on the left, an EUR/USD hourly chart with one-click order entry, and open positions below. Account number blurred. What we like
- Publicly listed in Warsaw with KNF, FCA and CySEC oversight
- No minimum deposit
- xStation 5 is fast, clean and has built-in market sentiment and calendars
- Real stocks and ETFs commission-free up to €100,000 monthly turnover
Watch out for
- No MetaTrader or cTrader
- Since March 2026 the international entity accepts residents of only a short list of countries
- Inactivity fee after 12 months without trading
Fees
CFDs are priced through the spread on the Standard account. Real stocks and ETFs are commission-free up to €100,000 of monthly turnover, then 0.2% (minimum €10). Currency conversion and overnight swap costs apply.
Best for
Beginners and active traders who want one app for CFDs and real stocks.
- 2
Interactive Brokers
4.7The widest market access here, with low costs and top-tier regulation
Spot forex and CFDs Interbank pricing from 0.1 pips with a 0.2 basis point commission (minimum $2); spot forex as well as forex CFDs.
- Minimum deposit
- No minimum
- Platforms
- Trader Workstation (TWS), IBKR Desktop, Client Portal (web) +2
- Entity for Canada
- Interactive Brokers LLC / regional affiliate — Top-tier regulators
- CFDs
- Yes
Show pros, cons and feesHide details
Interactive Brokers homepage, showing the desktop platform and mobile app and the new AI-assisted analysis integrations. What we like
- Listed on Nasdaq and regulated by top-tier authorities worldwide
- Access to stocks, options, futures and bonds on 150+ markets
- No minimum deposit and no inactivity fee
- Accepts residents of most countries
Watch out for
- Trader Workstation has a steep learning curve
- CFDs are not available to US residents
- Account opening asks for more documents than most brokers
Fees
Two pricing plans: Fixed (one all-in commission) and Tiered (lower exchange-based commission plus pass-through fees). CFD commissions are charged per trade, with financing on overnight positions. There is no inactivity fee.
Best for
Experienced investors who want access to global exchanges.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Each broker publishes its own current loss percentage on its website.
Forex from Canada: the rules
Brokers usually serve Canada through offshore entities where forex leverage can be far higher than in the EU. Higher leverage magnifies losses as much as gains. Locally, financial services are supervised by the Canadian Investment Regulatory Organization (CIRO).
Best time to trade currencies from Ottawa
Major currency pairs are usually most liquid while London and New York are both open: 09:30–11:30 local time (UTC−4, early October 2026). The forex week runs from Sunday 17:00 to Friday 17:00 local time.
Tax
Trading profits are taxed either as business income or as capital gains with a 50% inclusion rate; the planned increase of the inclusion rate was cancelled in 2025. Frequent trading points towards business income. This is general information, not tax advice. More on trading from Canada.
All 7 brokers we review, checked for forex in Canada
| Broker | Status | Access | Entity for Canada |
|---|---|---|---|
| XTB | #1 in this ranking | Forex CFDs | XTB International Limited — Offshore entity |
| XM | Not available in Canada | — | — |
| IC Markets | Not available in Canada | — | — |
| Interactive Brokers | #2 in this ranking | Spot forex and CFDs | Interactive Brokers LLC / regional affiliate — Top-tier regulators |
| Freedom24 | Not available in Canada | — | — |
| IQ Option | Not available in Canada | — | — |
| eToro | Not available in Canada | — | — |
Forex rankings in countries bordering Canada
| Country | Brokers offering forex | #1 |
|---|---|---|
| 🇺🇸 United States | 1 | Interactive Brokers |
Frequently asked questions
What is the best forex broker in Canada?
XTB, in our ranking. Forex CFDs on xStation 5 with an average EUR/USD spread of about 0.8 pips on the Standard account and no commission. Interactive Brokers completes the top 2.
Which brokers offer forex to residents of Canada?
Of the brokers we review: XTB (forex cfds) and Interactive Brokers (spot forex and cfds).
What are the rules for forex in Canada?
Brokers usually serve Canada through offshore entities where forex leverage can be far higher than in the EU. Higher leverage magnifies losses as much as gains.
When is forex most liquid in Canada?
Usually 09:30–11:30 local time, while London and New York are both open (early October 2026 times).
Which forex broker has the lowest costs?
On a one-lot EUR/USD trade, Interactive Brokers was cheapest in our fee comparison, followed by XTB and IC Markets at about $8. For small trades the $2 minimum commission at IBKR makes XTB cheaper.
Availability last checked 6 October 2026. Brokers change their country lists without notice; the broker's sign-up form is the final word.