Best Forex Brokers in Canada for 2024

To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from OANDA's website:

OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.

Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA's website which shows each province that the broker can operate in Canada.

As of June 2023, CIRO is the new regulator in Canada, following a rebranding and reorganization from IIROC. IIROC was a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc. (RS). CIRO is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatory bodies in Canada:

• British Columbia Securities Commission
• Alberta Securities Commission
• Financial and Consumer Affairs Authority
• Manitoba Securities Commission
• Ontario Securities Commission
• Autorité des marchés financiers
• Financial and Consumer Services Commission
• Nova Scotia Securities Commission
• Prince Edward Island
• Government of Yukon Securities Registrar
• Newfoundland Securities Commission
• Northwest Territories Securities Commission
• Office of the Superintendent of Securities (Nunavut)

For a historical breakdown, here's a link to IIROC's webpage on Wikipedia.

Yes, forex trading is legal in Canada. It’s always recommended to choose a broker that is well-regulated (preferably locally) and highly trusted. Forex trading in Canada is regulated provincially; each Canadian province is regulated by its own respective regulatory authority. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others.

With the important caveat that we cannot provide tax advice, it should be said that residents of Canada must report all income to the Canadian Government – including all capital gains (or losses) over $200 that come from trading forex.

According to the Canada Revenue Agency (CRA), “Foreign exchange gains or losses from capital transactions of foreign currencies (that is money) are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200.”

How your tax professional may elect to apply any such gains or losses you have from trading in the financial market may vary depending on your unique circumstances. It may be best for Canadian citizens or residents to consult a tax professional to determine any potential Canadian tax obligations. If you are not a Canadian resident or citizen, you must report your global income from forex trading in the country of your permanent residence.

To open a forex trading account in Canada, it’s important to start by selecting a forex broker that is well-regulated and properly licensed in Canada by the Canadian Investment Regulatory Organization (CIRO). Once you’ve chosen a forex broker, you can follow this step-by-step guide to getting started with forex trading in Canada:

1. Complete the live account application process with your forex broker and read through the applicable terms and conditions.
2. Next, you’ll need to fund your new brokerage account. Choose your preferred deposit method, and make sure you are starting with an amount you can afford to risk.
3. Check out a demo (or, virtual trading) account to familiarize yourself with the broker’s trading platform. Get comfortable with the broker’s website and product offerings, and consume any available educational content.
4. Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits).
5. Now, you can enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.

CMC Markets is our number one rated forex broker in Canada in 2024. CMC Markets is a highly trusted brand that is publicly traded (LON: CMCX) and regulated by the Canadian Investment Regulatory Organization (CIRO), CMC Markets offers an extensive range of 10,000+ tradeable investment products on its Next Generation web trading platform and mobile app.

The best forex trading app available to forex traders in Canada is CMC Markets’ mobile app. CMC Markets delivers a terrific overall mobile app experience. Featuring a clean, intuitive design, CMC Markets' mobile app delivers powerful charts, multiple research tools, integrated educational content, and much more. Our researchers have rated CMC Markets’ mobile forex trading app highly in our full-length review of CMC Markets.

Check out our walkthrough of CMC Markets' highly rated mobile app:

Check out a gallery of screenshots from CMC Markets' mobile trading app, taken by our research team during our product testing.

AvaTrade is my pick for the best forex broker in Canada for beginner forex traders in 2024. The quality (and quantity) of educational content provided by AvaTrade helped it win Best in Class honors for our Beginners and Education categories in our 2024 Annual Awards. AvaTrade offers over 100 educational articles as well as a wide assortment of videos to help beginners learn the ropes of forex trading. Well over 100 lessons are available, accompanied by dozens of quizzes for beginners to test their forex trading knowledge. Third-party educational content from award-winning providers, such as Trading Central, is available to AvaTrade clients. Simply put, AvaTrade delivers a high-quality experience for beginner forex traders.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.