All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. Each of the ten provinces has its regulator, and all brokers must be IIROC members. You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information. Some alvexo review Forex brokers in Canada also put this information in the “About Us” section of their websites. You can visit IIROC’s website directly where it will list which Forex brokers in Canada they cover – this is the best way to verify that the information provided by the Forex broker in Canada is correct.
Are CIRO-Regulated Forex Brokers Safe?
With FXCM offering excellent services for automating your trades, we decided to see how fast the broker’s execution speeds are and compared them to other CIRO-regulated brokers. In our testing, FXCM took first place for both limit order speed (how fast your pending/stop-loss/take profit orders are executed) with 108 ms and market order speed of 123 ms. Yes, you can get started trading forex with $100; in fact, if you’re a beginner at forex trading, it’s smart to start small, and make sure not to invest more than you can afford to lose. Forex brokers generally offer a range of contract sizes (such as a micro lot), and a $100 investment would allow you to test the waters — and a trading strategy — without outsize risk. Note also that some forex brokers require a minimum account balance, which may be more than $100.
- Read our full explanation and accounting of our research and testing process to learn more about how we test.
- Forex brokers help facilitate the buy and sell positions of forex traders, ensuring trades can be opened immediately, and positions can be closed when the trader wishes.
- The broker allows automated trading for the more advanced programmers, advanced charting tools and multiple time frames are available.
Best for Competitive Spreads: IFC Markets
Interactive Brokers is based in the U.S. but provides investment opportunities for clients around the world. A single trading account with Interactive Brokers will allow you to trade not only forex but also stocks, options, futures and bonds. CMC Markets is headquartered in London and holds several regulatory licenses, including one from the IIROC in Canada. The broker offers all-round services and is suitable for beginners and expert traders. It is also wise to choose a broker that has a presence in Canada or the US.
We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year. The bulk of Canadian retail Forex trading volume occurs via international brokers, but many have restrictions on accepting Canadian-resident clients. Eightcap onboards Forex traders from Canada via Eightcap International, a subsidiary in St. Vincent and the Grenadines, operated by CLMarkets Limited (registration number 24750). It allows Canadian Forex traders to manage portfolios in a competitive environment, including higher leverage versus Canadian-based brokers and lower trading fees.
Can I trade forex in Canada as a foreigner?
For beginners, the IBKR Lite pricing plan allows for unlimited trading of US-listed stocks and ETFs with no commissions charged. As such, we recommend trading with the Fusion Markets Zero Account rather than the Standard Account, as this will save you on costs. You should also choose MT4 if you prefer automated trading as this is available by using Expert Advisers, which we use extensively when testing trading strategies.
IIROC does not offer a compensation scheme or negative balance protection to traders, which can be seen as a downside. We handpick the best forex brokers based on our trading data and experience as a trader. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange.
The CIRO is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money. In Canada, you may be eligible to pay taxes on any profits made from forex trading.
Forex trading is heavily regulated in Canada, which is a plus for consumers, as forex trading in some parts of the world is rife with scams. It follows that the most important factor when choosing a forex broker in Canada is to verify that it’s properly regulated. One example is Autorite des Marches Financiers (AMF) in Quebec, all brokers offering trading services to residents of Quebec need to be regulated by both IIROC and AMF. Fortunately, most Canadian provinces and territories will accept brokers with only IIROC regulation.
The app closely resembles the web version of the broker’s Next Generation platform and comes loaded with charting tools, integrated research and education, predefined watchlists, and more. CMC Markets’ excellent mobile experience has helped it earn Best in Class honors for Mobile Trading Apps in the ForexBrokers.com Annual Awards eight years in a row. It is unique compared to other countries, as IIROC membership is a requirement, but each of the ten provinces regulates Forex traders residing within their jurisdiction. It is one reason many international Forex brokers choose not to operate in Canada.
With this in mind, we tasked our analyst Ross Collins to test if this was true and, if so, for how long during the trading session. Compared to other brokers, the selection is lacking across the board, with most brokers like Forex.com and FXCM offering 2,000+ markets and 70+ forex pairs. Plus, if you use the MT4 platform on AvaTrade, you won’t have the option to trade shares as the platform doesn’t have the infrastructure for it. We opened a Standard account to test the fixed spreads and compared them with the other CIRO-regulated brokers to see how expensive fixed spreads are compared to variable spreads. Surprisingly, the broker offered its spreads at a competitive rate of 0.90 pips on EUR/USD, which is slightly cheaper than most variable spread brokers.
Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative. The first step to trading forex is to choose a broker that accepts clients in Canada (see our top recommended brokers above). This point goes for every place, you should always be on the lookout for the best regulation.
CMC Markets is a top CIRO broker with many decent benefits, but what sticks out for us is it has the most currency pairs available, over 330+ in total. 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. The Canadian Investment Regulatory Organization (CIRO) regulates trading activity in Canada and was originally called the IIROC. On their corporate website, they state that dealer members are required to be a member of the Canadian Investors Protection Fund (CIPF) established in 1969. This protects traders if the broker becomes insolvent as explained on the CIPF website.
It offers a long list of currency pairs to traders and allows them to run all trading strategies with no limits. It also offers competitive spreads that linger around the industry average. United States-headquartered Interactive Brokers is one of the alpari review largest global brokers and is beginner-friendly.