Canadian Forex Brokers in 2022
Forex brokers from the USA, UK and Europe are popular, but still, there are Forex brokers in other countries that offer competitive forex services.
Canadian forex brokers offer various compelling benefits for day traders and investors. Forex trading is risky, irrespective of the forex broker you choose.
However, you can enjoy some form of protection for your money, if you choose a regulated forex broker.
Here you will find forex brokers accepting Canadian clients in Canada and even some offshore brokers.
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Forex brokers in Canada must provide protection to investors and traders through the Canadian Investor Protection Fund (CIPF).
This insurance guarantees up to $1 million for traders, when the forex broker applies for bankruptcy.
If the brokerage firm is liquidated, traders can get back up to $1 million. This is much greater than the £85,000 offered by the FCA for traders in the UK.
Traders who want to hold millions of dollars in their forex accounts, can safely choose Canadian forex brokers because of the insurance protection.
List of Forex Broker That Accept Canadians
| Broker Name | Canadian Accepted |
| AvaTrade | Yes |
| No | |
| CMC Markets | Yes |
| No | |
| Forex.com | Yes |
| Fortrade | Yes |
| No | |
| Fusion Markets | Yes |
| FXCC | Yes |
| FXChoice | Yes |
| FXCM | Yes |
| FXopen | Yes |
| No | |
| Interactive Brokers | Yes |
| LMFX | Yes |
| NordFX | Yes |
| Oanda | Yes |
| Questrade | Yes |
Above is a complete list of Forex brokers that accepts Canadians (updated for 2022). Though all accept Canadian residents, not all brokers are completely safe and some may be unregulated. We recommend the Forex brokers listed below in our top picks for Best Forex Broker for Canadians.
Regulated FX Brokers in Canada
Below you find a list of regulated Canadian forex brokers that have offices in Canada and are fully licensed to operate as a FX Broker.
Forex Regulations in Canada
There is no central regulatory authority in Canada that regulates and authorizes financial firms.
Forex brokers are allowed to operate, without a valid license in Canada.
While this provides flexibility for traders, it also increases the risk considerably.
The Investment Industry Regulatory Organization of Canada (IIROC) is one of the main regulatory companies, overseeing financial companies.
It is responsible for monitoring forex brokerage firms that deal with OTC products and derivatives.
Forex Regulation by Province
There are other FX regulatory bodies, such as:
- the Canadian Securities Administrators (CSA),
- The Financial Services Commission of Ontario,
- The Alberta Securities Commission,
- The British Columbia Securities Commission,
- The Financial Transactions and Reports Analysis Centre of Canada,
- The Mutual Fund Dealers Association,
- The Canada Revenue Agency,
- The Office of the Superintendent of Financial Institutions,
- The Ontario Securities Commission,
- The Autorite des marches financiers (Quebec).
In Canada, the governing regulatory bodies differ, with respect to the province of the forex brokers.
This can be confusing for forex traders because the brokers can operate, even without a valid license.
The regulatory environment in Canada is ambiguous because of the internal conflicts, between various regulatory bodies.
| Broker Type | ECN |
| Regulations | IFSC |
| Min Deposit | $100.00 |
| Account Base Curreny | USD, EUR, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum and XRP |
| Max Leverage | 200:1 |
| Trading Platforms | Metatrader 4/5 |
| Broker Type | Market Maker |
| Regulations | NFA, CFTC, RFED, FCM |
| Min Deposit | $50.00 |
| Account Base Currency | USD CAD GBP |
| Max Leverage | 50:1 |
| Trading Platforms | FOREXTrader, Metatrader 4 |
| Broker Type | Market Maker |
| Regulations | ASIC, B.V.I, FSA, FFAJ, FSCA, IIROC |
| Min Deposit | $100.00 |
| Account Base Currency | USD EUR GBP AUD |
| Max Leverage | 400:1 / 30:1 EU Clients |
| Trading Platforms | Metatrade 4, AvaTradeAct, Web trading, AvaOptions AvaTradeGO, Mobile trading |
Broker Name: LMFX
| Broker Type | ECN |
| Regulations | UNREGULATED |
| Min Deposit | $50.00 |
| Account Base Curreny | USD, EUR, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum and XRP |
| Max Leverage | 1:1000 |
| Trading Platforms | Metatrader 4, Web trader, Mobile app(MT4) |
IIROC guidelines and Offshore Forex Brokers
Forex brokers accepting Canadian clients may seem impossible to find.
Strict regulations and general confusion on regulations keep some brokers from dealing with Canadians.
There still are many Forex brokers that accept residents of Canada.
In an attempt to impose stringent regulatory requirements, the IIROC in Canada follows the NFA and CFTC in the USA. IIROC regulated forex brokers do offer low leverages of 1:1 and up to 50:1.
This has discouraged many brokerage firms from getting IIROC regulations. With lower leverages offered, not many Canadian traders are interested in Canadian forex brokers.
In Canada, Canadian citizens are required to choose a forex broker regulated by the IIROC.
However, it is not illegal to choose some other global forex broker because numerous regulatory bodies work in various provinces of Canada.
When you live in Canada and want to choose an overseas forex broker, you should understand the legal consequences and consult a legal advisor, before heavily investing with a foreign forex broker.
Below you will find a list of the ever changing international FX brokers that accept Canadian citizens in 2022.
Forex Brokers Accepting Canadian Clients
Oanda
Canadians accepted
Forex.com
Canadians accepted
Global Prime
Canadians accepted
About This Article
Author: Mark Prosz
Sources of information and credits for this post include:
https://www.cipf.ca/
https://www.iiroc.ca/industry/Pages/Dealers-We-Regulate.aspx