Best Canada Forex Brokers

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by John Bringans

April 19, 2024

The first step for every forex trader should be choosing a reliable, well-regulated forex broker. The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for Canada-based forex traders. Read more to learn which forex broker is best for your needs.

Canada has a population of 37 million people, making it the 38th most populated country in the world. The national currency of Canada is the Canadian Dollar. The Central Bank of Canada is the Bank of Canada, and its main purpose is to promote the economic and financial welfare of Canada. It does this by setting the monetary policy, specifically setting and implementing the Canadian monetary policy, supervising financial institutions, managing currency in circulation and issuing notes, among other responsibilities. The Canadian investment regulatory organization (CIRO) is the main financial market regulator in Canada. It regulates investment dealers, mutual fund dealers, and their trading activities in marketplaces throughout Canada. The CIRO is responsible for developing rules for marketplaces, enforcing compliance with those rules, monitoring trading activities, conducting investigations, and imposing sanctions when necessary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers Canada for 2024

• FOREX.com
  - 9.4/10 Overall
• AvaTrade - 8.7/10 Overall