A forex broker is an intermediary that executes trades and holds traders’ trading capital. As such, it is a vital part of the trader’s financial ecosystem and it’s essential that it has the necessary licenses and regulations to operate in Canada. In this article, we review the best forex brokers in canada that have a proven track record and offer competitive trading conditions.

Traders should look for brokers that have no non-trading fees like deposit and withdrawal fees, platform and data fees, administrative fees, and inactivity fees after three months of dormancy. In addition, they should ensure that their broker provides a wide range of trading instruments. A broker with a solid reputation should also offer 24/5 customer support via phone, live chat, and email. Try it now

In terms of regulatory compliance, it’s important that Canadian traders choose brokers that are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). This regulator has comprehensive rules on how client funds are held and what leverage levels can be used. IIROC regulated brokers are also members of the Canadian Investor Protection Fund which protects traders from losses up to $1 million in the event of broker insolvency.

Best App for Investing Canada: Compare Features & Fees

CMC Markets is a good example of a Canadian forex broker that offers competitive trading conditions. This reputable, publicly traded company offers over 300 forex pairs and a suite of international equities. Among other notable features, it offers 34 currency pairs that feature the CAD and quotes many of these pairs both ways. It also offers a Next Generation web trading platform and a standout mobile app.