Best Forex Broker Canada – Complete Guide 2020

Finding a forex broker to open an account with is one of the most important decisions you have to make when you want to start trading forex.

Not surprisingly, the forex industry is flooded with sub-par brokers who may end up costing you a lot more money in fees than necessary; furthermore, there are brokers who offer very little assistance and forex education, simply existing as a way to take as much of your hard earned cash away from you as possible.

If you are looking for the best forex broker in Canada, not to worry – despite all the bad ones, there are plenty out there who are both trustworthy and packed full of features to help you on your path to forex success.

This is an Ultimate Guide on the Best Forex Brokers in Canada in 2020.

How to Find the Best Forex Broker

In order to compile the list of brokers we included in this guide, we based our decisions off a specific set of criteria to ensure that all the brokers we featured were accurately represented in relation to one another.

That said, it’s important to note that the ‘best’ forex broker for you will be an individual choice – different forex traders look for different benefits when searching for brokers, so it’s crucial to decide for yourself which broker is best for you.

The factors we used to judge the legitimacy of the brokers in this guide include:

  • Range of access to various currency pairs and markets
  • Ease of use in the platform
  • Features included in the trading platform
  • Quality of mobile trading app
  • Educational resources offered
  • Minimum required deposit to open account
  • Live support offered by broker
  • Fees/spreads charged by broker

These and other factors are what we used to gauge how good these brokers were – let’s take a look at each one and look at some of the best forex brokers available in Canada.

IG: A Solid and Trusted Forex Broker

IG is a fantastic broker to open a forex trading account with, offering a variety of educational services, expert analysis, tight spreads, easy interface, and expert-level support.

A leader in spread betting since 1974, IG offers all the competitive features you could want from a forex broker and are one of the best in 2020.

IG offers access to all the currency pairs you could ever need, and have some of the most advanced real-time charts in order to monitor prices.

Not only that, but trades are basically free from any commissions and any fees are minimal.

If you are looking for an established forex broker with a lot of added benefits, IG is a great option.

Offers and Promotions at IG

Welcome Bonus

IG offers stress-free registration and allows traders the ability to deposit money into their account and start trading on the very same day.

The minimum deposit required to open an account with IG is $200.

There are currently no welcome bonuses offered.

Platform Review

The IG platforms are standard for the industry, and provide traders with the necessary tools to help analyze currencies and make wise forex trades.

Mobile App

The IG trading platform can be accessed from either web or mobile phones, including Android, iOS, and Windows.

The platform has won many awards throughout the years and is one of the most (if not the most) advanced trading interfaces out today.

Deposit / Withdrawal Options

Traders are able to deposit into their IG account by either debit card, credit card, or bank transfer.

Withdrawals are made easy as well, by either cheque or direct deposit, and there is no minimum account balance necessary to do so.

Customer Service

IG offers leading customer support and live 24/7 help through chat, email, or phone.

Admiral Markets: The Best Forex Broker for Beginners

Admiral Markets is another established leader in the forex trading industry, operating since 2001.

In addition to offering competitive rates and spreads, Admiral Markets has some of the best educational resources and lessons to help assist their traders to make better trades; this includes live webinars, trading sessions, detailed analysis, consultations, trade alerts, and other support.

As you can expect with the big forex brokers, Admiral Markets offers traders access to every possible market you would want to trade.

Admiral Markets is a safe bet for anyone looking to open a broker account, especially for beginners since the training they offer is unmatched.

Offers and Promotions at Admiral Markets

Welcome Bonus

The minimum initial deposit for Admiral Markets is $200.
At this point in time, there is no welcome bonus for Admiral Markets.

Platform: Simple and Standard

The Admiral Markets platform, on both web and mobile, is industry leading and provides traders with all the features you need to help make better trades.

Mobile App

Admiral Markets provides their traders with the MT4 app, one of the best out today for those who like to trade by phone.

Deposit / Withdrawal Options

Traders can deposit or withdraw money with either Bank Wire, Klarna, Skrill, Neteller, and Mastercard.

Customer Service

The customer service at Admiral Markets is excellent, with options for 24/7 email, phone, or live chat.

Forex.com: The Best Web and Mobile Platform for Trading

Forex.com is a trustworthy forex broker that provides educational resources and assistance to the same effect of other brokers; they offer traders access to most markets and currency pairs offered by other leaders in the industry.

What sets Forex.com apart from other brokers is their trading platform, which is industry-leading and consistently top rated. The platform has all the features you need to trade and more, and is designed with the user in mind.

If you are looking for an established forex broker that will give you all the tools you need to make profitable trades, Forex.com is a solid choice.

Offers and Promotions at Forex.com

Welcome Bonus

Forex.com requires at least a hundred units of your country’s base currency to open an account (for example, if you are from Canada, you must deposit $100 CAD).

At this point in time, there are no welcome bonuses offered.

Platform: Reliable and Speedy

The trading platform offered by Forex.com is easily one of the best out there for forex traders to use.

In addition to a multitude of features that help you make better trades, the platform is also incredibly designed for ease of use and is one of the best experiences you will have when trading forex.

Mobile App

The mobile app offered by Forex.com is just as impressive as the web platform, with everything you might need to trade forex on the go.

The app is very quick and the interface makes it easy to switch between the many features offered inside the software.

Deposit / Withdrawal Options

Forex.com accepts either debit card, credit card, bank transfer and Paypal for both deposits and withdrawals.

Customer Service

The customer service offered by Forex.com is great, and can be reached 24/7 by either email, phone, or live chat.

CMC Markets: Fantastic Live Support

CMC Markets is a trusted broker that offers tight spreads, training resources, and wide market access.

The platform offered by CMC Markets is standard for the industry, perhaps even slightly better than some of the other major brokers especially when it comes to the features to help traders with chart analysis.

CMC’s interface boasts multiple chart types, at least 80 drawing tools and indicators, pattern recognition and a ‘chart forum community’.

That said, what really makes CMC Markets stand apart from other brokers is the level of customer support offered: the 24-hour Client Management Team means you will never be left stranded in the case of any issues that arise while trading.

Offers and Promotions at CMC Markets

Welcome Bonus

CMC Markets does not have a minimum deposit set to open an account – you just need to have enough to enter your specific trade.

Platform: Everything You Need And More

The trading platform offered by CMC Markets is excellent, and is great for beginners but has all the features that more professional traders could want, including drawing tools, technical indicators, and live charts.

According to their website, the trading platform has more than 100 indicators and over 80 chart types and patterns to help you make trades.

In addition to all of the features offered, there is a forum dedicated to traders where useful information and support is shared between users.

The platform offered by CMC Markets is one of, if not the best out there for traders of all ability levels.

Mobile App

CMC Markets App is offered on iOS and Android.

The app is exactly what you would expect from a good forex broker; it has everything that you need to help make wise trades and all the functionalities you could ask for.

Deposit / Withdrawal Options

You can deposit funds into your CMC account by either online bill payment, wire transfer, personal cheque, or Electronic Funds Transfer (EFT).

You can withdraw your account funds by either Wire Transfer or EFT.

Customer Service

The customer service offered by CMC Markets, called the ‘Client Management’ team, is outstanding, and there are numerous reviews online to back this up.

Whether you need help with trading or have technical difficulties, their 24-hour team will be there to assist you through any and every issue you may have.

XTB: A Good Platform With Some Faults

XTB is a forex broker based out of the UK and is known to be sufficiently regulated and safe.

XTB offers a stellar platform for forex trading, both on web and mobile, and has great training resources that all users have access to.

The downside of XTB is their support, which has received lackluster reviews over the years. In addition to this, some of the fees are higher than those of other forex brokers of similar size to XTB.

In addition to poor customer support, XTB provides access to minimal markets – you will not have the ability to trade the vast number of currency pairs as you would with other forex brokers, which is a deal breaker for some.

All in all, XTB is a trusted forex broker that offers a great trading platform and educational resources, although they do come up short in a couple different categories.

Offers and Promotions at XTB

Welcome Bonus

There is no minimum deposit required in order to open an account with XTB for forex trading, and there are no current welcome bonuses active for XTB.

Platform: An Overall Great Trading Experience

XTB’s platform ‘xStation 5’ is very good, even compared to other large forex brokers, and won Online Personal Wealth Awards ‘Best Trading Platform’ in 2016.

The platform provides brokers with market commentary, live charts, and market statistics.

Mobile App

The mobile app, offered for both iOS and Android, is praised for its many features and ease of use while also providing advanced traders with everything they need to trade on the go.

Deposit / Withdrawal Options

A benefit of XTB is their speedy deposits and withdrawals, which many other brokers do not offer.

You can deposit from either:

  • Credit/Debit Card
  • Bank Transfer
  • Paypal
  • Skrill
  • Bluecash
  • PayU
  • SafetyPay

Withdrawals can be made only through Bank Transfer, which is a negative for some traders.

Customer Service

The customer service at XTB has been criticized in the past, although it is available all 24 hours of the day, Monday to Friday.

There is no live chat, only phone and email support, and they have been known to take quite some time to get back via email.

Plus500: Good for Beginners, Not for Pros

Plus500 is a relatively new (founded in 2008) forex broker that is well-known and trusted, and traded on the London stock exchange.

Plus500 is on-par with the markets they allow users to trade and their competitive spreads.

The trading platform is top-tier for the industry, however Plus500 does lack some of the benefits you might expect for a broker of their size.

Some of the downsides of Plus500 is their poor educational resources, so for new traders who hope to learn from within their broker, look elsewhere.

Also, the broker does not have many of the features that others do, and they don’t offer access to MetaTrader 4.

Offers and Promotions at Plus500

Welcome Bonus

The minimum deposit for Plus500 is $100, and there are no current welcome bonuses.

Platform: Beginner-Friendly

The platform that Plus500 offers is what makes it stand out as a broker; their web interface is very easy to use and is an excellent option for beginners.

However, since the platform is quite simple and easy to use, more advanced traders will likely be disappointed. Many of the features that other broker’s platforms offer (analysis, charts, etc.) are not offered within Plus500’s platform.

Mobile App

Plus500 has a great trading app for iOS and Android, although similar to its web-based platform, it lacks advanced features.

Deposit / Withdrawal Options

Plus500 allows deposits by debit and credit cards, Paypal, Skrill, and bank transfer.

Users can withdraw funds by either Paypal or Wire Transfer.

Customer Service

Plus500 offers great customer support, and has options for phone, email, and live chat 24/7.

IFC Markets: To Be Avoided

IFC Markets is a broker that is well known but heavily criticized.

Established in 2006, IFC Markets has many characteristics of a good broker; they offer tight spreads, a good trading platform, and educational resources.

However, there are a vast number of complaints about IFC Markets, ranging from stolen funds from users (for apparently no reason) and very poor support.

In addition to this, they also have limited access to markets and currency pairs to trade.

For these reasons, we do not recommend opening an account with IFC Markets.

Offers and Promotions at IFC Markets

Welcome Bonus

IFC Markets has no minimum deposit amount – their website claims you can open an account with just $1.

Currently, IFC Markets offers a 30% Welcome Bonus on your first deposit.

Platform: A Standard Trading Experience

IFC Markets own trading platform, NetTrade X, is up to par for the industry, offering users charts, alerts, and everything else you can expect in a typical trading platform.

IFC Markets also offers traders access to MetaTrader 4 as well.

Mobile App

IFC Markets offers their own mobile app, available on iOS and Android; the app is standard for the industry.

Deposit / Withdrawal Options

IFC Markets claim that users can withdraw and deposit funds by many options, including PayPal, debit and credit card, Wire Transfer, Bitcoin, and other electronic wallet programs.

However, IFC Market’s withdrawal processes have come under scrutiny, with many claiming the company had restricted funds unfairly, some going even as far as filing lawsuits against them for fraud and embezzlement.

For this reason, we recommend to proceed with caution in opening an account with IFC Markets.

Customer Service

IFC Markets offers 24/5 support, although many online users have complained about the poor quality of the support they received as well as long wait times to hear back.

Pepperstone: Restricted

Pepperstone brokerage does not allow forex traders from Canada.

ActivTrades: Restricted

ActivTrades brokerage does not allow forex traders from Canada.

Deltastock: Restricted

Deltastock brokerage does not allow forex traders from Canada.

Final Words

Choosing a forex broker is an important decision for any trader and it should not be done on a whim – considering forex is an industry flooded with scams, your broker could either make you or break you.

For this reason, be sure to avoid brokers with complaints and lawsuits (such as IFC Markets) and check to see that a broker is sufficiently regulated before you open an account.

Our overall picks for the best forex broker in Canada are the four big ones: IG, Admiral Markets, Forex.com, and CMC Markets. Each of these brokers are very secure and trusted, while also offering great trading platforms, features, market access, resources, and support for users.

If you are a beginner, you might not need the various charts, indicators, and market access that certain brokers offer. The same goes for professional forex traders; what might be okay for a beginner trader may not be enough to meet your more advanced trading needs.

And lastly, we recommend always performing your own research when it comes to opening a forex account with a broker – every trader has different needs and specifications, so a platform that works for someone else might not work for yourself.