Forex Brokers For Canadian Residents – Top Canadian Forex Brokers

Is forex trading legal in Canada? Are you looking for forex brokers for Canadian residents?  We have you covered. The good news is, forex trading is perfectly legal in Canada. If you are looking for how to become a forex trader in Canada this list should get you started.  The IIROC (Investment Industry Regulatory Organization of Canada) oversees the forex industry on a national level, but local regulators also maintain control. Those that are Canadian residents can have a look at our top Canadian forex brokers below.

  1. AvaTrade best forex brokers in Canada
  2. – Best trading platform

Forex Brokers For Canadian Residents

AvaTrade – Canadian Forex Broker


AvaTrade EU Ltd incorporated in Ireland is regulated by the Central Bank of Ireland under reference number C53877. 

Ava Capital Markets Australia Pty Ltd is licensed in Australia by the Australian Securities and Investments Commission under license number 406684. 

AvaTrade Ltd – is authorized by the B.V.I Financial Services Commission.

Trading Instruments

AvaTrade broker provides access to the following trading instruments:

  • Forex
  • Bonds
  • Commodities
  • Stocks
  • Indices

Trading Fees

The swap rate known as the overnight fee will apply to each order that’s held overnight.

AvaTrade charges a fee of $50 if you do not trade in a period of 3 consecutive months. The inactivity fee will increase to $100 per month if you don’t trade for 12 consecutive months.

Account Verification

To start trading, first, you’ll need to provide an ID document and a proof of address document. 

ID Document:

  • Passport 
  • ID card
  • Driving license

Proof of Address:

  • Utility bill (electricity, water, gas, mobile or landline phone, local authority waste disposal, etc)

The proof of address document should not be older than 6 months.


Spreads on EUR/USD and GBP/USD currency pairs start from 0.6 pips. Other pairs such as USD/JPY offer spreads from 0.7 pips. Spreads on USD/CAD pairs start from 1.5 pips.

Trading Platforms

MetaTrader 4, MetaTrader 5, AvaOptions, and Web Trading are the available platforms to trade. MetaTrader 4 and 5 offer a full experience with a flexible and fast platform. You can open up to 21-time frames on MetaTrader 5 and up to 9-time frames on MetaTrader 4. 

The platforms offer 37 graphical objects such as drawing tools that can help you to improve your analysis. AvaTrade broker allows hedging only on MetaTrader 4. The platforms offer a user-friendly experience, with multiple pending order types.

Besides MetaTrader platforms through applications, AvaTrade offers a simple forex trading platform to use. The Web Trading platform from MetaTrader it’s accessible only through web browsers.

Web Trading platform offers instant forex trading with one-click trading. Pending and stop orders are offered through a web trading platform, and you can also access charting options. A wide range of analytical tools and overlays can be used for your forex trading analysis.

Deposit & Withdrawal

AvaTrader offers deposits through Debit/Credit Cards and  Bank Wire Transfers. The deposit process with a Debit/Credit Card is instant, but for new Canadian traders, this process can take up to 1 business day due to security verification.

The Bank Wire Transfer process can take several business days. The withdrawal process can be requested only through the same method that you’ve used to deposit funds. 

For e.x if you deposit through Bank Wire Transfer, then, you can only use the Bank Wire Transfer to withdraw your funds. The withdrawal process with Debit/Credit Cards can take up to 5 business days. Withdrawals through Bank Transfer can take up to 7 business days.

Customer Support

The live chat support team it’s available to answer your inquiries from Monday to Thursday (7:00 AM – 10:45 PM). On Friday, the live chat it’s available from 7:00 AM to 10:30 PM.  You can also reach the support team through phone and email. The help center contains quick answers to any questions that you may have. – Best trading platforms

IIROC Regulated Forex Brokers is also regulated by The Investment Industry Regulatory Organization of Canada (IIROC regulated forex brokers) broker is regulated by The National Futures Association (NFA) Commodities Futures Trading Commission (CFTC) in the United States. 

The broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. 

The broker’s also regulated in Australia, Japan, Cayman Islands, Hong Kong, and Singapore.

Trading Instruments broker offers the following markets to trade for Canadian clients: 

  • Forex 
  • Energies 
  • Futures

Account Types

You can choose 3 account types to trade, the Standard, Commission, and STP Pro account. The standard account provides access to the trading platforms available. You can trade 82 forex currency pairs in total and you can enjoy features such as cash rebates, waived wire fees, forex market strategist, API trading, and earn interest.

The commission account offers almost the same features and limits as the Standard account does. But, there are limits on the trading platforms, so, you cannot use the MetaTrader 4 trading platform.

STP Pro account is suited mostly for experienced traders with a large balance. STP Pro does not allow trading through MetaTrader 4, and you can trade 60 forex currency pairs in total. But, with this account, you’ll have more features such as the STP model, direct forex market access, and other features.

Account Verification

Account verification is required, and you can use the following documents to complete the verification.

ID documents:

  • Valid, current passports (national or international)
  • Valid, current driver’s license
  • Valid, current national ID Card

Proof of Residence documents:

  • Utility bill
  • Bank, building society, credit or debit card statement
  • Council tax bill
  • Local government address registration certificates
  • Valid driving license


Overall, broker provides the lowest spreads among other forex brokers in Canada. Spreads for the Standard account on EUR/USD start from 1.0 pips. 

The Commission account offers lower spreads from 0.2 pips on EUR/USD. Spreads are very tight on the STP Pro account that starts from 0.1 pips.

Trading Fees

Commission applies only to the  Commission and STP Pro accounts. A commission fee of $5 will apply to the Commission account type for 100,000 lots trades. If you trade with the STP Pro account, a commission fee of $60 per 1.000.000 lots will be charged. will charge a fee of $15 (or 15 base currency equivalent) per month to accounts without trading activity for 12 months.

Trading Platforms offers advanced trading platforms and more alternatives to the trading platforms compared with other brokers. The list of available trading platform include:

  • Web Trading 
  • Mobile Trading 
  • Desktop Platform 
  • MetaTrader 4 
  • MetaTrader 5

All trading platforms can be great for both beginners and experienced traders in the forex world. The platforms offer customizable dashboards, powerful charting tools, multiple indicators, and advanced analytical tools.

Deposit & Withdrawal

The minimum amount to deposit and withdraw funds is $100 or currency equivalent. You can use the following payment methods to deposit or withdraw funds:

  • Bank Wire Transfer
  • Debit Card/Credit Card

Deposit methods with Visa will be processed instantly on your account. If you use the Bank Wire Transfer to deposit funds, the process can take up to 1-2 business days. 

Bank Wire transfer may take up to 2-5 business days. A $25 fee is charged within the US, $40 for international wires (including Canada).

Customer Support offers support for its Canadian forex traders through email, live chat, and phone. The live chat support team it’s available 24 hours a day from 10 AM Sunday to 5 PM Friday. You can visit the FAQ page to get more information about any service related to the broker.



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