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5 Best Forex Trading Platforms Canada

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5 Best Forex Trading Platforms Canada
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In our quest to help Canadian traders, we’ve left no stone unturned in our analysis to find the best forex brokers and platforms. Remarkably, some of these platforms offer spreads that dramatically undercut the industry average by over 70%. It isn’t just a minor detail—it is a game-changer that could substantially increase the profitability of your trading activities.

Following my research, I’ve pinpointed the top 5 forex brokers: 

  1. OANDA – Best Standard Forex Spreads 
  2. Eightcap – Best ECN Raw Spread Broker 
  3. – Best MetaTrader 5 CFD Range
  4. CMC Markets – Best Range of Forex Pairs 
  5. Interactive Brokers – Best for Advanced Traders

Which forex broker is best for trading in Canada?

The vast number of forex brokers and trading platforms can be daunting, especially if you’re a Canadian trader seeking low spreads along with the best trading platform. As well as trading conditions, it is important to look for regulated brokers licensed by the Canadian Investment Regulatory Organization (CIRO), or reputable brokers accepting Canadian clients. 

Let’s delve into the specifics and find out which brokers stand out for Canadian traders.

1. OANDA  – Best Standard Forex Spreads

After my research, I found that OANDA offers the best standard spreads in the industry, along with the most popular trading platform in the world, MetaTrader 4 (MT4). 

  • Competitive standard spreads start at 0.6 pips commission-free.
  • Robust trading platforms including OANDA Trade and MT4.
  • Fundamental and technical analysis of educational resources.

No Commission Standard Spreads

To help us determine the best forex spreads available to Canadian traders, I compared the standard spreads of 46 different forex brokers (some Canadian-based, some overseas). 

OANDA offers a highly competitive Euro vs. US Dollar spread of just 0.6 pips. It is significantly lower than the industry average of 1.24 pips. In comparison, IC Markets is known as one of the best forex brokers worldwide. It has a slightly higher spread at 0.62 pips for the same currency pair. 

When it comes to trading the US Dollar vs. Canadian Dollar forex pair, OANDA’s average spread is 0.7 pips, 61.5% lower than the industry average of 1.82 pips. 

IC Markets0.620.740.770.851.271.3
Industry Average1.241.441.541.821.661.95

Across the board the forex broker offers spreads that are approximately 50% lower than the industry average. It makes OANDA a compelling choice for traders, who are conscious about trading costs or new to forex markets. The account type is ideal for beginner traders because calculating costs is straightforward and predictable. It does not matter how much your trading commission fees are because they are already accounted for in the spread.

Trading Platforms

OANDA provides a choice of three trading platforms: OANDA Trade, MetaTrader 4 (MT4), and TradingView. OANDA’s MT4 platform offers:

  • Automated trading with Expert Advisors (EAs).
  • 80+ technical indicators and objects, plus 9 timeframes. 
  • Premium upgrades with additional trading tools. 

Trading Fees and Other Costs

OANDA does not require a minimum deposit and also doesn’t charge a withdrawal fee. However, they do charge a monthly inactivity fee of $10 if there is no CFD trading activity for more than one year.

Education and Reputation 

OANDA offers a broad range of educational materials, including an online course that teaches the basics of fundamental and technical analysis for beginner traders. Their MarketPulse site also hosts articles and updates, making it a valuable resource for all levels of trading experience.

The regulated broker is overseen by the Canadian Investment Regulatory Organization (CIRO) and also offers excellent customer support. 

OANDA Verdict 

OANDA stands out as a top choice for the best forex spreads, starting from 0.6 pips with no commission. Their robust trading platforms, educational resources, and stringent regulation make them a well-rounded broker.

2. Eightcap – Best ECN Raw Spread Broker

Eightcap is one of the best brokers if you’re looking for raw spreads. The online broker not only provides tight ECN pricing but also low commission fees. Thus, it became a top choice for traders like us who prioritize cost-efficiency.

  • Tight ECN spreads with competitive commission fees.
  • Robust trading conditions and execution.
  • The choice of MetaTrader 4 or MetaTrader 5.

ECN Spreads and Trading Conditions

Eightcap’s Raw account aims to provide us with the lowest spreads by sourcing quotes from top-tier liquidity providers.

When I analyzed the average spreads from 39 leading forex brokers with ECN-style pricing, Eightcap was the clear front-runner. For the Euro vs. US Dollar, Eightcap stands out with an average raw spread of just 0.06 pips, compared to the industry average of 0.22 pips. This puts Eightcap at 40% below FP Markets, 52.8% below Fusion Markets, and 72.7% below the industry average.

Shifting focus to the US Dollar vs. Canadian Dollar forex pair, Eightcap’s average spread is just 0.2 pips. Its average spread is a significant 69.7% less than the industry average of 0.66 pips. Raw account holders pay a competitive commission fee of $3.50 per side. 

FP Market0.
Fusion Markets0.
Industry Average0.220.410.660.87

Execution and Slippage

Eightcap’s ECN conditions and rapid execution are ideal for traders like me, who rely on high-frequency trading strategies or scalping. 

Justin Grossbard from explains:

“Eightcap’s infrastructure minimizes latency, ensuring that your orders are executed almost instantaneously. This level of speed significantly reduces the risk of slippage, allowing you to enter and exit the market at the prices you desire.”

Trading Platforms

Eightcap provides the option of trading CFDs on either MetaTrader 4 or MetaTrader 5. Both trading platforms offer a range of features, but MT5 provides additional tools and functionalities. MT5 offers an expanded range of technical analysis tools with 21 timeframes and 38 indicators. 

It is worth noting that while Eightcap accepts Canadian clients, it is not CIRO-regulated. The forex broker is regulated in Australia (ASIC) and the Bahamas (SCB). It is a legitimate platform, but Canadian traders won’t have the benefit of local regulatory protection.

Eightcap Verdict 

Eightcap excels in offering tight raw spreads, making it the best forex broker for Canadian traders wanting ECN pricing. Though not CIRO-regulated, it’s a reliable choice for ECN traders. 

3. – Top MT5 Forex Broker is a CIRO-regulated broker offering a range of trading tools on MetaTrader 5 (MT5), diverse account types, and stringent regulation, making the forex broker appealing to an array of Canadian traders. 

  • MT5 with a range of trading tools and CFDs.
  • Standard or Raw account types with competitive trading conditions.
  • Mobile trading app. 

MT5 Platform’s comprehensive MT5 trading environment comes loaded with advanced charting tools, numerous technical indicators, and fundamental analysis features. 

  • Exclusive MT5 tools, 15 custom indicators, and charting tools.
  • Automated trading via Expert Advisers. 
  • Integrated Reuters news.
  • Demo accounts to practice live trading without the high risk.
  • Desktop app, WebTrader, and mobile trading app. 

CFD Range 

The regulated broker also offers a solid selection of financial products on MT5. CFD traders gain access to a variety of asset classes including forex, precious metals, shares, indices, and commodities. For Canadian clients, the platform also offers an exclusive selection of hundreds of ETFs.

Account Types offers two account types compatible with MT5. The standard, spread-only account is ideal for traders who prefer a straightforward cost structure. The raw, commission-based account is designed for traders who are looking for tighter spreads. Verdict is a top choice for those wanting to trade a range of CFDs on MetaTrader 5. The broker is highly regulated and offers a diverse range of asset classes, including CFDs exclusively available to Canadian traders.

4. CMC Markets – Best Range of Forex Pairs 

If you’re looking for a broker with an extensive range of forex pairs and other asset classes, CMC Markets is a strong contender amongst CIRO-regulated brokers. 

  • Over 330+ major, minor, and exotic currency pairs. 
  • Access to over 12,000 markets across forex, commodities, shares, and indices.
  • Standard (spread-only) or STP (commission) accounts.


When it comes to the range of forex pairs, CMC Markets truly excels. They offer an extensive selection that covers not just the major pairs like EUR/USD and USD/CAD, but also a plethora of minor and exotic pairs. Beyond forex, CMC Markets provides access to thousands of other CFD products. It includes commodities like oil and gold, indices such as the S&P 500 and FTSE 100, and a variety of shares and ETFs. 

  • 330 forex pairs
  • 1,000 ETFs
  • 40 rates and bonds
  • 80 indices
  • 100 commodities

Trading Platforms 

Canadian clients can choose from the broker’s proprietary platform Next Generation, or MetaTrader 4. The Next Generation platform was designed with experienced traders in mind, offering a suite of fundamental and technical analysis, such as 115 technical indicators, 70 chart patterns, and 12 inbuilt chart types. 

Accounts and Customer Support

In terms of account options, you can opt for a standard account, which is spread-only, or go for the STP account that comes with a commission. 

The broker is regulated and Canadian operations are overseen by CIRO. Yet, if you need a hand at any point, CMC Markets’ customer support is available 24/5. 

CMC Markets Verdict

CMC Markets offers an unbeatable range of forex pairs and other asset classes. With 12,000+ financial instruments to choose from, Canadian CFD traders gain access to one of the best product offerings available.

5. Interactive Brokers – Best for Advanced Traders 

If you’re an advanced trader looking for a platform that offers sophisticated tools, Interactive Brokers should be your top pick.

  • Trader Workstation platform designed for experienced traders.
  • Advanced forex trading tools and algorithms.
  • Variable spreads with no commission designed for high-volume traders.

Trader Workstation

Interactive Brokers’ Trader Workstation (TWS) is designed for active traders. It is packed with extensive forex trading tools, risk analysis features, and technical analysis capabilities. 

Account Types and Trading Fees

Interactive Brokers offers a Pro account designed for experienced traders, featuring low spreads and premier trading tools. The broker operates on a variable spread with no commission, making it an excellent choice for high-volume traders.

Ross Collins from discusses the broker’s trading conditions further: 

“They provide direct access to interbank quotes, meaning no markups or hidden price spreading. This ensures you get the best trading conditions and swift execution of your trades.”

While not regulated by CIRO, the broker adheres to US regulation (CFTC). 

Interactive Brokers Verdict 

Interactive Brokers’ TWS platform is a haven for advanced traders. With its low trading fees and robust regulation, it is a platform that means business.

What is the Best Broker and Trading Platform in Canada?

If you’re a Canadian trader prioritizing low spreads, your top choices should be OANDA for their standard spreads and Eightcap for their tight ECN raw spreads. Both brokers offer the popular MetaTrader platforms. They have compelling advantages in trading costs, making them ideal for trading CFDs in Canada.

Is forex trading Legal in Canada?

Yes, forex trading is legal in Canada, but it’s regulated differently across provinces. In Ontario, for example, the Ontario Securities Commission (OSC) oversees the forex market. In BC, it’s the British Columbia Securities Commission (BCSC). 

What is CIRO?

CIRO, the Canadian Investment Regulatory Organization, is one of the two forex regulatory bodies in Canada. They have been established to ensure a fair and transparent trading environment. In terms of forex trading, CIRO works alongside the Canadian Securities Administrators to set regulations, such as leverage limits, and oversee the Canadian Investor Protection Fund.

Before 2023, CIRO was known as the Investment Industry Regulatory Organization Canada (IRROC).

How do I start trading forex in Canada? 

To start trading forex in Canada, first, find a reliable regulated broker (as trading rules vary between locations, i.e. forex trading in Europe varies to NZ). 

Open an account, deposit funds, practice trading strategies, and get started on your desired CFD trading platform.

Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.

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