Frequently asked questions

We currently review 6 Forex and CFD brokers authorized by CIRO and members of the CIPF: AvaTrade, FOREX.com, OANDA, Questrade, Plus500 and Fortrade. Other brokers authorized in Canada will be added as we complete our reviews.

Our ranking is based solely on our public methodology. When you open an account with a broker through a link marked with a star, we may receive a commission, but this does not change our ratings. Our affiliate disclosure lists the brokers we have a partnership with and those we do not.

We only cover brokers authorized by CIRO in Canada and members of the CIPF. A broker missing from our list may not be authorized in Canada, or may be authorized but not yet reviewed by our editorial team.

CIRO (Canadian Investment Regulatory Organization) oversees investment dealers in Canada, including Forex and CFD brokers. It was created in June 2023 from the merger of IIROC and the MFDA. CIRO supervises dealers and imposes rules on capital, segregation of client funds and disclosure.

The CIPF (Canadian Investor Protection Fund) protects client property up to $1 million per account category (for example general accounts, which combine cash and margin accounts, and registered retirement accounts) if a member dealer becomes insolvent. This protection does not cover trading losses.

Consult the official directory of regulated dealers on the CIRO website. Our Scam Broker Shield also lets you quickly check whether a broker is one of the brokers we have reviewed, and lists the warning signs of a scam.

A CIRO-authorized broker is subject to rules of conduct, capital, segregation of funds and disclosure, and your property is protected by the CIPF up to $1 million per account category if the dealer becomes insolvent. An offshore broker (for example one regulated in the Seychelles, Vanuatu or Saint Vincent and the Grenadines) generally offers less protection, and it is difficult to recover your funds in the event of a dispute.

No. Margin Forex trading and CFDs are not eligible for registered accounts in Canada under CRA rules. You can, however, hold Canadian or US stocks in these accounts, for example at Questrade.

Maximum leverage depends on the instrument, under CIRO margin requirements. It can reach 50:1 on the main currency pairs; it is lower for minor pairs, exotic pairs and stock CFDs. Your broker states the leverage that applies to each instrument, and some apply a cap lower than the CIRO limit.

The minimum deposit varies by broker: from $0 at OANDA to $1,000 at Questrade to enable the margin account, including $100 at AvaTrade, FOREX.com and Plus500 and $200 at Fortrade. Beyond the minimum, never trade with funds you cannot afford to lose.

Yes. In Canada, gains from Forex and CFD trading are taxed as business income or as capital gains, depending on the frequency and volume of your trades. Consult a tax professional about your situation.

MT4 is a long-standing Forex platform, with a vast choice of Expert Advisors and indicators. MT5 is newer, multi-asset, with more timeframes. TradingView focuses on charting and lets you trade directly with the brokers that integrate it. Our pages dedicated to each platform show which brokers authorized in Canada offer them.

Yes. MT4, MT5 and TradingView are third-party platforms: you can use them with any broker that offers them. The interface stays the same; only the trading conditions (spreads, commissions, instruments) change from one broker to another.

Platforms generally come in several versions: web (browser), desktop (installed software) and mobile (iOS and Android app). The desktop version often offers the most features for an active trader.

The comparison tool lets you select up to 3 brokers and see their features side by side: rating, minimum deposit, fees, platforms, regulation, instruments and customer service.

It is a 5-step questionnaire that recommends the brokers suited to your profile: trading experience, products you want, budget, preferred platform and main priority.

The calculator uses the average spreads published or observed for each broker. Its results are indicative estimates: actual spreads vary with market conditions. For an exact figure, check each broker's official pricing schedule.

We receive affiliate commissions when a reader opens an account with a partner broker through our links marked with a star. These commissions are paid by the brokers, not by you. Our affiliate disclosure lists our active partnerships.

No. Access to all our content, comparisons, tools and reviews is free. Affiliate commissions are our main source of revenue.