Best forex brokers in Canada

• 6 forex brokers with a verified licence serve residents of Canada: 6 hold a local licence (CIRO).
• Top pick by Coinish Score: OANDA (71/100, Editor Rating 3.5/5).
• Lowest advertised EUR/USD all-in cost: 0.5 pips (CMC Markets), across 5 brokers that publish one.
• No minimum deposit: Questrade.

Ranked by Coinish Score: half the Editor Rating for the entity that serves residents of Canada, half Market Signal. Brokers without enough verified data for a rating are placed by Market Signal and labelled; brokers with neither are listed last. How we rate

All 6 forex brokers on this list hold a licence from the Canadian Investment Regulatory Organization (CIRO) (OANDA, FOREX.com, CMC Markets, Interactive Brokers, AvaTrade and 1 more).

Advertised all-in EUR/USD costs on this list run from 0.5 pips (CMC Markets) to 1.9 pips (Questrade) across the 5 that publish one.

• Search the company name on the CIRO register (ciro.ca).
• Check which company your contract is with. OANDA, for example, onboards residents of Canada through OANDA (Canada) Corporation ULC (CIRO), and the name on the account-opening documents should match the list.

Yes, with a licensed provider. Firms trading with Canadians must be registered with the securities regulator of each province or territory where they do business. CIRO oversees the investment dealers.

Sources: securities-administrators.ca, ciro.ca

By Coinish Score, OANDA (71/100, Editor Rating 3.5/5), through OANDA (Canada) Corporation ULC (CIRO). FOREX.com (71) and CMC Markets (70) follow. The score rates the company that would serve you in Canada, so the same brand can rank differently in another country.

CIRO sets it, not the broker. Any foreign-exchange position in a client account other than cash carries a CIRO margin requirement. CIRO sorts currencies into four groups, each with its own spot-risk margin rate. Positions in the account's own currency don't count as foreign exchange, so US-dollar assets held in a US-dollar account carry no currency margin.

Every broker here is a CIRO dealer, so the same margin floor applies to all 6, and none can offer leverage beyond it.

Source: ciro.ca

The CRA treats a gain as business income, taxed in full, when you bought with the intention of reselling at a profit, rather than as a capital gain. Currency gains you make as an investor are capital gains, and you report only the part of your net foreign-exchange gain or loss for the year above $200; at $200 or less there is nothing to report. Only part of a capital gain is taxed. The CRA's capital gains guide gives a general inclusion rate of 1/2, so half your net gain is added to your income.

Coinish isn't a tax adviser: check your own situation with the tax authority or an accountant.

Sources: canada.ca (1), canada.ca (2)