Best USD/CAD Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: November 20, 2024

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• Jump to:
• Curated List of The 10 Best Forex Brokers for USD/CAD Trading
• Forex Brokers Compared by USD/CAD Spread
• Forex Brokers Compared by Regulation
• Forex Brokers Compared by Trading Platforms
• How Trading USD/CAD Works
• FAQ
›

Our team of expert traders tested several regulated and trustworthy forex brokers and compiled a toplist with the best brokers for trading USD/CAD. Each broker received a quality score based on several factors, including Trustpilot rating, regulation, fees and commissions, available trading platforms, customer service and more.

1. 

   Fusion Markets

   Rating: 4.9

   74-89% of retail CFD accounts lose money

2. 

   Axi

   Rating: 4.8

   The vast majority of retail client accounts lose money

3. 

   FP Markets

   Rating: 4.7

   73.85% of retail investor accounts lose money

4. 

   Pepperstone

   Rating: 4.6

   75.5% of retail investor accounts lose money

5. 

   Global Prime

   Rating: 4.5

   74-89% of retail CFD accounts lose money

6. 

   XM Group

   Rating: 2.9

   72.82% of retail investor accounts lose money

Curated List of The 10 Best Forex Brokers for USD/CAD Trading

The foreign exchange market has been getting more and more accessible in recent years thanks to the sheer variety of forex brokers that offer their services on the web. Differentiating between the good ones and the brokers that are untrustworthy in some way is crucial, which is why regulation plays an important role in choosing a website to trade on.

The way the broker treats its customers is also important, as are the types of platforms on offer, the customer service, the fees, and so on. This is far from a small amount of information to keep track of as you research potential options, so we offer our assistance by introducing you to the following ten brokers.

1. TRADE NOWREAD REVIEW
   1. AvaTrade

   Min Deposit

   $100

   Fees

   • $50 a month inactivity fee after three consecutive months of inactivity
   • Additional $100 annual administration fee after 12 months of inactivity
   • Withdrawals and deposits are free

   Commissions

   N/A

   Spread

   • Retail: 2
   • Pro: 1.5

   Leverage EU

   30:1

   Leverage non-EU

   • Retail: 30:1
   • Pro: 400:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Launched in 2006, AvaTrade is a broker that has a number of different products on offer for investors, including trading on the foreign exchange market. This Ireland-based broker is regulated by the Australian Securities and Investments Commission, the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and others.

   If you are new to trading or a complete beginner, AvaTrade offers a plethora of information and educational tools that will be useful to you. Everything is organised neatly, and the information is presented in an easy-to-understand manner. The first tutorials you will come across cover all the platforms one can choose from at AvaTrade. In addition, there are lots of video guides regarding trading in and of itself, along with how to use specific tools, orders, and the like. The broker’s library also contains many articles that address topics such as copy trading, economic indicators, technical analysis and more.

   USD/CAD traders should be prepared that their spread and leverage are reliant on their account type, as well as their location. EU traders have a maximum leverage of 30:1. As for investors who do not reside within the Old Continent, the leverage for retail customers is once again 30:1. Pro leverage can reach 400:1. Investors who trade the “loonie” in any jurisdiction will have a spread of 2 pips if they are a retail trader, while pro users’ spread is tighter at 1.5 pips.

2. TRADE NOWREAD REVIEW
   2. FBS

   Min Deposit

   Depends on the account type:

   • Standard: $100
   • Cent: $10
   • Micro: $5
   • Zero Spread: $500
   • ECN: $1000

   Fees

   Withdrawal:

   • VISA: $1 commission
   • Neteller: 2%, $1 min, $30 max commission
   • STICPAY: 2.5% + $0.3 commission
   • Skrill: 1% + $0.32
   • PerfectMoney: 0.50% commission

   Depost:

   • Free for most methods except STICPAY: 2.5% + $0.3 commission

   Commissions

   • Cent: 10 US Cent per lot
   • Standard: $10 per lot
   • Zero spread account: $10 per lot
   • ECN: $3 per lot
   • Micro Account: $15 per lot

   Spread

   1.9

   Leverage EU

   30:1

   Leverage non-EU

   • Standard: Up to 3000:1
   • Cent: Up to 1000:1
   • Micro: 3000:1
   • Zero Spread: 3000:1
   • ECN: 500:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   At FBS, clients can pick between the MetaTrader 4 and MetaTrader 5 desktop platforms, depending on which one they prefer. The mobile applications of said platforms are also available, and investors can also go for FBS’s in-house app.

   Using the internet for anything can lead to unforeseen hiccups, so it is crucial for brokers to support their customers when the situation calls for it. We were pleasantly surprised to see that FBS has its customer support channels available 24/7. The methods available are several, the first of which is live chat. Calling the broker’s support team is another option, and those who favour corresponding through emails are also catered to.

   Investors who focus on the EUR/USD will typically have a spread that averages out at 1.9 pips. As for the leverage, in the EU, it cannot exceed 30:1. Things are different at FBS’ global version, however. There, the leverage is dependent on your account type, of which there is a handful. Up to 3000:1 is the limit which standard users have at their disposal, and the same goes for clients with Micro and Zero Spread accounts. If you have a Cent account, the leverage is 1000:1, while ECN traders’ limit is 500:1.

3. TRADE NOWREAD REVIEW
   3. Markets.com

   Min Deposit

   $100

   Fees

   • No withdrawal fee. No deposit fees
   • Currency conversion fee: 0.6%

   Commissions

   N/A

   Spread

   1.6 pips

   Leverage EU

   30:1

   Leverage non-EU

   • Retail: 30:1
   • Pro: 300:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Markets.com has a good selection of deposit methods, such as VISA and Mastercard, e-wallets such as Neteller, Skrill, and PayPal, and finally, wire transfer. In addition, the broker does not charge any fees for deposits, nor will you have to pay markets.com anything to withdraw your money. Currency conversion, however, has a 0.6% fee attached.

   The USD/CAD spread is around 1.6 pips, and the leverage limit is 30:1, which is the maximum limit allowed in Europe for retail users. Investors who live elsewhere will also have a leverage of 30:1 if they are retail traders, while pros have a higher limit at 300:1.

   Apart from offering its service to clients who prefer to trade on their computers, markets.com is also available on mobile devices. USD/CAD investors can pick between the broker’s own proprietary application, but those using MT 4 or 5 will also have the opportunity to download an MetaTrader app on their iPhone or Android smartphone.

   Markets.com has provided negative balance protection to its users. In addition, it is under regulation by the Cyprus Securities and Exchange Commission and the Financial Sector Conduct Authority. All in all, investors can rest assured that they are trading at a reputable broker.

4. TRADE NOWREAD REVIEW
   4. Pepperstone

   Min Deposit

   $0

   Fees

   • No deposit or withdrawal fees
   • No inactivity fee

   Commissions

   • $3.50 (USD 7 round turn) per lot
   • C$3.5 (CAD 7 round turn) per lot

   Spread

   • Razor: 0.47 pips average
   • Standard: 0.6 pips minimum, 1.07 pips average

   Leverage EU

   30:1

   Leverage non-EU

   • Retail: 30:1
   • Pro: 500:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

   Pepperstone is regulated by the FCA and ASIC, and it is an international broker that operates within Australia, the UK, Germany, and others. User money is segregated from the company funds. This keeps your funds safe if something bad were to happen to the company.

   UK and European traders can also enjoy negative balance protection. Essentially, negative balance protection prevents your balance from going into the negatives. If that were to happen, you would owe the broker money, which is a very unpleasant position to be in. This is why negative balance protection is so sought after nowadays. In addition, 2FA is also available. It keeps your broker account safe by making it so that logging in requires extra steps that ensure you are the real owner of the account. Typically, you will need to confirm a code. As mundane as it may sound, it does the job.

   Your spread value will vary depending on the type of account you have. If you have signed up for a Razor account, the spread typically hovers around 0.35 pips. As for standard accounts, the spreads are wider and range between 0.6 and 0.95 usually, but you will not need to pay a commission. Retail traders have access to 30:1 leverage.

5. TRADE NOWREAD REVIEW
   5. Axi

   Min Deposit

   $0

   Fees

   • No deposit or withdrawal fees
   • $10 monthly fee after one year of inactivity

   Commissions

   Pro: $3.50 per lot ($7 round trip)

   Spread

   • Standard: 1.5 average
   • Pro: 0.6 average

   Leverage EU

   30:1

   Leverage non-EU

   • Retail: 30:1
   • Pro: 400:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Axi utilises the MetaTrader 4 platform, and users can opt for either the desktop program or the web trader version of MT4, depending on their preferences. In addition, you can also look through the tools and plugins available. For instance, MT4 NextGen can be utilised, and the Autochartist MetaTrader Plugin, PsyQuation analytics platform, as well as Myfxbook Autotrade, are also available. A Virtual Private Server hosting service is offered as well. Copy trading is a popular practice at Axi, and the broker has a dedicated iOS and Android app named Axi Copy Trading. Apart from these tools, Axi has an economic calendar and a multitude of guides and educational articles for new traders.

   Standard clients who trade the USD/CAD have a spread that is 1.5 pips on average. In contrast, the spread of users who have a pro account is 0.6 pips. Retail traders residing in Europe will find that the leverage limit complies with EU laws and does not exceed 30:1.

   If you ever find yourself in need of assistance while using Axi’s services, customer support is available 5 days a week, 24 hours a day. Investors from Germany, Hong Kong, and the UK, among other jurisdictions, can call the broker’s support team for free. Email is another communication method you can try, and messaging through WhatsApp is the third option.

6. TRADE NOWREAD REVIEW
   6. FP Markets

   Min Deposit

   $100

   Fees

   • No inactivity fee
   • Deposits are free

   Withdrawal fees depend on the method:

   • Credit/Debit Cards (Visa, Mastercard): free
   • Domestic and international bank wire: free
   • Neteller: 2% up to $30 + country fees (if applicable) per $45,000 transaction
   • FasaPay: 0.50%
   • PayTrust, Dragonpay, Paylivre, XPAY: 1.5%
   • Perfect Money: 0.5% (USD) or 2% (other currencies)
   • Cryptocurrency: blockchain fees applicable
   • MPSA: 7.25%
   • FairPay: 0.5% + $10 flat fee for Virtual Card
   • STICPAY: 5% for bank wire, 2.5% for wallet
   • Rupee Payments UPI: 5.75%
   • RAPID: 1%
   • Virtual Pay: 2%
   • LuqaPay, Pagsmile: 3%

   Commissions

   Raw account:

   • CAD: $3.5 per side $7 round tip
   • USD: $3 per side $6 round tip

   Spread

   • Standard: 1.5 pips average
   • Raw ECN: 0 min, 0.4 average

   Leverage EU

   30:1

   Leverage non-EU

   500:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.34% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Known for its FX instruments and the fact that it provides customer service 24/7, FP Markets is an Australia-based broker that is popular across the globe.

   FP Markets has two account variations to pick from. The first is the standard account. You will not need to pay a commission with this account, and the spread of the USD/CAD pair is typically around 1.5 pips. Users with a Raw account, however, have tighter spreads that typically range from 0 to 0.4 pips at the cost of commission.

   In terms of security, FP Markets performs with flying colours. First and foremost, two-factor authentication is available. Once enabled, 2FA performs an additional identity check that is typically in the form of an SMS or email that requires you confirm that you are indeed the one trying to gain access to your account. It is an extra precaution that further strengthens the security of one’s account.

   Another aspect worth knowing about is the fact that your funds will not be held alongside FP Market’s company funds. Instead, your money will be kept in a segregated account. This ensures that if the broker becomes insolvent, your funds will not be at risk. Finally, you can rest assured that FP Markets is a reputable broker. It is regulated by the Australian Securities and Investments Commission, the Cyprus Securities and Exchange Commission.

7. TRADE NOWREAD REVIEW
   7. Capital.com

   Min Deposit

   $20

   Fees

   • No deposit or withdrawal fees
   • No inactivity fee
   • Overnight fee depends on the entire value of your position

   Overnight fee:

   • Long position: -0.0034%
   • Short position: -0.0031%

   Commissions

   N/A

   Spread

   2 pips

   Leverage EU

   30:1

   Leverage non-EU

   • Retail: 30:1
   • Pro: 500:1

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Regulated by the FCA, ASIC, and CySEC, capital.com is a broker that offers a great web trader platform. It has multiple trading chart types and excellent drawing tools, as well as over 75 technical indicators. It also assists investors who are new to trading, as you will find a multitude of helpful resources. Trading courses are available, as are webinars, and you will come across useful trading videos. You can also brush up on FX terminology by making use of the broker’s glossary.

   In terms of fees, the typical spread when trading the USD/CAD pair tends to be around 2 pips. Investors do not need to pay the broker for withdrawals or deposits, nor will you be charged for having an inactive account. The overnight fee will vary according to your position, with the long position having a fee of -0.0034% and the short position being 0.0031%. The leverage for EU traders is 30:1. International retail traders also have this limit to work with. Retail accounts are not the only account type, however, since investors that meet the qualifications can have their account upgraded to pro. Professional traders can get leverage as high as 500:1.

8. TRADE NOWREAD REVIEW
   8. IC Markets

   Min Deposit

   $200

   Fees

   • No inactivity fee
   • Deposits and withdrawals are free

   Commissions

   Raw Spread cTrader:

   • 3.0 ($6.0 per lot roundturn)

   Raw MetaTrader:

   • $3.50 (USD 7.0 round turn) per standard lot
   • C$3.50 (CAD 7.0 round turn) per standard lot

   Spread

   • Standard: 0.6 pips min, 0.85 pips average
   • Raw: 0 pips min, 0.25 pips average

   Leverage EU

   30:1 max

   Leverage non-EU

   500:1 max

   Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.93% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

   Creating an account at IC Markets is a walk in the park. All it takes is for you to provide your information, choose an account type and base currency, and then verify your account. Verification is, thankfully, handled very quickly by IC Market’s team. The account types you can pick from are three in terms of foreign exchange trading:

   • Raw Spread (cTrader)
   • Raw Spread (Meta Trader)
   • Standard (Meta Trader)

   The main difference between them is the commission. Raw Spread accounts that utilise the cTrader platform have a typical commission of $3.0 per $100k, while the Meta Trader version has $3.5 per lot per side. Individuals who have a Standard account do not need to pay a commission.

   The account variation you go for also influences the USD/CAD spread. Raw IC Markets clients’ spread can be as little as 0 pips. Furthermore, it is usually 0.25 pips on average, and the spreads are so good due to the fact that a commission needs to be paid. As established, there is no commission attached to the trades of Standard users, but the spread is wider at 0.6 at the least and it usually hovers around 0.85 pips. As for the leverage, those in the EU have a 30:1 limit, while non-EU investors can use leverage up to 500:1.

9. TRADE NOWREAD REVIEW
   9. IG

   Min Deposit

   0$

   Fees

   • Currency conversion: 0.5% standard charge
   • $12 monthly inactivity fee after two years of inactivity

   Commissions

   N/A

   Spread

   Typical spread ranges between 1.3 and 1.77

   Leverage EU

   30:1

   Leverage non-EU

   200:1

   Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

   IG is a broker based in the UK. It has been around for quite some time. IG was founded in the 70s, making it one of the longest-running forex brokers that are in operation at the time of writing. As one would expect from a British broker, it is regulated by the FCA, among other regulatory bodies.

   Seeing as IG welcomes both accomplished investors and those who are taking their first steps in the forex market, you can find a great number of resources that will aid aspiring investors who need a helping hand to learn. You can find many useful articles at IG, while videos and infographics regarding forex trading, using trading platforms, and more, are available as well.

   The broker also features interactive learning exercises and quizzes. For those ready to take a more hands-on approach, a demo account is offered by IG and it provides you with $20,000 virtual funds to practice with. This is an excellent learning opportunity as it allows you to make all of the mistakes common for inexperienced traders and not lose your actual money throughout the learning process.

   For forex investors looking to trade the USD/CAD, you will find that the spread is typically between 1.3 and 1.77 pips. In terms of leverage, the international limit is 200:1, but retail investors in Europe have a 30:1 limit to work with.

10. TRADE NOWREAD REVIEW
    10. FxPro

    Min Deposit

    $100

    Fees

    Deposits and withdrawals are free.

    Commissions

    cTrader: $45 per million USD traded

    Spread

    • cTrader Market: 0.40 min, 0.71 avg.
    • MT4 instant execution: 1.80 minimum, 2.14 average
    • MT4 market execution: 1.20 min, 1.56 avg.
    • MT4 fixed: 1.80 min, 1.95 average
    • MT5: 1.20 min, 1.96 average

    Leverage EU

    30:1

    Leverage non-EU

    200:1

    Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Founded in 2006, FxPro is a global broker, and its products range from forex to indices, metals, shares, crypto, and mode. Upon creating an account, you will find that the minimum deposit requirement is a reasonable $100, and you have a good selection of payment solutions to choose from. Bank transfer, UnionPay, and VISA or Mastercard are your first options. In addition, e-wallets the likes of Skrill and Neteller are available too, and PayPal users are also welcome.

    The spread you will need to consider when you trade the USD/CAD pair is dependent on the type of your account. Individuals who have a cTrader account, for instance, have a spread of 0.71 on average. If you use MT4 with instant execution, the minimum pips are 1.80 for your spread, while 2.14 is the usual spread. With MetaTrader 5, on the other hand, your spread will not go below 1.20 pips, and the average is 1.96 pips.

    Investors also have selected tools to utilise as they see fit. An education hub containing information regarding technical analysis, the psychology of trading and investing, in general, is perfect for those new to trading. An economic calendar is available as well, as is an earnings calendar, a news section, calculators, and a VPS service that offers reduced latency and is available 24/7.

Comparison by USD/CAD Spread

Comparison by Regulation

Comparison by Trading Platforms

The USD/CAD is one of the so-called major currency pairs. It expresses the exchange rate relationship between the US dollar and CA dollar, that is, how many Canadian dollars it takes to buy one American dollar.

The United States Federal Reserve and the Bank of Canada play a key role in how this pair is traded. Additionally, the Canadian dollar is known as a commodity currency due to the number of natural resources it exports. Knowing how to use this information will aid you in trading successfully. Apart from this, the broker a trader picks also has a great impact on one’s results because of the differences in the spreads and leverage across different brokers.

How Trading USD/CAD Works

The foreign exchange market is the largest of its kind, as its trading value is in the trillions. It is characterised by its high liquidity and volatility. If you wish to trade the USD/CAD, you can do so at any time of the day since the forex market as a whole does not close on a daily basis.

Trading is based on knowing how many Canadian dollars you need to purchase one USD, and the fluctuations of this value. Given its major status, pretty much all brokers on the web allow you to trade this pair on their platforms.

A peculiar aspect of the CAD and, in turn, the USD/CAD, is that it is very strongly affected by the global oil prices. As touched upon earlier, the Canadian dollar is a commodity currency. A large portion of its exports consists of oil, which means that the price fluctuations of oil strongly affect the value of the CAD and the country’s economy in general. In other words, when oil prices increase, so does the value of the Canadian dollar, which impacts the USD/CAD negatively. This is known as a commodity correlation.

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