- Good Money Guide experts rate Interactive Brokers highly for its low-cost, professional-grade forex trading services, highlighting its competitive pricing, extensive market access, and powerful trading tools. However, they caution that the platform's complexity may be challenging for beginners, who might prefer a more straightforward pricing model and additional support.
- Across 1375 user reviews on Good Money Guide, averaging 4.6/5, customers frequently commend the platform's low fees, broad market access, and efficient execution speed. Many users appreciate the advanced tools and comprehensive service offered, although some express concerns about the complexity of the platform and the responsiveness of customer support.
Interactive Brokers Canada Forex Trading Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.Our experts have rated Interactive Brokers Canada Forex Trading across five key areas of our review framework.
- Pricing5.0
- Market Access5.0
- App & Platform5.0
- Customer Service4.0
- Research & Analysis5.0
Pros
- Institutional FX pricing
- Huge market access
- Powerful trading tools
Cons
- Complex for beginners
- Less hand-holding
- Advanced platform learning curve
See full expert review
Our verdict
Interactive Brokers is one of the strongest choices for experienced Canadian forex traders, particularly those who also trade stocks, options, futures, bonds and ETFs. Unlike many retail forex brokers, IBKR provides access to interbank currency quotes from major FX dealers, with transparent commission-based pricing rather than wider spread markups.
Is Interactive Brokers good for forex trading in Canada?
Interactive Brokers is a low-cost, professional-grade broker for Canadian traders who want direct FX pricing, global markets, advanced tools, and institutional-style execution.
Pricing
Interactive Brokers is highly competitive on forex pricing. Commissions range from 0.08 to 0.20 basis points of trade size, and spreads can be as tight as 1/10 of a pip on major currency pairs. This makes IBKR particularly attractive for larger or more active traders. However, smaller beginners may find the pricing model less straightforward than brokers that bundle costs into the spread.
Market Access
Market access is a major strength. IBKR offers more than 100 currency pairs across 28 currencies, as well as stocks, ETFs, options, futures, event contracts and bonds. For Canadian traders who want one account for global multi-asset trading, Interactive Brokers is hard to beat.
Platforms & Apps
IBKR’s Trader Workstation is one of the most powerful platforms available to Canadian traders. Its FXTrader tool provides streaming quotes, executions, positions, average price, P&L and order management built specifically for currency trading. The trade-off is complexity: the platform is excellent for professionals, but can feel intimidating for less experienced traders.
Customer Service
Interactive Brokers Canada is regulated by CIRO and is a member of the Canadian Investor Protection Fund, which adds reassurance for Canadian clients. Customer support is comprehensive, though the overall experience is more functional than hand-holding, reflecting IBKR’s focus on self-directed, execution-only traders.
Research & Analysis
Interactive Brokers provides strong market data, trading tools and portfolio analytics, but its research experience is geared towards traders who already know what they are looking for. It is excellent for analysis, execution and risk management, but less suitable for beginners wanting simple trading ideas or educational guidance.
Customer reviews for Interactive Brokers
Customer ratings come from reviews left on this site. Every review is read and approved before it is published.Based on 1,375 reviews
- Excellent74%
- Very good14%
- Basic7%
- Poor2%
- Bad2%
Read customer reviews
IBKR the best trading platform in the UAE.
A user friendly platform that covers a large range of stocks and ETFs world wide.
Very close to perfection
Keep it up
盈透很棒
盈透平台非常人性化，费率很低，对客户很友好，我是从sexo bank过来的，深有体会
Amazing Platform
Easy to use very friendly. Reliable service always accessible. Great tech support in case of an issue. Wide access to many markets
The lowest fees and the widest range of instruments.
Interactive Brokers is a rare case where you can actually gain direct access to major exchanges like NYSE, CME, and many others around the world. Their service fees are suitable for both long-term investors and active intraday scalpers. Whether you want to passively invest in a stock index ETF like SPY or build complicated options strategies, Interactive Brokers will serve you well in both cases. You can deposit any major currency, such as GBP or CHF, and convert it to the one you need at actual interbank rates without paying the disgusting 1-2% fees that banks charge. Overall, 5 out of 5.
Great platform
No nonsense here. This is a platform that is transparent, powerful and rewarding. You will slowly but surely build you wealth using the tools that are built in. It takes only a short time to know all that it has to offer.
Easy and proactive
Fast transactions, low charges and very easy platform.
Most reliable platform
I didn't have to check which platform to use when I started investing IBKR is the most reliable, trusted partner, international company, NYSE listed and been in the business for many years. I always recommend it to friends/family. It's my pleasure to waste a minute writing this because trust me they are worth more than a minute.
Best trading app
Ibkr is best trading
The onl missing to be linked with uae banks
Other trading platform are scam no penny stocks no premarket after market .. there platforms stuck and higher hidden fees.. however ibkr best ever app www with mult options
IBKR: making it easy for novice traders 💪
IBKR has a great app, allowing very simple trading if you are not a seasoned trader.
IBKR the most reliable.
Most reliable brokerage firm for international investing.
Best platform
Simple and very clear
The easy to work account
One of the best and reliable brokerage for exposure to international investment and trading
Best Platform for investment and trading
IBKR IS THE BEST PLATFORM FOR GLOBAL INVESTMENT
Excellent
Excellent in all aspects
Smith / Quick / Out of Hours Platform
really smooth platform that is quick and easy to use and does what is says on the tin -
Highly recommend
Interactive Brokers
Interactive have been always supportive in my trading journey.
Best pro app
Best app in all terms and features.
Great for long term investment
One of the best brokers your money is safe in the long term investment
Safe and professional
The best and safest platform, easy and professional platform
Yes. Interactive Brokers is legal for forex trading in Canada and regulated by the Canadian Investment Regulatory Organization (CIRO), with client protection through the Canadian Investor Protection Fund.
It offers direct access to interbank FX quotes, more than 100 currency pairs, and professional trading tools for experienced investors and active traders.
Interactive Brokers is best for confident traders who want institutional-style pricing, global market access, and advanced platforms rather than a simple beginner-friendly forex app.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
