- 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
My best experience
Streamlined and efficient
Best platform
I have been working in private banking for many years, and I can confidently say that this is the best investing platform I have come across. The combination of competitive fees and outstanding service truly sets it apart. In fact, the overall experience is superior to what some private banks are currently offering.
Very good User Interface
The Mobile & Desktop Apps are extremely user friendly. The data on each stock/listing is extensive and further filters/cuts can be added to have the desired view. The statements provide a detailed overview of activity and MTM report.
Excellent trading platform
During my more than 7 years of experience trading US stocks and ETFs with different 8 brokers I have yet to come across a broker that would top Interactive Brokers. I hope they keep up the good work.
The best broker ever
I have been a client of Interactive Brokers for more than 7 years now. I am a raving fan of their services. As a long-term investor I am more than satisfied with all the aspects of their work.
Great
Great
Best trading platform
The platform that I have been using since 2021
Best in Class
great prices, great selection on global markets and access - app could be more user friendly
Excellent platform
Using IB for more than 10 years and during this time I find it an excellent platform for the non-expert trading user
Best and Rich Trading Platform
Best and Rich Trading Platform in terms of costs and usability
top and easy App
Very smooth app, has two apps, the older one with all the information or a newer one which has a better UI, more updated etc.
Smooth, runs good, best fx exchange rates, can't complain at all
security
security and low rates
The best broker
Great broker, low fees, many options for traders.They give good interest on the money kept on the account,way more than competitors. Never had a problem with them,I use many brokers but Interactive brokers is the best for me.
Excellent and affordable trading platform
An industry powerhouse best suited for experienced and active traders who need institutional-grade tools and access to global markets. Its strength lies in low costs, superior trade execution, and an incredibly wide range of tradable assets, including stocks, options, futures, forex, and more, across numerous countries.
Best platform
Investing regularly in S&P works very well
Intuitive, informative and Economic value add
I have found this platform easy to use, trustworthy, informative each and every time I've used it. I would recommend to to anyone who is looking to invest privately.
Easy and efficient
Really helpful platform with easy layout and clear investment options
Best platform for investing in US equities
Definitely worth a recommend. Seemless in transactions both deposit and withdrawals. Very transparent and quick. No hiccups since I've started using this service.
IB
Best investing website
Review of services provided by Interactive Brokers
Execution : excellent
Brokerage : low
Support: prompt, knowledgeable, courteous and above all, helpful
Payout: quick and easy
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.
