- 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
I’ve had a good experience with Interactive Insurance Brokers with the platform giving full access to many options for the US stocks
frequency and quality of improvement has taken IBKR further ahead of the pack
i noticed IBKR improving its Trading Platforn - IB Trader Work Station frequently and it keeps getting better and better.
Great and Valuable guidance
Research based guidances are provided without considering any own benefits
ibkr is all in on trading platform
with 3 platforms differs in experience level it is best for all trading activity
Investing is simple
There is no minimum investment and the costs of investment are very low, so my profits will be bigger
Best Broker Ever
I have been using IBKR for 7 years and will use it for the rest of my life. They helped achieved my financial independence which is priceless
Great Platform
Interactive Brokers is a great platform to invest in many markets worldwide. It is fast, works well and competitive in its fee structure
Solid and comprehensive service
Everything I wanted from a trading platform
Best Trading App
Very good trading app. Easy to learn and easy to trade. Has all it needs
Very Happy Customer
I’ve been using Interactive Brokers for my trading and investing, and I’m genuinely happy with their service. The platform is robust, reliable, and transparent, offering access to a wide range of markets and instruments that few other brokers can match.
I especially appreciate their competitive fees and tight spreads, which make a real difference for active traders. The research tools, charting options, and order execution speed are excellent, and I’ve always found the system stable even during volatile market sessions.
Their customer service has also been responsive and professional whenever I needed support. It’s clear that IBKR is focused on providing value to serious investors and traders.
Overall, I highly recommend Interactive Brokers for anyone looking for a professional-grade trading platform. They’ve earned my trust, and I look forward to continuing my journey with them.
Safe & Big
Very safe and biggets platform for investment in global ETF.
Accessibility
Low fees, variety of services
Best Rates.
Very good and reliable broker. Beside wide choice of instruments, they pay US Fed Current Rate% - 0.75 (service) straight to your account daily on your free money. That means 3% now and up to 5+% when the Fed rate was 5.75%. There in no other broker like this.
Value for money and time
Great app with all latest features and instruments
Great option for Dubai based expats
Interactive brokers is very reachable, moreover very cheap to execute the orders and reports are very detailed and simple to understand, you have access to several stock and etf much better than my former german banks or turkish bank. My second investment account at SAXO is way primitive to compare to IB
Amazing service
In my opinion, Interactive Brokers is the best online Brokerage available in UAE. I started with them 1 year ago. Lowest buy and sell fees back then but also the best marginal interest rates for both AED and US dollars. In addition if you need to exchange money to any other currency, you are achieving it on the best rate at the minute on the international market. Bravo !
USING FROM 2021
USING FROM 2021, Best research reprots available
Best commission scheme
IBKR has almost the lowest commission scheme for trades and has a friendly platform with no hidden fees
Excellent broker
Excellent service
Wide range of exchanges and trading products. Awesome Trading.
I have used Interactive Brokers for many years. Traders workstation on PC is complex but extremely powerful and informative (charting, company information, market prices, news, financial reports / ratios, analyst information). The iPad platform is very convenient for trading on the go. Bonus features beyond stock trading include trading options; Broker Interest on Cash Deposits; Automatic currency conversion on fx trades; and the Managed Securities - Stock Yield Enhancement Program. Other trading platforms which I have used have only have a fraction of the information and features.
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.
