ECN brokers adopt a computerized system known as Electronic Communications Network (ECN) to connect buy and sell orders in the foreign exchange market.

When you place an order, the ECN searches for another trader who wants to take the opposite side of your trade automatically.

Asides from that, the ECN displays the available buy and sell prices for your trade which you can use to determine the highest bid price and the lowest offer price for such trade.

There are various ECN brokers out there to choose from, so you should be on the lookout for those regulated by the Canadian Investment Regulatory Organisation (CIRO), former called Investment Industry Regulation Organization of Canada (IIROC).

The CIRO strives to protect the interests of the investors and traders, so you can rest assured trading with ECN brokers regulated by this body.

This guide gives a detailed analysis of the best ECN Brokers in Canada for trading in 2023. Keep on reading to discover them!

Show More

Comparison of Best ECN Brokers Canada

Forex Broker Regulation Maximum Leverage Minimum Deposit Overall Rating
CMC Markets


Visit Broker
Interactive Brokers


Visit Broker


Visit Broker


Visit Broker

Best ECN Brokers in Canada 2023

Below are the ECN brokers in Canada that made our list:

  1. CMC Markets – Best ECN broker with Zero Commissions
  2. Interactive Brokers – Best ECN broker with low spreads
  3. – Best ECN broker with real time news
  4. AvaTrade – Best ECN broker with 24/7 Customer Support

Now let’s discuss them in details:

#1 CMC Markets – Best ECN broker with Zero Commissions

EUR/USD Benchmark:
0.7 pips
Trading Platforms:
MT4 and Next Generation
Account Minimum:

CMC Markets was founded in 1989 by Peter Crudas with the aim of providing online trading services to the public. Over the years, this trading platform has gained prominence due to its pricing strategy and a wide range of over 12,000 tradable instruments.

CMC Markets is regulated by tier-1 regulators such as the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), as well as the CIRO.

It is also regulated by tier-2 regulators, which makes it an ECN broker that you can trust. The trust score lies at 99.

This trading platform has several awards to its name like Highest Overall Client Satisfaction 2018, Platform Features 2017, and a host of others.

Regulation: CMC Markets are regulated with CIRO as CMC Markets Canada Inc.

Trading fees: CMC Markets charge spreads on trades on the platform, majors like EURUSD have an average spread of 0.7 pips. You can trade currencies, commodities, ETFs, and treasuries with no commissions. When trading shares, you pay commission fee of $8 per round turn, this amount can vary depending on trade size. Swap fees apply for overnight open positions.

Available Platforms: MT4, Web Platform, Mobile Apps (compatible with Android and iPhone). CMC Markets also supports Next Generation which is its proprietary trading application available on the web and mobile devices.

Funding/Withdrawals: You can fund your account by wire transfer, personal cheque or EFT such as PayPal in your name, as funding from third-party sources is not allowed. Deposits take between 24 hours, 3 business days and up to 5 business to be credited for bank wire transfers, EFT and personal cheques respectively. Only the wire transfer method attract a fee of $15 per transaction, others are free.

Withdrawals can be made to bank accounts via wire transfer or EFT such as PayPal. All withdrawals are processed in 1-2 business days, depending on the withdrawal method.

Customer Support: CMC Markets has excellent customer support with a quick response time.

However, it is available 24 hours, Mondays to Fridays only. CMC Markets won the award of Best Customer Service in 2018.

#2 Interactive Brokers – Best ECN broker with low spreads

EUR/USD Benchmark:
0.2 pips
Trading Platforms:
Client Portal, Trader Workstation, IBKR Mobile
Account Minimum:

Interactive Brokers is an international ECN brokerage platform worth investing in. This award-winning trading site provides investment opportunities to several global clients, including those living in Canada. It offers various trading options, such as forex, stocks, cryptocurrency, etc.

Users that wish to trade forex have over 20 trading pairs to select from and execute trades.

Interactive Brokers supports numerous trading tools you can choose to analyze the market. It integrates with powerful third-party tools like portfolio management software, which could be used to manage and analyze your trading portfolio.

You can open, track, and control multiple trades simultaneously with a single account on Interactive Brokers. Both institutions and retail traders find this platform handy because of the streamlined interface and extensive features it supports. Beginners also find it helpful as it helps them learn faster at a zero-cost fee.

Regulation: Interactive Brokers is regulated by CIRO as Interactive Brokers Canada Inc.

Trading fees: Interactive Brokers charge commission fees starting from $1 per trade and can be up to
$14.95, depending on the instrument and value of equity. The broker also has spreads with an average of 0.2 pips for EURUSD. The spreads reduce as the value of your equity increases. Swap fees are charged on positions that are kept open overnight.

Available Platforms: Interactive Brokers offers a number of proprietary trading applications such as Client Portal, Trader Workstation, IBKR Mobile. These can be access on mobile devices (Android and iOS) as well as web versions and desktop apps.

Funding/Withdrawals: Funding your Interactive Brokers profile is straightforward as the platform offers many deposit options, such as Wire transfers and EFT. Deposits reflect in your trading account with 1 to 5 business days for EFT (e-wallets) while bank transfers deposit can be credited within 1 business day.

Withdrawal of funds is also simple on Interactive Brokers. This online trading service lets you withdraw freely once a month. Subsequent withdrawal within the same month attracts charges. The time taken for funds to land in your account range from 3 to 8 days, depending on your selected withdrawal type.

Customer Support: Interactive Brokers offers quality customer service. The technical team is always available 24 hours for five (5) days a week to respond to customers’ queries. Replies don’t take time, as the team works tirelessly to ensure everything you need is met promptly.

#3 – Best ECN broker with real time news

EUR/USD Benchmark:
1.2 pips
Trading Platforms:
MT4, Mobile App, Web Platform
Account Minimum:

Owned by Gain Capital, GCAP, is another trustworthy ECN brokerage site that offers quality trading services to clients worldwide. It’s selected as one of the best ECN brokerage facilities in Canada because of its simple interface, tight spreads, transparent pricing, quality executions, etc.

Another feature that sets this platform apart is the real-time market news. With, you can trade several markets easily and quickly. It offers forex, commodities, indices, and stock market trading. It provides advanced data analysis tools to analyze trades before setting orders. integrates with multiple trading platforms, such as MetaTrader 4, Web Trading, and the popular ForexTrader Pro. The online trading platform boasts excellent end-to-end encryption. Thus, users don’t have to worry about data theft.

Regulations: is registered with CIRO and is mandated to adhere to the CIRO standards. is regulated in Canada as GAIN Capital – Canada Limited. The broker is also regulated by other bodies in other regions of the world.

Trading Fees: charges commission of $7 dollars per trade on the Raw Pricing Account, while the DMA Account has commissions of $80 per trade and the Standard Account has no commission fees. The broker also charges spreads with an average of 1.2 pips for EURUSD and swap fees are paid on overnight positions.

Available Platforms: supports the MetaTrader 5 and MetaTrader 4 trading applications. The broker also offers their proprietary trading application platform in both mobile and web versions.

Funding/Withdrawals: provides several deposit options you can select from to fund your trading account. It lets you add funds via your VISA credit/debit cards, wire transfers, Skrill, and Neteller. The fund usually takes 30 minutes for cards and e-wallets and 1 day for bank transfers to reflect in your trading account.

Funds withdrawal on is simple and quick. The platform permits you to withdraw funds to linked debit/credit cards. You can also send the funds directly to your bank account via wire transfer. Withdrawals are processed within 24 hours, although it may take longer to reach your account depending on your financial institution.

Customer Support: has the best customer support team that is forever available to attend to you. The support team is made up of experts who have got a wealth of knowledge in trading. customer support works 24 hours daily for five working days.

#4 AvaTrade – Best ECN broker with 24/7 Customer Support

EUR/USD Benchmark:
0.6 pips
Trading Platforms:
MT4, MT5, AvaTradeGo, AvaOptions
Account Minimum:

AvaTrade is a renowned trading platform that lets you execute trades effortlessly. It’s nicely designed with a friendly interface that enables beginners to navigate easily without requesting help from third-party agents.

The platform is equipped with several educational resources, such as videos and articles, that you can read through to enhance your trading skill. AvaTrade has a large customer base as it offers brokerage services to clients in Europe, Australia, Japan, Canada, and the Middle East.

AvaTrade offers over 50 currency trading pairs to trade in the forex market. Users can also open commodities, stocks, and crypto orders as the platform support CFDs. AvaTrade ECN brokerage is fast and reliable.

Regulations: AvaTrade complies with CIRO rules and regulations and is regulated in Canada under the Friedberg Mercantile Group Limited.

Trading Fees: AvaTrade does not charge commission fees for any trade you execute. However, it does spreads with an average of 0.6 pips for majors like EURUSD and swap fees on overnight positions that are open.

Mind you, these fees change over time, so you need to check with the platform often.

Available Platforms: AvaTrade integrates with some of the best trading platforms you know. Some of them include; MetaTrader 4, MetaTrader 5, and AvaTrade’s proprietary WebTrader. Also, you have the AvaTradeGo- an excellent mobile trading app with advanced features built by AvaTrade and AvaSocial for copy-trading.

Funding/Withdrawals: AvaTrade lets you fund your account in two ways; via bank transfer (takes up to 10 business days) or credit/debit card (instantly reflects in your trading account). No rigorous process is involved. You can deposit funds and start executing trades with just a few clicks.

Funds withdrawal is quite similar. It takes a few minutes to 24 hours for AvaTrade to process your withdrawal request, after which the funds will land in your account 5-10 days later, depending on the county in which your bank is situated.

Customer Support: AvaTrade offers excellent customer service to end-users. The award-winning team works 24/7 from Sunday to Friday. You can also reach out to the support team on holidays.

What is an ECN Broker?

An ECN broker is a financial intermediary designed to help clients trade the currency market. It connects buyers and sellers using Electronic Communications Networks- an advanced technology that matches market participants.

ECN Broker vs STP Maker — What is the Difference?

ECN and STP brokers are the most common type of CFD brokers. While they both facilitate trades in the Forex market, there are distinct differences between them. As you already know, they connect you to liquidity providers like other banks and other traders.

On the other hand, STP brokers, while also connecting traders to liquidity providers, may use a dealing desk to execute trades. This might lead to conflict of interest because your broker might act as a counterparty. The only edge STP brokers might have over ECN brokers is faster execution speeds.

Advantages of ECN Broker

Here are some of the benefits of an ECN broker:

  1. It lowers the bids and asks spread of a financial asset.
  2. Quick execution of trades.
  3. Low commission fees.
  4. It offers flexible trading services.

How to verify IIROC Regulation on your ECN Broker

If you are not sure if your ECN broker is IIROC regulated, you can find out by visiting your ECN broker’s homepage. Scroll down to the bottom of the page and check out for any regulatory body it may belong to.

You would see something like this: This (ECN Broker) is a member of the Investment Industry Regulation Organization of Canada (IIROC) and a member of the Canadian Investor Protector Fund.
To confirm this, open the IIROC website ( and search for your ECN broker name in the search button or go to the Dealer Member or Advisor Report section.

How Do ECN Brokers Make Money?

Here is how ECN brokers typically generate revenue:

1)Commission: ECN brokers will charge you a commission for each trade executed. This fee is usually a small amount per lot that you trade and can be found on your broker’s website. The commission model ensures that your broker makes money directly from your trades.

2)Spreads: ECN brokers offer tight spreads. This means that the difference between the bid and ask prices can be very low. Though it may be little, your broker will still make some money from the tight spreads.

3)Data Fees: As a retail trader, you will have access to real time market data. However, your broker might offer a premium data service for some traders that need the most recent data within a certain time period. This will come at an extra cost to such traders.

4)Private Server Fees: An ECN broker may offer VPS (Virtual Private Server). This server ensures that you trade with low latency. It also grants you a good connection with trading servers. Hosting your trading on VPS might attract some fees, generating money for your broker.

It’s important to note that the transparency and direct market access provided by ECN brokers align their interests with yours, since they do not profit from your losses. You should carefully review the fee structure of any ECN broker before opening an account.

FAQs on Best ECN Brokers Canada

Is Trading Profitable?

Forex and CFD Trading is very risky, with a high chance of you losing all your funds. Over 75% of traders lose their money while trading CFDs. You should have enough understanding of the market before trading.

Which brokers are true ECN?

ECN brokers in Canada include, CMC Marketers, Interactive Broker and AvaTrade. These brokers use the Electronic Communications Network (ECN) system to connect buy and sell orders in the foreign exchange market.

How to choose an ECN Broker in Canada?

Firstly, confirm that the ECN Broker is regulated by the CIRO. Then you can make a choice based on the information provided in this article. Choose an ECN broker that perfectly suits your needs.

CMC Markets is our #1 rated ECN Forex BrokerVisit