July 15, 2021 Then there is TradingView, one of the fastest-growing platforms with over 50 million traders. This platform has advanced charts with over 110+ indicators and some tools to speed up your trading analysis. Although most traders will find the standard account best for you, they do have an Elite Trader Program. If you are a high-volume trader, you may qualify for this account, which requires you to turn over $10m in monthly trading volume. If you meet the program requirements, you will receive lower trading costs through rebates, thereby reducing your trading costs.
- Forex investors in Canada usually sign up to brokerages that offer the Canadian dollar (CAD) as a currency.
- CMC Markets is the best Canadian forex broker for beginner traders who want access to great educational resources.
- Based on published spreads, OANDA has the lowest forex spreads for Standard accounts, averaging 0.70 pips across the 5 major currency pairs compared with the industry average of 1.52 pips.
- Brokers such as this will either offer a fixed spread (which doesn’t fluctuate during trading hours) or a variable spread.
Demo accounts and online training courses are an excellent way to learn the basics and practice strategies. The broker’s Next Generation web trading platform and mobile app are both impressive. The app is a notable industry standout, with intuitive design, great research options and powerful trading tools, including charts and predefined watch lists. As this guide has highlighted, there are many brokers to choose from for Canada-based traders – many of which offer a trustworthy and cost-effective trading environment. By using this guide, you’ll be able to narrow down the options and choose a suitable broker that will allow you to trade the forex market safely and optimally. Some brokers will offer a ‘Standard’ account which will appeal to traders of all experience levels.
What are the best Forex brokers?
Online Forex brokers are an intermediary between a Forex investor and the currency pairs in which they wish to trade. XTB is one of the largest Forex and CFD brokers in the world with nearly 20 years of experience and offices in 13 countries. Like the other brokers listed here, XTB prides itself on providing advanced trading technology and good customer service while also relying heavily on trust.
The platform supports watchlists, advanced charting capabilities, as well as over 20 order types. CMC Markets is one of the more global brokers on this list with regulated offices in the UK, Australia, Singapore, and New Zealand. With over 10,000 financial instruments to trade, CMC definitely offers the widest range of markets for you to trade. CMC Markets has a wide range of platforms for you to choose from, including their next-generation platform and MetaTrader 4. Questrade is hands down a top choice for Canadian residents, and the reason for this is it’s a great platform that is based out of Canada and that offers forex trading, as well as stocks and CFDs. This is the only forex broker on our list that is headquartered in Canada.
Best Forex Brokers Canada – Conclusion
In this sense, Canadian laws are less strict than that of other developed nations. Trader Workstation is very customizable, but that might be a blessing in disguise for some – novice investors might find the user experience quite overwhelming. Founded in 1978, this brokerage has licenses in 6 tier-one jurisdictions, and currently has over $170 billion in customer equity. Whether you opt to trade onshore via Admirals’ in Canada or offshore through another entity with a Tier 1 license, you’ll find Admirals has the tools you need. With the simplicity of only one account type, Interactive Brokers only charges a USD $2.00 per order (scaling down the more you trade).
Why Are There Less FX Brokers in Canada? ⏬
Similar to these, IIROC enforces rules designed to protect clients against the insolvency of regulated brokers. As such, there are a number of strict conditions that brokers have to abide by in order to operate, such as minimum capital requirements and regular, comprehensive financial reports. The Zero Account uses STP or ECN-like trading execution which brings your spreads down to a minimum of 0.0 pips. Where Fusion Markets shines is their commissions which are some of the best in the industry. With Fusion Markets, you will pay a CAD 3.00 commission per side (CAD 6.00 round-turn). Eightcap is a MetaTrader specialist as they only offer the MT4 and MT5 trading platforms.
– The Best Broker Overall for Canada
We recommend Fusion Markets for Canadian forex traders based on their low fees, forex trading platform, and high leverage. Whether you’re a novice or an experienced trader, Fusion Markets has something for everyone. Use the forex brokerage calculator below to compare Fusion Markets to other global forex brokers (some don’t accept Canadian forex traders) to see how much you will save on a trade.
The latter explores the best stock, option and combination prices available at the moment you place your order and looks to immediately fill those orders electronically. IBKR Lite pricing plan allows for unlimited trading of US-listed stocks and ETFs with no commissions charged. The broker offers three types of pricing plans including Transparent Volume-Tiered Pricing, Fixed-Rate Pricing and Zero Commission US Stock Trading (IBKR Lite). Interactive canadian forex brokers Brokers (IB) allow Canadian citizens access to a range of small-cap, mid-cap and large-cap domestic and international stocks from a single retail investor account at low brokerage fees. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. Patrik Shore has nearly a decade worth of experience in the financial industry and has been writing for HelloSafe over the past year.
Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. These limits ensure you are protected from excessive risk https://broker-review.org/ in volatile market environments. The first step is to visit the website of the Forex broker where you want to open an account and navigate toward their account opening page. Follow the account opening process by providing a valid email or username, a strong password and all the personal information that is required.
Canadian Investor Protection Fund (CIPF)
For example, with a standard stop loss, you could slip a few pips while being taken out – especially if a volatile event has stopped you out. At least with a GSLO, you have peace of mind with your maximum loss should things go sour. However, if you are not tech-savvy enough to develop your own EAs, FOREX.com provides an MT4 plugin bundled with extra features to improve the platform. This is a personalised trading feedback tool, that helps you to improve your decision-making and trading performance. And If you are using WebTrader, AvaTrade provides a summary of overall long and short positions for all the main assets they offer.
For its Classic (no commissions) account, TMGM offers an average spread of 1.21 pips, while the broker had an average spread of 0.32 pips for its Edge (commission-based) account. These spreads were both top-4 of the cheapest brokers we tested, out of a list of 15. The Standard Account you get at OANDA is spread-based, with competitive spreads for an account of its type, starting at 0.6 pips. In fact, when we looked at published spread results against other brokers, OANDA had the most competitive spreads for a Standard account. OANDA averaged 0.7 pips against the industry average of 1.52 pips for the top 5 most traded currency pairs. To help you choose a broker, we compared the best forex brokers for Canada in 2024.
There is no reason to use a US-based broker, you should use a Canadian regulated broker. TMGM’s ECN model provides lightning-fast order execution, reducing costly slippages so you can fill your orders at the desired price. Ideal if you are a breakout trader who sets order limits to execute a trade on its earliest confirmation. As a bonus, you can make the alarm execute trades for you based on your settings.
Forex trading is heavily regulated in Canada, which is a plus for consumers, as forex trading in some parts of the world is rife with scams. It follows that the most important factor when choosing a forex broker in Canada is to verify that it’s properly regulated. Forex brokers will typically receive compensation for their services through two channels – commissions or spreads. Commissions tend to be a percentage of your position size and are essentially the broker’s ‘fee’.
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