Eightcap offers the best range of cryptocurrency products for Canadian clients that we’ve encountered. This is because a lot of brokers regulated by CIRO don’t offer crypto products. Eightcap, on the other hand, is not regulated by the Canadian regulator, instead, by an offshore regulator, SCB in the Bahamas. While the Standard account has no commission costs, you will pay higher average spreads of 1.19 pips across the USD majors. When we tested the platform, we found the UI was well designed, presenting extensive charts and 100+ trading indicators without appearing cluttered. This is especially important given that OANDA Trade has charting powered by TradingView and AutoChartist, making it a good choice for traders who like analytics.
Australian-owned, IC Markets is the largest broker by volume, with 25 global liquidity providers, allowing them to consistently offer tight ECN/STP spreads. IC Markets also scored highly with us in terms of low trading costs, choice of trading platforms, and range of markets. Newer traders looking to minimize costs while enjoying a low barrier to entry will like AvaTrade’s competitive spreads, no-commission trading structure, and low $100 account minimum. The platform supports a wide range of trading instruments, including forex, CFDs, cryptocurrencies, and more, allowing beginners to explore different markets and diversify their portfolios. Of all of the brokers offering trading services in Canada, FOREX.com offers the most currency pairs we’ve seen, with 84. We also scored FOREX.com highly in its trading platform offering (8/10), education (9/10) and trust (7/10).
To start trading forex, you will need to open a trading account with a forex broker. After the Account Opening is processed, you will need to deposit funds so you can open a trade. Once you have funds in your account, you can start placing orders to buy or sell currency pairs. MT4 is the most popular forex trading platform, MT5 is ideal for shares and CFD trading, cTrader is great for depth of market hotforex broker review trading and TradingView is a superior charting platform.
The forex markets exist as spot markets, as well as derivatives markets, offering forwards, futures, options, and currency swaps. Investors trade in the forex markets as a hedge against international currency and interest rate risk, as a means to speculate on geopolitical events, and to diversify their portfolios, among other reasons. FOREX.com requires high account balances to start earning interest on uninvested cash, however, and a very high volume of trades is needed to benefit from active trader discounts. CMC Markets meets the needs of a wide variety of traders and the plethora of strategies they trade.
Can You Trade With 1:500 Leverage In Canada?
I opened a Forex & CFDs account with the investment bank offering over 450 trading and investing products and was impressed by the overall transparency of the website. Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money. 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.
Pepperstone: Best for Advanced Traders
Out of all our tests, Interactive Brokers had the most advanced tools, pricing, and markets, making it a compelling choice for professional traders in Canada. This is especially true if you want to trade more complex markets like futures and options in addition to traditional CFD trading. In fact, the CMC Market had the overall lowest spreads on the major pairs, averaging 1.11 pips, making it the cheapest standard account based on the results. Compared to other brokers, the selection is lacking across the board, with most brokers like Forex.com and FXCM offering 2,000+ markets and 70+ forex pairs. Plus, if you use the MT4 platform on AvaTrade, you won’t have the option to trade shares as the platform doesn’t have the infrastructure for it. FXCM is a well-established forex broker, but what stands out for us is that FXCM offers over 50+ trading tools that can make your trading smoother.
Best Offering of Investments – Interactive Brokers
- Lastly, OANDA also offers a range of technical analysis tools and an expansive education suite, making the broker particularly suitable for beginners.
- A CIRO-regulated forex broker is a forex broker that is regulated by the Canadian Investment Regulatory Organization (CIRO).
- If you’re a professional trader looking for an ECN broker offering interbank market spreads, then FXTM could be an option.
- Measures imposed include strict limits on margin requirements, segregated funds along with access to the Canadian Investor Protection fund should their broker become insolvent.
If we average out the results, Fusion Markets has the lowest overall average of 0.22 pips. In addition to MT4 and MT5, Australian traders can also use the IRESS tradign and Mottai platform for trading on over 10,000 shares. These platforms have DMA trading (Direct Market Access) and if you are outside Australia can use cTrader and TradingView. FP Markets is our top choice for scalpers due to the unrestricted trading on its MetaTrader platforms.
You are still advised to choose a CIRO-regulated broker but do note that some CIR-regulated brokers do not accept residents of Alberta since ASC requirements are too restrictive. Yes, according to the Ontario Securities Commission (OSC), forex trading is legal in Ontario. However, you will find many CIRO-regulated brokers don’t accept residents of Ontario as OSC requirements are too onerous. In fact, the MT4 platform is the most popular trading platform and is offered by brokers such as Admirals, OANDA, CMC Markets, and Forex.com to name a few. CMC Markets has an impressive NGEN platform, the broker’s own user-friendly trading platform and comes equipped with advanced charts and tools that challenge TradingView’s charts.
What made a strong impression on me is that FxPro is able to execute up to 7000 orders per second, which is why I consider the broker your best option if you value fast and precise trading. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. It’s always recommended to choose a broker that is well-regulated and reputable.
This feature allows you to test your trading in a live environment without Forex Brokers risking too much to begin with, helping you grow your confidence by risking your funds. As you can see in the image below, we have an order to open a EUR/USD position with one unit, requiring only a 0.07 CAD margin. With OANDA Trade, you can start trading with small lot sizes, even less than a micro lot, as low as one currency unit. This flexibility offers a low-risk transition from demo to live trading, perfect for easing into risking your own funds.
At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two. Plus500 US makes it simple for new traders to get started in forex futures trading with a low minimum deposit, a beginner-friendly platform, and helpful educational resources. During my assessment, the live chat support was among the best I have encountered. If you are a US trader looking to test out forex futures trading, Plus500 US might be a good fit. AvaTrade maintains good execution standards – the broker has all the necessary documentation but does not state its average execution speed.
The core facts considered were fees (spread and commissions), trading platform, customer service and overall trading experience including execution speeds. Our testing showed that interactive brokers offer low trading costs that improve with higher trading volumes, making it an ideal set-up for professionals. The broker only offers a commission with a tight spread account, and the highest commission rate is $2.00 per lot traded, which is the lowest out of the CIRO-regulated brokers. CMC Markets is another trusted industry veteran that delivers a best-in-class product for active traders, and those seeking a cutting-edge trading experience.
By being licensed and authorized by the Financial Markets Authority (FMA) of New Zealand, I assessed that BlackBull is indeed a very safe and trustworthy broker. Trading conditions are an important consideration to make because when it comes down to it, you want a smooth and seamless trading environment to avoid slippage and a clunky trading experience. The minimum deposit refers to the amount of money that’s required to open an account with a given broker. A minimum deposit can vary between $0 or $1000 (or more), depending on the broker. You will need enough in your account to meet margin requirements when opening a position even if the broker has no deposit requirement. While both brokers accept clients from the UK, If you are in the US, Canada or Europe FOREX.com will be for you while City Index also serves Australia and Singapore.
There is no one way to be profitable in investing, but forex traders tend to do well when they have a defined trading strategy, control their overall trading exposure, and are mindful when using leverage. Saxo stands out for its wide-range of investable assets, including access to stocks, bonds, mutual funds, forex, cryptocurrencies, commodities, and options. Traders can express their forex trades using either spot contracts, options, swaps, CFDs, or forwards. While Saxo does offer the ability to trade cryptocurrency, this can only be done using derivative products. More than half the companies we reviewed charge inactivity fees, and AvaTrade is one of them.
The broker provides access to popular trading platforms like MetaTrader 4, MetaTrader 5, and cTrader, each equipped with advanced tools, customizable indicators, and automated trading capabilities. Founded in 2004 and headquartered in Warsaw, Poland, XTB is a favorite broker among cost-conscious forex traders. XTB offers zero-commission trading on standard accounts, has no deposit minimums, and pays 5.2% interest on uninvested cash. This transparency extends to other aspects of its service, including withdrawals and deposits, where XTB maintains low or no fees, depending on the payment method, lending to improved profitability over time. We like OANDA because the broker gives you access to a vast range of markets and trading products, including 69 Forex pairs. It features raw spreads from 0.0 pips and a $5 round-turn commission per traded lot (100,000 units).