No matter what you do, make sure that the forex broker also offers good security, aside from the low cost of transactions. The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more. AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders.
Hence, knowing some of the regulated forex brokers in Canada is a good head start. One other very important thing to consider when choosing the right forex broker is the trading platforms available. Trading activities can only take place on forex trading platforms.
TMGM has excellent trading platforms
Each province has its own regulatory body that can provide additional rules over and above IIROC requirements. For example, residents in the province of Alberta have to meet additional conditions, such as their net worth and level of trading experience, before being permitted to open a Forex trading account. Fortunately, many of the local layers of regulation have been recently harmonized, making it more consistent nationally. On IB, Canadian traders can trade over 100 forex pairs with spreads as low as 0.2 pips. At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories.
OctaFX in Canada offers around 35 forex currency pairs to trade with spreads from 0.2 pips. Established in Australia, Eightcap is an online Forex and CFD broker and is unique in offering the best range of cryptocurrency markets for Canadian clients. This is because a lot of brokers regulated by IIROC 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. Canadian clients’ funds are kept fully segregated from OANDA’s own corporate accounts in client trust accounts at top-tier financial institutions.
To trade Eightcap’s full range of cryptos, however, you need to use MetaTrader 5 if you want (E.g. AUD and CAD). IBKR TWS Application Programming Interface – suitable for clients who prefer to create trading software or automated trading programs of their own. 50+ drawing tools and charting indicators to perform detailed analysis. To get access to TMGM’s full range of over 12,000 shares 24 hours a day, you will need to trade with IRESS ViewPoint.
Between 74-89% of retail investor accounts lose money when trading CFDs. Only the best Canadian forex brokers have made it into our ranking system. We also made a list of a mix of local and overseas brokers on our accepting client’s comparison. Our proprietary star ranking system ensures that you will avoid scam FX brokers. The selection of top forex brokers in Canada was narrowed down to only 4 names, so forex traders won’t get overwhelmed trying to find a broker to fit their needs. Both accounts offer ECN pricing and execution, the main consideration is trading costs.
As an IIROC-regulated entity, OANDA is also a member of the Canadian Investor Protection Fund . What this means for traders is that all retail investor accounts will be compensated for up to CAD 1 million in an event of broker insolvency. Canadian traders looking for the lowest cost broker should choose Fusion Markets. The broker achieves low costs through industry-low commission costs, tight spreads, and low ancillary fees.
For example, Autorite des Noves financiers supervises the Quebec financial sector activity and, under its provisions, regulated brokers need to provide further protection to Quebec residents. Also, among the financial institutions in Canada, the Alberta Securities Commission has the tightest regulations. Eightcap offers a smaller range of 40 Forex pairs, but where the Australian broker stands out is in its crypto and stock offering, with over 250 Cryptocurrencies and 400 stocks available, to trade. Eightcap’s spreads are competitive when looking at ECN-type accounts as highlighted below. This module captures the average spreads that brokers publish on their websites, which we update monthly.
The trading eBooks are designed to help novice traders build their trading skills, as well as guides on how to trade using trendlines and how to recognize patterns or essential guides to day trading. If a Canada-based institutional investor trades $355 million volume in a month, its commission for trades for that month will be $35 per million traded, or 42% less compared to the standard commission. To hedge investment risk, FP Markets also offers precious metal assets such as gold and silver and a wide range of other commodities like energy, metals, and agricultural products. Spreads for 60 currency pairs are available including CAD/USD, GBP/USD, AUD/USD, and EUR/USD. TMGM offers a variety of markets including Forex and CFD products including, Indices, Shares, Precious Metals and Energies. This platform is only suitable for traders wishing to trade shares.
canadian forex brokers at Vantage start from 0 pips on forex with over 40 forex pairs available. Although Forex.com operates in Canada, the broker does not allow accounts to be opened in CAD. CAD deposits and withdrawals will cause a currency conversion fee. We should note that IIROC-regulated investment firms are members of the CIPF.
Canadian traders looking to use fixed spreads for their trading should turn to Friedberg Direct, powered by AvaTrade. AvaTrade is a reputable forex and CFD broker running the Friedberg Direct trading platform technology. Friedberg Direct was founded in 1971 and forms one of the largest independent brokers in Canada. Our research team conducts thorough testing on a wide range of features, products, services, and tools . We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
- This is incompatible with Islamic finance principles, so Islamic Forex accounts were created to meet this gap in the market.
- So, the broker needs to be secure before you give the broker your money.
- In Canada, it is possible to open CAD or USD accounts with CMC Markets.
- They will provide great support by email, live chat and even over the phone.
- Once you have chosen the best Forex broker to meet your needs, you can choose the best Forex trading platform and the account type that is suitable for your trading.
That means client money is held separately from the company’s assets. If a Forex broker fails and goes out of business, clients’ money will be protected and distributed back to the clients. It is easy to verify which Forex brokers in Canada are covered by IIROC. You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information. Some Forex brokers in Canada also put this information in the “About Us” section of their websites. You can visit IIROC’s website directly where it will list which Forex brokers in Canada they cover – this is the best way to verify that the information provided by the Forex broker in Canada is correct.
In Canada, it is possible to open CAD or USD accounts with CMC Markets. Even though Vantage is not IIROC regulated, they are still well-trusted in the sector and accepted for trading in Canada. Trading Forex and CFDs with leverage poses significant risk of loss to your capital. Cryptocrusher and The Amazing Trader are two recent additions to Eightcap’s suite of platforms.
Over 100 https://broker-review.org/ instruments are available for you to trade including forex, stocks, commodities, indices, forex options, and bonds. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research.
One other thing to consider when looking for which forex company is the best is the speed of trade execution. If not, you will not be able to enter a trade at a desirable price. You should only consider a broker that will process trade fast. Such a broker will enable you to enter a trade at the best price for that order.
- AvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads.
- Click the button below to get unlimited, free access to a demo account that comes equipped with $100,000 in virtual funds.
- If your broker is regulated, you can conveniently sleep with both eyes closed.
- The most common of all forex trading platforms is the MetaTrader 4 trading platform.
We also provide the information in a readable manner to enable everyone to make sense of it. So, you can trust us to lead you by the hands so that you can become a more productive forex trader. The bulk of Canadian retail Forex trading volume occurs via international brokers, but many have restrictions on accepting Canadian-resident clients. Eightcap onboards Forex traders from Canada via Eightcap International, a subsidiary in St. Vincent and the Grenadines, operated by CLMarkets Limited . It allows Canadian Forex traders to manage portfolios in a competitive environment, including higher leverage versus Canadian-based brokers and lower trading fees. Negative balance protection basically can prevent you from losing more than you have in your account.
The best forex brokers Canada will offer free news feed on their platforms. You will find great technical tools on good forex brokers also. These charting and technical tools will equally be very easy to use.
With CMC Markets, over 330 forex pairs can be traded with spreads as low as 0.7 pips. Oanda offers the option of opening CAD accounts in Canada, so traders avoid conversion fees. The Canadian entity of FXCM provides more than 40 forex pairs with spreads from 0.2 pips.