Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. The SMART Signals tool also uncovers forex price patterns from dozens of major markets. Friedberg Direct provides a range of trading products through the MetaTrader 4 platform. With tight-fixed spreads, you can take advantage of the market’s volatility without being punished by variable spreads.
Honorable mention to Michael Lombardo head of equities with whom I do business from the start. However, it might be that you live in Canada but are not a Canadian resident or citizen, if this is the case, you can use a broker outside Canada. For this reason, we have included brokers that will accept Canadian traders. Friedberg Direct, via AvaTrade, offers a good range of 37 FX and 42 FX options trading products. The base currency you choose will affect the minimum deposit requirements to open an account and the margin requirements to trade.
- 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.
- Our testing reflected this, with TMGM being the fastest CIRO-regulated forex CFD broker.
- We got access to them as soon as we opened a trading account with OANDA, which we did without funding the account.
Those newer to forex trading may do better using its web-based Client Portal or the IBKR mobile app. Interactive Brokers offers over a hundred forex pairs for trading as part of a notably large range of tradable products; note, though, that CFDs are not available for Canadian clients. In Canada, very few brokers can match up to the industry experience OANDA has gained over the last 25 years. Pioneering the technology to make trading accessible to retail traders has allowed OANDA to provide a cost-effective trading account with great customer service. The range of trading platforms will suit most traders while offering advanced tools, such as the Open Order Indicator, making OANDA our recommended best broker overall. Forex trading has gained immense popularity over the years, attracting both novice and advanced traders from all around the world.
We think this makes Eightcap one of the best brokers for low-spread STP/ECN forex trading accounts, with spreads being 0.0 pips around 50% of the time and averaging 0.02 to 0.10 pips for EUR/USD. You can view our lowest spread forex broker page to compare Eightcap to other Canadian brokers. If you are an experienced trader who wants tighter spreads, the Edge account will suit you more.
Why We Chose Interactive Brokers
CMC Markets offers the second-most competitive Standard account spreads we’ve tested, with average spreads of 1.11 pips. You can also open an FX Active, commission-based account if you are a high volume FX trader. The $5 commissions you pay per round turn are competitive from what we’ve observed, compared to the industry average of $7 round-turn. Between 74% and 89% of retail investor accounts lose money when https://forex-review.net/ trading CFDs. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
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. Popular approaches to trading the Canadian dollar as the base currency often involve either the Japanese Yen or the euro (the CAD/JPY or EUR/CAD pair).
Risk and Forex Trading
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. When you open an account with OANDA you can choose between three excellent trading platforms.
Why We Chose Eightcap
There is a great deal of choice amongst Canadian Forex brokers from account types, trading platforms, trading software, and margin requirements. Our team of analysts and experts at DailyForex have searched and found the best Forex brokers in Canada so you do not have to do the hard work. There are a lot of choices out there when it comes to trading platforms in Canada and, indeed, internationally. Forex trading is still the most popular way to trade globally, so choosing the best brokers with the best trading platforms is essential.
It is worth noting that the security of funds is the number one priority for investors worldwide, as extreme volatility increases the chances of brokers going bankrupt, compared to any other market. Regulators in Canada must ensure that financial companies register and comply with regulations that protect consumers money before they can open any operations in Canada. In order to do this efficiently, the Canadian financial market is broken up into separate divisions that are regulated by multiple regulatory authorities, enforcing individual regulations. This means that forex investors in Canada must be on their guard, as it increases their chances of exposure to fraudulent brokers or scammers. That is to say, if a broker outside of Canada frauds a Candadian citizen, the brokers will not be liable to any fines or sanctions by the country’s regulators. Most traders will know TD Ameritrade unless you’ve been living under a rock.
Best for Active Traders: Interactive Brokers
The good thing about using Eightcap is that they don’t place limitations on how you use MetaTrader. This means you can use the platform for automation, scalping, hedging and integrating with other 3rd party products. TMGM offers all https://forex-review.net/ of the standard features that MetaTrader 4 comes with, which include 50+ technical indicators and drawings, one-click trading, and customizable charts. It’s always recommended to choose a broker that is well-regulated and reputable.
It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others. 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.
Click here for a full list of our partners and an in-depth explanation on how we get paid. The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. Those kiosks perform the same function as the currency exchanges, just on a much smaller scale.
Fixed spreads provide a guaranteed price of trading, whereas variable spreads will change with market volatility and liquidity. Variable spreads can often be much lower than fixed ones, especially at liquid times, although fixed spreads may be better during times with fewer active investors. FXCC continues to offer industry-leading fees with ECN spreads hitting as low as 0.0 pips during peak market hours during testing. With no commissions or minimum initial deposit, this makes FXCC a top low-cost broker for serious forex traders. CMC Market has over 110+ customizable technical studies and the most advanced pattern recognition scanners available for free. You can use these to analyze and identify patterns for trade setups quickly.
They offer advanced research and analysis tools that can be overwhelming for beginners but excellent for experienced traders. You should choose this platform if you are an experienced forex trader who wants institutional-grade research and analysis tools that cover the breadth of the markets. We recommend FOREX.com if you want to use advanced charting platforms like TradingView. With a range of indicators, advanced drawing tools, and a forex CFD screener to recognize patterns for you.
The best forex brokers in Canada offer access to foreign exchange markets with oversight from a trusted regulator, such as the IIROC. The top accounts also offer tight spreads on forex pairs with the CAD, alongside competitive commissions, margin trading, and user-friendly platforms and apps. Interactive Brokers is the only ‘true ECN’ broker on our list, offering low ECN trading costs. The broker does this through direct access to interbank quotes, with spreads as low as 0.1 pips. IB particularly caters to both professional and institutional traders with a huge range of asset classes and derivatives as well as its own advanced forex trading platforms. FP Markets offers competitive spreads on both its Standard (spread-based) and RAW (commission-based) accounts.