We determined the best CIRO-regulated broker for each trader subset determining the overall winner. The core facts considered were fees (spread and commissions), trading platform, customer service and overall trading experience including execution speeds. FOREX.com offers two different account types for you to choose from each with different trading models. To open an account you need to choose one with the standard account having no commission (but higher spreads) which are the primary broker fees.
- Established in 1992, Saxo Bank is one of the leading forex brokers on the market.
- Eightcap is a MetaTrader specialist as they only offer the MT4 and MT5 trading platforms.
- You can get access to over 120+ trading products across six different markets.
- Accordingly, forex traders use leverage to take advantage of small fluctuations in price movements.
From our extensive tests, we’ve established that Fusion Markets offers the lowest spreads when trading currency pairs. As a Canadian forex trader, you are granted access to both a zero commission (Standard or MetaTrader account) and a commission-based trading account (RAW Pricing account). We tested 20 brokers to determine which has the fastest execution speeds and found that FP Markets ranked the highest in Canada. Our tests are done with an average execution speed recorded over 20 trades on the MT4 platform. FP Markets scored an average market order speed of 96ms, which is one of the fastest execution speeds we recorded. Additionally, XTB provides valuable educational resources and training to enhance the trading experience of its clients.
Can You Trade With 1:500 Leverage In Canada?
Check out a gallery of screenshots from CMC Markets’ mobile trading app, taken by our research team during our product testing. Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page for OANDA and results are also available on the CSA’s website which shows each province that the broker can operate in Canada. Our research team evaluates and monitors dozens of the top regulators in the forex industry.
Topping our list of forex broker reviews for Canadian brokers is Avatrade. Avatrade is well known in the forex trading scene thanks to its stellar reputation and excellent fee structure. Avatrade has partnered with Friedberg Direct in Canada, meaning that all accounts are held with the investment firm. Friedberg Direct is licensed and regulated by the IIROC and the CIPF – two of the leading regulatory bodies in Canada. Furthermore, accounts are also protected by the Canadian Investor Protection Fund. As you can see from the list above, there are numerous forex brokers to choose from, each having its own unique selling point and fee structure.
Best for Active Traders: Interactive Brokers
OANDA is one of the most trusted brokers with the best forex trading platform. For beginners learning forex trading in Canada, there’s a range of online resources and schools of thought available. For a formal learning environment, try training courses at an online academy.
Questrade is a Canadian digital, low-cost Forex broker aiming to give Canadians a better and simpler trading experience. They are an 11x winner of Canada’s Best Managed Company award, boast of over $30 billion in assets under administration and have over 250,000 new accounts opened annually. The best Forex brokers in Canada include AvaTrade, Fusion Markets, Questrade and XTB.
We found that TMGM provided the advertised 0.0 pips minimum spread on the EURUSD 97.53% of the time. This means you can benefit from their low commissions and low spreads consistently on the MetaTrader 4 platform. You should choose TMGM to trade on MetaTrader 4 if you want to trade forex with lower margins. TMGM offer an excellent service that gives you access to a huge range of markets with ECN-style executions through their deep liquidity sources.
Additionally, some Canadian forex brokers may impose charges like withdrawal fees or inactivity fees. The other main fee to be considered is commission, charged by many forex brokers in Canada. Commission fee structures may vary, presented either as a flat fee, such as $5 per round per lot or as a percentage of the position value, such as 0.5%.
Best Forex Brokers in Canada at a Glance
If you desire a higher level of risk management beyond the standard stop losses, AvaTrade offers AvaProtect™. If you are using AvaTradeGo, for a small premium, you can buy time to reverse your trade. This means that if your trade moves in an unfavorable direction during this set period of time, you can pull out of the trade. Last year, the brokerage insured average savings of $6.70 per trade for its clients, and after considering average commissions charged, the average net benefit for clients amounted to $4.42 per trade. COM also offers comprehensive education materials to new and intermediate traders and responsive customer support.
The best Forex broker for beginners are companies that have extensive training tutorials, guides and demo accounts available for new members. You should therefore research and compare the tools available by the top Forex brokers as some are only suitable for experienced day traders. There are brokers that accept Canadian clients and those that are actually regulated by the local regulator (the CIRO).
How do I Start Trading Forex in Canada?
To operate in Canada, forex brokers are normally required to become Dealer Members of the IIROC. When it comes to the Forex industry CIRO is responsible for creating and enforcing regulations to protect Forex traders. CIRO ensures the funds with traders https://broker-review.org/ are safe and that brokers are fairly delivering their services. IB’s Tiered Pricing plan features low commissions, which diminish based on trade volume. Please note, however, that the plan also includes exchange, regulatory, and clearing fees.
These brokers account for various trading styles, offering different platforms like MetaTrader and TradingView and various trading instruments. All brokers on this list are CIRO (formally canadian forex brokers IIROC – Investment Industry Regulatory Organization of Canada) regulated unless noted. By default, you can access OANDA’s pricing and trading tools using the OANDA Trade platform.
Top 5 Forex Brokers In Canada
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The broker also provides copy trading services through their Fusion+ copy trading platform which is very intuitive and user-friendly. Yes, you can get started trading forex with $100; in fact, if you’re a beginner at forex trading, it’s smart to start small, and make sure not to invest more than you can afford to lose. Forex brokers generally offer a range of contract sizes (such as a micro lot), and a $100 investment would allow you to test the waters — and a trading strategy — without outsize risk. Bear in mind that also means the potential payoff will be limited as well. Note also that some forex brokers require a minimum account balance, which may be more than $100. Many of the top forex brokers will offer various account types, each one appealing to a specific subset of traders.
Demo accounts give you the flexibility to practice trading risk-free whilst learning the features and functionality of the terminal. In recent years, the Canadian forex market has grown in popularity, with the Canadian dollar (CAD) now enjoying its position as the sixth most traded currency in the world. For example, Autorite des Noves financiers (AMF) 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 (ASC) has the tightest regulations. Demo accounts use real-time market data to stimulate live market conditions so it is a good way to practice trading and familiarise yourself with the platform.