Best Forex Brokers Canada 2024 Compare Top Brokers with Low Fees
Finally, Interactive Brokers have no minimum deposit requirements – meaning that users can begin trading with as little capital as they wish. To identify the best Canadian forex brokers, I prioritized IIROC-regulated brokers and ensured they accept Canadian residents. I researched their physical presence in Canada and client protection measures.
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. CMC Markets offers the second-most competitive Standard account spreads we’ve tested, with average spreads of 1.11 pips across the 6 major currency pairs. Fusion Markets has the tightest RAW/ECN account spreads in the market based on our testing. Canadian traders looking for the lowest-cost broker should choose Fusion Markets. From our extensive analysis, the broker achieves low costs through industry-low commission costs, tight spreads, and low ancillary fees.
Best for Professional Traders
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.
It also offers a pepperstone canada ton of educational resources to the traders who want to learn about trading further before start trading. I rank PU Prime among the best Forex brokers in Canada as it offers a choice of trading platforms, fully supports algorithmic trading, and has dedicated solutions for copy and social traders. The well-balanced asset selection covers seven sectors, and traders get five account types with a minimum deposit requirement of $50. PU Prime offers a choice of commission-free and commission-based accounts, and it also features a cent account with a $20 deposit requirement. Aside from fees, Interactive Brokers also offer a good selection of trading platforms that will appeal to advanced traders. Their forex trading platform provides an extraordinary level of customisation and data that ensures traders can operate optimally.
CMC Markets
Typically there are two fee types when forex trading – commissions and spreads. It’s common for forex brokers to offer zero commissions and instead incorporate their fee into the spread. This approach ensures traders are always aware of the ‘fee’ they are paying, as it is clearly stated on the quote screen. While most of the forex trading platforms offer trading on the MT4 platform, we think Fortrade’s offer is the best in Canada.
– Most Currency Pairs To Trade
- Its desktop platform, Trader Workstation, is an industry standout for its vast array of tools and features, but the learning curve is steep, making it best suited to experienced or professional traders.
- Canada is becoming the next hot destination for regulated brokers wanting to expand in North America.
- I researched their physical presence in Canada and client protection measures.
- It follows that the most important factor when choosing a forex broker in Canada is to verify that it’s properly regulated.
- To safeguard yourself from forex and CFD scams, it is advisable to trade with firms regulated by top-tier financial authorities exclusively.
I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
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. Brokers in Canada must also be registered in the province in which they operate. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission – regulate more strictly than others.
While it may be complex for beginners, if you’re an experienced trader, you’ll appreciate the capabilities that can significantly enhance your analysis and trading speed. To trade with AvaTrade, you can choose MetaTrader 4 and MetaTrader 5, giving you quick access to advanced charting and automated trading with fixed spreads. Alternatively, there is AvaTradeGO, which isn’t as advanced as the MetaTrader platforms but does have free signals and market sentiment indicators that can be helpful for day trading. OANDA also impressed with its low trading costs, offering an average of 1.20 pips on EUR/USD, which is in line with the industry average for CIRO-regulated brokers. CMC Markets, a reputable and highly regarded brand, offers more than 12,000 CFDs and 158 currency pairs.
You may also wish to check other markets they offer such as Shares CFD, Indices, and commodities such as gold. Based on our testing, TMGM offers competitive spreads across both its Classic (Standard) and Edge (RAW/ECN-style) accounts. The broker also had the lowest average spreads compared to any other fixed-spread broker, averaging 1.4 pips across the major currency pairs. As such, in terms of user experience, we recommend the web-based platforms for all levels of traders. Both of Eightcap’s account types offer mid-range spreads from our testing, with average spreads of 1.51 pips for its Standard account and 0.5 pips for its RAW account.
Measures imposed include strict limits on margin requirements, segregated funds along with access to the Canadian Investor Protection fund should their broker become insolvent. This enhances the default MT4 set-up, which is known to lack advanced trade management, by adding more popular indicators and fully integrating Trading Central with the platform. We found that the Supreme Edition added alpari review 8 EAs and 16 indicators, including the Admiral Gravity Indicator and the High-Low Indicator.
Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry. FP Markets offers a variety of valuable trading platforms, including MT4, MT5, and cTrader. These platforms provide fast execution, access to over 80 technical indicators, and support algorithmic trading, although they may require some learning curve. I conducted my tests on a standard ECN XL account type featuring commission-free trading for all asset classes. This means that traders do not have to pay fixed costs when trading higher volumes.
Most brokers offer a variety of different trading accounts to their clients. These are typically separated by whether it is commission-free or commission-based and by the execution model. FXCC is a forex and CFD broker offering a hundred tradable instruments at exceptionally low costs. Founded in 2010 in Cyprus, it also stands out with its fast execution speeds below 60 milliseconds and $0 deposit requirements. This makes FXCC a perfect choice for those interested in quality service, favorable prices, and affordable accounts. The broker offers a Standard account that averaged 0.60 pips on EUR/USD with no commission from our testing; however, Admirals advertised that its Raw account spreads were from 0.0 pips.