Thus, if customer funds are missing because of a firm’s insolvency, the shortfall will be covered by the CIPF. As such, in terms of user experience, we recommend the web-based platforms for all levels of traders. We also scored Eightcap highly for its diverse range of platforms (8/10), good range of products (7/10) and useful educational resources (9/10). What stands out to us is the combination of an intuitive user interface with advanced charting, which is not an easy mix to achieve. You can either access 80, 100 or 200 charting indicators depending on whether you use the mobile app, web trader or desktop platform.
Friedberg Direct stands out by offering you the ability to trade forex using fixed spreads (with zero commissions). IB allows for direct market access (DMA) trading to the financial markets through a range of 5 proprietary platforms (Client Portal, Desktop Trader Workstation, IBKR Mobile, IBKR WebTrader and IBKR Application Programming Interface). 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.
Best Forex Brokers for September 2024
- OANDA is the best forex broker in Canada overall as it offers competitive low spreads, fast execution speeds, and a smart user interface that is easy to use.
- Some brokers have integrated security features like two-step authentication to keep accounts safe from hackers.
- If you’re looking for a forex broker that provides an excellent range of cryptocurrencies and specific crypto trading tools, then Eightcap could be an option for you.
- I was particularly impressed with IC Markets’ policy of having no minimum order distance restriction.
The Investment Regulatory Organization of Canada (IIROC) is the financial regulator of Canada. As a Canadian resident, when choosing a forex broker, it is best to choose a broker regulated by IIROC as it means the broker can fxcm review legally offer trading services in Canada. While some forex brokers have no minimum deposit requirements, you will need $100 or even higher in your trading account to open a trading position due to margin requirements. Beyond the realm of forex, most brokers offer a variety of other trading markets.
What Is Forex Trading?
Likewise, customers of DMA brokers gain direct access to markets and can view all available prices offered by different liquidity sources. Sometimes, brokers may offer hybrids of the above execution methods or even different technologies for various trading accounts they offer. The company’s global operations are regulated with strict licenses from the U.K., U.S., Singapore, and Australia, well-regarded licenses from Japan, Canada, and Cyprus, as well as a license from the Cayman Islands. In the U.S., FOREX.com offers customers access to over 80 currency pairs, while in other countries, including the U.K., FOREX.com also offers leveraged products, such as spread trading and Contracts for Difference (CFDs). Access to trade stocks, commodities, and bonds is available through a StoneX account, but foreign exchange trading takes place on FOREX.com platforms only. If you’re a professional trader looking for an ECN broker offering interbank market spreads, then FXTM could be an option.
Besides that, FOREX.COM also has its native trading platform, but it also supports MetaTrader 4 and 5. The Standard Account you get at OANDA is spread-based, with competitive spreads for an account of its type, starting at 0.6 pips. Our innovative Comparison Tool is powered by our own proprietary data, and built to take aafx trading review the guesswork out of choosing a forex broker.
Trading Hours
The user-friendly FxPro Trading platform and app cater to beginners and casual traders, while the robust MetaTrader 4&5 and cTrader are better suited for advanced and algorithmic traders. During our live fee test, I found the spread for EUR/USD during the London and New York trading session averaged 0.9 pips. This is better than the industry average of 1.0 pips for a commission-free trading account. One example is Autorite des Marches Financiers (AMF) in Quebec, all brokers offering trading services to residents of Quebec need to be regulated by both IIROC and AMF. Fortunately, most Canadian provinces and territories will accept brokers with only IIROC regulation.
You can also access trading signals from the Exness Terminal, provided by Trading Central. You may also wish to check other markets they offer such as Shares CFD, Indices, and commodities such as gold. Many brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) which are popular choices.
For example, the platform has an in-built real-time, automatic pattern recognition detector. This means you can easily identify candlesticks and chart patterns using AI technology. The layout of the platform is fully customizable and can be adjusted by using a drag-and-drop method. By saving the layout, I found it provides quick access to the different layouts I like to have for forex trading and stock trading. During our live fee test, I found the spread for EUR/USD during the London and New York trading sessions averaged 0.65 pips on the commission-free Standard Account. This is much better than the industry average of 1.0 pips on a commission-free account.
Although there is an added fee for this feature, traders can set up guaranteed stop-loss orders, ensuring they exit positions at predetermined levels, regardless of market volatility. The platform also provides negative balance protection, ensuring that clients can’t lose more than their initial investment—an essential feature for those dealing with leveraged instruments. Established in 2010 and headquartered in Melbourne, Australia, Pepperstone is a highly regulated broker that stands out for its ultra-low latency execution, appealing to scalpers and high-frequency traders. 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. 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.
A top forex broker should provide multilingual customer support, with minor languages supported. A GSLO allows you to guarantee your trade will be closed when the price you specify is triggered, regardless of gapping or market volatility. Usually, a small premium will need to be paid since the broker takes on the risk and that is why many brokers do not offer this feature. As no-commission account types do not pay any additional commission fees on top of the spread, spreads are wider than commission account types. Most top-tier financial authorities such as ASIC (Australia), CySEC (Cyprus), FCA (UK), ESMA (Europe) and MAS (Singapore) require brokers to segregate client funds, ensuring traders’ funds are not used as operational capital. Traders should research the investor protection they will receive, as trading with a regulated broker overseen by a top-tier financial authority ensures traders are not victims of scams.
Brokers Accepting Canadian Clients
Another highlight is Pepperstone’s active trader program, which rewards high-volume traders with rebates and other benefits, further reducing trading costs. The broker also supports social trading through partnerships with platforms like Myfxbook and DupliTrade, enabling users to follow and replicate the strategies of successful traders. FxPro is a leading CFD broker regulated by multiple authorities globally, including FCA and CySEC. It offers 2,100+ tradable instruments covering forex, stocks, indices, commodities, and cryptos.
As an example, some brokers offer No Dealing Desk, or STP (straight-through-processing) execution while others are market makers. This affects the spreads on offer for each broker (spreads are typically wider with Market Makers due to acting as the direct counterparty to your trade). Currency pairs are priced through the interbank market, a communications system used by big banks and financial institutions but without a central exchange like NASDAQ or the New York Stock Exchange. $100,000 is considered a standard 100k lot when trading the U.S. dollar and used to be the smallest position allowed at many forex brokers.
If you’re interested in trading with a well-established, high-quality broker, then you should consider Exness. Founded in 2008, Exness is authorized and regulated by the UK FCA, CySEC, FSCA, FSC BVI, FSA Seychelles, FSC Mauritius, and CMA Kenya. You can trade more than 234 financial instruments from the MT4, MT5, and feature-rich proprietary Exness Web Terminal. Through our hands-on analysis, we’ve narrowed down the top 13 options to meet diverse trading needs. In this line of thought, similar to other regulatory bodies across the globe (FCA, ASIC, CySEC, etc.), CIRO enforces a system of rules aimed at preventing the insolvency of brokers it regulates.
This analysis, combined with my personal trading experience, has led to the findings and research presented below. These highlight the best forex brokers across various categories tailored to your specific trading needs. The combination of competitive spreads and fast execution speeds kept our trading costs low, adding to the appeal of TMGM.