10 Best Canadian Forex Brokers in Updated 2024
FX platforms can be downloaded to desktop and mobile devices, or accessed through a browser. This point goes for every place, you should always be on the lookout for the best regulation. The CIRO is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them. 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 are safe and that brokers are fairly delivering their services.
- We rated TMGM highly based on high leverage, range of products and competitive spreads across the board.
- 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 platform also has direct access to the AutoChartist software, which generates fx trading ideas based on price action.
- If it finds potential emerging patterns, it will plot them automatically on your charts.
And If you are using WebTrader, AvaTrade provides a summary of overall long and short positions for all the main assets they offer. The broker also has the largest range of cryptocurrencies with over 250 available to trade including bitcoin, Ethereum and dogecoin CFDs. If you trade at least US$50 million in a calendar month, you can receive rebates of 5% to 15% in cash rebates at the start of the following month. You can search by broker name on this IIROC page to verify it’s properly licensed in Canada. Note that some brokers are regulated under the name of a larger umbrella company; for example, FOREX.com, one of our top picks, is part of the larger StoneX group. With XE Trade you can set up your account and trade for years without ever needing talking to a person, let alone be assigned a specific contact.
In our overall test, OANDA has proven itself against our methodology by scoring an excellent 71/100, making it the best Canadian forex broker on our list. Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry.
Interactive Brokers
This means that investors with a higher net worth are more protected when investing through Canadian brokers. Generally speaking, each country has an overseeing agency that enforces Forex regulations based on the country’s rules. The US forex market, for example, is regulated by the CFTC, while the UK is regulated by the FCA. The global nature of the market allows Canadian traders to trade the American dollar (USD) and Euro (EUR) through a british broker, for example. Leverage allows someone with $10,000 to trade as if he has $50,000 up to $2,000,000. 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.
Do Forex Brokers In Canada Offer A Demo Account?
For example, forex brokers in Ontario are likely to be overseen by the Ontario Securities Commission. For example, if you want to make sure you have the best Forex trading platform, you will find that the best currency trading platform in Canada will be as good as anywhere else in the world. 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.
Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content. Given the differences in regulations between Canadian provinces and territories, some brokers only accept clients from certain regions. Two notable examples are Alberta and Ontario, which both have additional regulatory requirements than other areas.
We tested 15 foreign exchange brokers worldwide to find the lowest commission forex broker based on a one-lot trade. We rated Fusion Markets first place out of the 15 brokers tested due to their low commissions. They were charging CAD $6 round-turn per one lot traded, which is much cheaper than some of its competitors. So not only did it place first out of all of the Canadian brokers, but also worldwide. The Crypto markets can provide exciting opportunities for you, but they are unavailable to CIRO-regulated brokers.
We have not withdraw any money yet so no comment on that, but we hope that there will not be an issue as well. I have been with this broker for about 3 years and they are always very responsive to any requests/issues. Deposit and withdrawals options are unmatched by other brokers I have dealt with. They also offer Trading Central, with this tool you get actionable trading information such as Market Buzz for market sentiment.
Saxo Bank: Best for VIP Investors
For the Standard account, the broker had an average of 1.30 pips vs the industry average of 1.52 pips for the top 5 most traded currency pairs. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. FXCM is an excellent choice for algorithmic forex traders thanks to its wide array of related platform options that provide advanced charting tools and support automated trading strategies. The spread of an asset is the difference between the bid and ask prices, which forex brokers in Canada can either charge as a fixed or free-floating fee.
Timing is Everything: When to Enter a Forex Trade for Maximum Profit
The Standard Account comes with all the features you would need from a forex broker. However, OANDA does have a service that is available to high-volume traders, which is called the Elite Trader Program. You can join the Elite Trader Program if your monthly trading volume is $10M+. If you join the program, you can save up to 34% in trading costs through trading rebates. New traders should enter the forex market aware of the risks and should not invest more than they can afford to lose. Eightcap offers 5 excellent and diverse trading platforms, including the full MetaTrader suite.
How To Start Forex Trading In Canada
Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders. You can analyze the markets with over 100 customizable technical indicators and pattern recognition tools. TWS also provides an excellent range of market scanners that allows you to find potential FX trading opportunities based on your criteria – a bit like TradingView’s scanner, but more advanced. Then, there is embedded news, data, and research from top-tier research houses like Morningstar and Zacks. Forex.com specializes in CFD trading and offers over 3,000 trading products.
Some brokers try to emulate this tool, but the reason why you should use it with this broker is that OANDA is one of the largest brokers in the world. But arguably the greatest place to test your learning is on a demo account. Using historical and real-time data, you can test a strategy using virtual money. On the other hand, other brokers that are not regulated by the Canadian authorities and are still allowed to operate within the country may face regional restrictions when it comes to accepting new clients. We are not actualy sure what policy IIROC have when it comes to Crypto CFDs, What we can tell you is that no CFD brokers offer Crypto trading with CFDs. We should note that CIRO-regulated investment firms are members of the CIPF.
There are solid companies to choose from that have garnered multiple awards and accolades over the years. You won’t have a problem finding a broker to meet your individual needs for trading in the forex market. Next you need a funded account with an online broker that allows you to trade forex from Canada. You also need to develop a trading plan and strategy to increase your chances of success. Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K.
These reasons add up to why we rated OANDA as the best Canadian forex broker overall. It offers more than 80 currency pairs via an impressive suite of proprietary platforms, as well as access to MetaTrader 5 and TradingView’s advanced charting features. FOREX.com’s parent company, StoneX, is publicly traded and licensed in Canada and across the globe. https://forex-review.net/ In conclusion, choosing a reliable forex broker is crucial for advanced traders looking to maximize their trading potential. Ultimately, the best choice depends on individual preferences, trading strategies, and specific needs. It is recommended to thoroughly research and compare the offerings of different brokers before making a decision.
Platforms
This guide explains how to compare forex brokers that accept Canadian traders in 2024. We have also reviewed and ranked the best forex brokers in Canada directly below to help you get started. The bulk of Canadian retail Forex trading volume occurs via international https://forex-review.net/ 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 (registration number 24750).
CMC Markets began its operation in 1989 and has grown into a reputable and well-regarded broker across the globe. Today, FOREX.com is a leading forex broker around the world, including in Canada. This company’s highlight is its multiple platforms on offer including MetaTrader 4, Web Trading, and Forextrader.