If, on the other hand, your trading strategy relies on those ultra tight spreads, you can opt for the RAW account, which goes as low as 0.0 pips. You will pay a commission of CAD 7.00 on every round-turn trade, however. You should try the TradingView platform if you are a technical analysis enthusiast because you can also tap into TradingView’s community with 50 million other traders who share their charts.
You can also fund your account using Tether (USDT) or BitCoin (BTC) cryptocurrency, giving Eightcap a point of difference as the top crypto broker. FOREX.com has a great range of platforms, including the popular MetaTrader 4 and its upgrade, MetaTrader 5 as well as its own excellent proprietary platform. If you’re new to Forex trading, OANDA gives you access to a comprehensive education suite and access to trading support 24/5. Check out a gallery of screenshots from CMC Markets’ mobile trading app, taken by our research team during our product testing. However, always check bonus terms and conditions before you start trading. Moreover, the multi-lingual staff stands after their clients with constant support and service delivery that is enabled through the range of established global offices.
- In Canada, very few brokers can match up to the industry experience OANDA has gained over the last 25 years.
- 67% of retail investor accounts lose money when trading CFDs with this provider.
- FP Markets also offers ‘Traders toolbox’, with additional trading tools to enhance your MetaTrader platform experience.
- This broker list is sorted by the firm’s ForexBrokers.com
Overall ranking. - You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information.
To delete an account users will need to email a request form to The customer support team will then process the request. Alvexo is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker is also regulated by the Financial Services Authority (FSA) of Seychelles.
Each country’s currency is managed by its central bank and/or government. But each can use different processes, so navigating the brokerage world can be tricky. Binary options trading for example, is illegal in Canada, whereas spread betting is in fact legal for Canadian traders. Derivative products like CFDs, while they are not legal with the neighbors in the USA, are legal to trade in Canada. Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders. Lastly, the regulator (CIRO or offshore) also impacts high-risk trading factors such as maximum leverage available.
Differences in Trading Rules for Canadian & American Brokers
If you like to trade during volatile times, you would choose this broker with the MT4 platform. Whether you opt to trade via FP Markets’ Standard or RAW account, you’ll benefit from low spreads and competitive trading costs. Consistency matters as much – if not more – than the race to the bottom.
Good Option For Fixed Spreads
It could also be worth testing out a platform that you haven’t used before in a simulated environment. Demo accounts give you the flexibility to practice trading risk-free whilst learning the features and functionality of the terminal. Before you start forex trading in Canada, check the broker is licensed with the IIROC. To do this, look for confirmation in the risk disclosure found on the bottom of a broker’s website. Alternatively, search for a broker on the IIROC’s ‘Dealers We Regulate’ page. When a broker does not hold a license with the IIROC, each local regulator has the authority to decide whether a broker can operate within that area.
Alvexo vs Other Brokers
Forex trading is heavily regulated in Canada, which is a plus for consumers, as forex trading in some parts of the world is rife with scams. It follows that the most important factor when choosing a forex broker in Canada is to verify that it’s properly regulated. Options trades are $9.95 + $1 per contract, while ETFs are commission-free.
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. CMC Markets offers Canadian traders outstanding educational resources and an excellent trading experience thanks to its learning center. CMC Markets’ education offerings include extensive written content, trading guides, webinars and events and video lessons.
Based on our testing, FP Markets has some of the most competitive spreads in the industry. For the top 5 most traded currency pairs, FP Markets’ RAW account averages spreads of 0.22 pips against the industry average of 0.45 pips. FP Market’s Standard account, was also competitive for the major forex pairs, averaging spreads of 1.30 pips against the industry average of 1.52 pips.
How to Verify IIROC Regulation
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. With its solid mobile applications, Forex.com comes out with some of the best platform experiences across brokers. Take a look at the forex brokers that made the list of the best forex brokers in Canada. 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. There are also certain NFP and other corporations that offer additional protection for retail investors against bankruptcy.
We encourage Canadian investors to double-check this information via a broker’s website or contact them directly online. While this cannot be used with MetaTrader 4, the broker allows you to open multiple accounts thus allowing access to TradingView. Leverage allows someone with $10,000 to trade as if he has $50,000 up to $2,000,000. canadian forex review For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not CIRO regulated. In fact, when a broker is not CIRO regulated, each regional regulation has the power to decide whether or not a broker should be allowed to offer its services within the area.
CMC Markets offers a list of 8 different well-structured eBooks that are available for anyone to download in PDF format. The trading eBooks are designed to help novice traders build their trading skills, as well as guides on how to trade using trendlines and how to recognize patterns or essential guides to day trading. COM also offers comprehensive education materials to new and intermediate traders and responsive customer support.
AvaTrade’s educational content and availability of copy trading make it a strong choice for those newer to forex trading. It also offers numerous trading platforms, including both MetaTrader 4 and 5. FXCC is a truly international forex trading platform, featuring multilingual support options and dozens of translation options for the site.
