Best Forex Brokers in Canada for September 2024
Using EURUSD as an example, you will pay $7.70 with the Zero Account if the round trip cost is $3.20 spread cost is ($1.60 each way) + commission of US $4.50 round-turn. From our testing, Fusion Market’s Standard account average cost for EUR/USD is $10.14 in trading costs. While the Standard account has no commission costs, you will pay higher average spreads of 1.19 pips across the USD majors. As such, Fusion Markets makes your access to the market affordable by maintaining industry-low commission fees, low spreads and cutting additional charges. This ideal combination of FP Markets’ economical fees and fast execution speeds cuts your trading costs, especially for scalp trading.
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, its upgrade, MetaTrader 5 and its own, excellent proprietary platform. If, like us, you find the MetaTrader 4 user interface (UI) a bit dated, then you will appreciate the more modern UI OANDA Trade has to offer.
How Do I Choose the Right Forex Broker and Trading Platforms in Canada
Head to Avatrade’s trading platform and type in the ticker symbol of the pair you’d like to trade. Once you see the pair in the search results, click either ‘Buy’ or ‘Sell’, depending on which position you’d like to open. This is important as, depending on your strategy, some opportunities will require instant action to be taken. Another thing to look for is a broker that offers MT4 and MT5 support – this opens up the possibility of automated trading too.
The broker does this through direct access to interbank quotes, with spreads as low as 0.1 pips. 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. We like OANDA because the broker gives you access to a vast range of markets and trading products, including 69 Forex pairs. One of the primary benefits of using a forex discount trading platform is the significantly lower transaction costs. Traditional brokers often charge high commission fees and spreads, eating into the profits of traders.
With that in mind, this section reviews five of the best forex brokers in Canada, breaking down their services and helping you make the best decision for your unique situation. The Forex.com app allows you to trade markets with fast execution as well as stay on top of the latest prices and actions at all times through watch lists, notifications and alerts. We like the 80 technical indicators and drawing tools that come with TradingView charts which allow you to create your custom templates.
The first step to qualifying for a deposit is identifying a forex brokerage firm that offers your preferred bonus, be it the initial deposit bonus, recurrent bonus or both. More importantly, confirm their minimum deposit balance, to up your account accordingly, and fill the bonus application form. Ideally, there are two types of deposit bonuses; the initial deposit bonus – given out once in the life of the account, and the recurrent deposit bonus that is given out every time a trader makes a deposit. Some Forex brokers specialize in initial deposits while others concentrate on the recurrent deposits. You, however, have to be careful when interacting with the free deposit bonus.
- The bonus and profits made on the trading account can be withdrawn once the minimum trading requirements have been fulfilled.
- This means they are accessible to beginner traders who may wish to start small before using more significant amounts.
- The tax generally applies only to profits of more than $200; gains above that threshold are taxed at 50% of your marginal tax rate.
The section that follows explores a selection of these brokers in detail, providing insight into their fees, platform, and features. Ensure your broker lists all the currency pairs you are interested in trading. You may also wish to check other markets they offer such as Shares CFD, Indices, and commodities such as gold.
Access to Advanced Trading Tools
Of all of the brokers offering trading services in Canada, FOREX.com offers the most currency pairs we’ve seen, with 84. We also scored FOREX.com highly in its trading platform offering (8/10), education (9/10) and trust (7/10). FP Markets’ RAW account had some of the tightest spreads we measured, averaging 0.22 pips for the top 5 most traded currency pairs. 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. Therefore, apart from the lure of 100%+ bonus on deposit, consider the forex broker’s reputation. Even more importantly, go through the fine print of the terms and conditions attached lmfx review to the bonus.
Best Forex Brokers Canada – Conclusion
Aside from that, Avatrade allow you to trade the forex market with 0% commissions – ensuring you’re able to save substantial amounts of money in the long run. Finally, it’s crucial to analyse the deposit methods that your chosen forex broker accepts. These days, forex brokers ensure they accept a wide range of payment methods from traders, and it’s not uncommon for some brokers to accept e-wallets such as PayPal and Skrill. Some brokers will offer a ‘Standard’ account which will appeal to traders of all experience levels.
In Canada, you may be eligible to pay taxes on any profits made from forex trading. 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. 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. As such, in terms of user experience, we recommend the web-based platforms for all levels of traders. For desktop or web traders, we found the desktop platform challenging to use and difficult to customize, whereas the web-based platforms were geared towards everyday retail traders.
OANDA, Forex.com, CMC Markets, Admirals and AvaTrade are just a few of the Best MT4 Brokers that offer this platform. Such policies ensure traders and potential traders have the confidence and trust to trade with Forex brokers. COM also offers comprehensive education materials to new and intermediate traders and responsive customer support. When we tested the platform, we found the UI was well designed, presenting extensive charts and 100+ trading indicators without appearing cluttered. This is especially important given that OANDA Trade has charting powered by TradingView and AutoChartist, binance canada review making it a good choice for traders who like analytics. Investors or institutions engage in holding forward contracts to hedge or speculate on currency movements.
When forex trading in Canada, look out for brokers regulated by the IIROC or the CSA. These two entities provide excellent protection for forex traders – so if your chosen broker is covered by one (or both) of them, then you’re onto a winner. The section above highlights a selection of the best Canadian forex brokers this year. To help streamline your decision making, the table below presents a breakdown of the critical factors relating to each broker – providing a handy way to compare and contrast fees, spreads, and leverage. As a result, these spreads tend to be extremely tight on the Standard account – as low as 1 pip on EUR/USD. Forex.com does not charge any commissions on this account; however, you will have to pay a transaction fee if you open a commission or an STP pro account.
AvaTrader is also keen on incentivizing individuals who wish to open trading accounts with them by offering deposit bonuses of up to $16,000. Unlike most other forex brokers who express their deposit bonus as a percentage of the deposit amount, AvaTrader maintains a graduated scale for rewarding its new traders. Individuals interested in their platform can use the online calculator on the AvaTrader Website to determine the bonus attributable to their initial deposit. The bonus is however only available to new trading accounts that deposit a minimum 1000 units of their preferred base currency (USD/GBP/EUR). To move the credited amounts to the withdrawable balance side, you must execute a trading volume 10,000 times your deposit within six months. Forex discount trading platforms provide traders with the flexibility to trade anytime and anywhere.
March 2, 2023 12:02 am
Categories: Forex Trading
