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. On IB, Canadian traders can trade over 100 forex pairs with spreads as low as 0.2 pips.

Here we answer some of the common questions related to Forex trading schools in Canada. The beginner’s program begins with a comprehensive section on Trading Basics, followed by an overview of markets and different trading strategies. The course materials are organized in a user-friendly manner, making it effortless for learners to comprehend. Similarly, the advanced trading course is structured to offer traders the chance to refine their strategies and gain a deeper understanding of specific markets. Fundamental analysis is also a popular and vital market analysis that involves analyzing the factors directly influencing the national currency’s exchange rate.

• With FOREX.com’s acquisition of ‘Chasing Returns’, performance analytics are now available to live account holders for free when using their flagship platforms.
• Again, when compared with the US as well as some other countries, where it is illegal for a trader to send funds internationally, this works in the traders favour.
• This can be accessed online or through the AvaTrade mobile app.
• It’s always recommended to choose a broker that is well-regulated and highly trusted.

https://forex-reviews.org/ – When forex trading in Canada, costs usually come in the form of spreads and commissions. Fixed spreads are normally higher, but they do mean traders are aware of the costs before they enter a trade. Variable spreads, on the other hand, are usually lower but can spike in periods of high market volatility. To use the MT4 platform, recommended for forex trading, you have the option of the Classic and Edge trading accounts. The Edge account is our recommendation for competitive commission rates ($3.50 a side) with low spreads and no requotes. OANDA is one of the best Forex brokers that offers the MetaTrader 4 trading platform for traders in Canada.

This module captures the average spreads that brokers publish on their websites, which we update monthly. The Raw account has the lowest Forex spreads, starting at 0 pips for EUR/USD, with commissions of CAD $7 per round trip. Alternatively, you can open a Standard account, which is commission-free with spreads starting from 1 pip. Interactive Brokers allow Canadian citizens access to a range of small-cap, mid-cap and large-cap domestic and international stocks from a single account at low brokerage fees. Another interesting feature is OANDA’s suite of technical analysis packages that can be used as a plug-in for MetaTrader 4.

To make things a little easier, we’ve broken down some of the key differences between seven of the most popular trading platforms in Canada and put them in this handy chart. Interactive Brokers also has the best forex trading platform in Canada, and the foreign currency exchange rates are very low for all you forex traders out there. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority in the UK and the US Commodity Futures Trading Commission . Forex.com is recommended for forex traders looking for low fees and great research tools.

Fusion Markets Offers CAD as Base Currency

We find that the best trading online brokers Canada are transparent on what spreads they charge. If not, you’d need to calculate this yourself every time you trade – which is nothing short of cumbersome. For example, AvaTrade offers spreads of less than 1-2 pips on most of its major forex pairs. As you might have noticed from our reviews, all of the trading platforms that we have discussed today are authorized by the Investment Industry Regulatory Organization of Canada . On the other hand, if you are only planning to buy a few stocks and ETFs throughout the quarter, the $9.99 per trade commission is reasonable. When it comes to research tools, TD Direct Investing offers some useful materials that can aid your investment decision-making process.

Here are my top picks for the best Canadian trading platforms, and I hope it helps you make a decision. Please note that by investing in and/or trading financial instruments, commodities and any other assets, you are taking a high degree of risk and you can lose all your deposited money. You should engage in any such activity only if you are fully aware of the relevant risks. BrokerChooser does not provide investment or any other advice, for further information please read our General Terms and Conditions. Yes Forex.com has two web trading platforms,Web Trader and MetaTrader 4. In addition, MetaTrader 5 is also available in several jurisdictions, such as Canada, countries in the European Economic Area and clients regulated by the Cayman Islands Monetary Authority .

What Canadian traders should look for in a forex broker

Traders can choose between providers based in Canada or offshore companies. The advantage of offshore providers is that they are usually regulated in multiple jurisdictions, bringing an added layer of trust. Still, make sure the broker you do choose is licensed with the IIROC. Your cash will then be secured up to $1 million should your broker go bankrupt.

The best Forex brokers in Canada will have this level of coverage. When shopping for online brokers, there are four major considerations you’ll want to weigh. The online brokerage arm of the London-based multinational bank HSBC and an offshoot of its HSBC Direct online banking platform.

About the IIROC

You will also have to learn how to handle the up-and-downs of the market on your own. At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you . Check out the current account balance requirements at Forex.com in our What is the minimum account balance at Forex.com article. Is Forex.com legit features all the key aspects you need to look at to see if a broker is safe and legit.

Trading automation is available as Expert Advisors or EAs through MetaTrader 4 and 5 platforms. Traders can also achieve automation through social and copy trading tools such as ZuluTrade, DupliTrade and AvaSocial. Friedberg Direct offers you the ability to trade forex using fixed spreads. Fixed spreads remain constant except in extreme market conditions. This predictability can provide advantages over floating spreads which fluctuate when economic conditions become unfavorable, thus leading to large losses.

Both entities offer exactly the same product, but choosing Fusion Markets means you can choose CAD as your account base currency. Having CAD as your account base currency will save you on costs, as you can prevent currency conversion charges when trading. TMGM offers a variety of markets including Forex and CFD products including, Indices, Shares, Precious Metals and Energies. All accounts require a minimum $100 deposit with no deposit or withdrawal fees. Spreads at Vantage start from 0 pips on forex with over 40 forex pairs available. Although Forex.com operates in Canada, the broker does not allow accounts to be opened in CAD.

The broker establishes pricing through transparent direct market access . You can trade shares CFDs on the MetaTrader 5 trading platform using desktop software or mobile trading apps. This means trying to choose a broker that facilitates CAD deposits and base currency. It will save you on commissions and fees from both the broker and your bank. The brokerage offers clients access to 73 currency pairs – however, CFDs and cryptocurrency are unfortunately not available. The average spread for the EUR/USD currency pair is a competitive 1.065 pips.

This includes a commission-free structure that builds all fees into the spread. It might surprise you to find out how the bulk of trading platforms’ bottom line is made. In second place on my list of best forex trading platforms in Canada is Interactive Brokers. Interactive Brokers offers an amazing brokerage that seasoned investors and traders will find very attractive – not just those that are looking to trade foreign currencies.

The IIROC is the national regulator, though each region of Canada has its own local regulator which is where things can get more complicated and we will take a look at this below. IB in Canada allows its traders to open accounts in CAD and other currencies. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.

Your forex platform is where you’ll spend the majority of your trading hours, so you’ll want the best tools available. FX platforms can be downloaded to desktop and mobile devices, or accessed through a browser. Micro or mini account – Good for beginners, a micro or mini account usually has lower minimum deposit requirements, ranging from $100 to $250. 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, IBKR also has a fairly extensive commissions page with tiered examples for different asset classes, further highlighting the more you trade, the lower the costs. MT4’s native phone and tablet iOS and Android apps allow you to trade on the go. You can also switch across to desktop or their web platform, with your trading details carried over. Trading Forex and CFDs with leverage poses significant risk of loss to your capital.

With FXCC, you can learn everything you need to know before risking your hard-earned cash. You get 24-hour support Monday through Friday, live chat support and a support email you can reach out to at any time. The platform is simple to use, and it offers enough options that you can master its ins and outs, increase your net worth and manage your finances all in one place. Yes, the best online trading platforms Canada are safe – on the proviso that they are authorized by the IIROC.

• Saxo Bank offers a powerful platform, first-grade research, and plenty of benefits – but only if you can afford their elite services.
• Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
• If you are an options trader, then you will appreciate the benefits of the AvaOptions app.
• TD Ameritrade’s platform, thinkorswim, comes with both a desktop and a web-based version.
• The three main trading platforms are available on desktop and mobile while only MT5 and TradingView are also available as a WebTrader.

Confirm that the canadian forex review you’re interested in gives several popular payment options. If you want to trade forex and make money by speculating on the forex market, you need to discover the best mobile forex trading apps so you can sell and buy from anywhere. So no matter if you’re new to online trading or a seasoned expert, let’s walk you through the best forex trading apps so you can discover the one that is best for you.

If you are looking to trade options, then AvaTrade might be the best broker around. AvaTrade offers AvaOptions trading app/platform, which will help you make the most of your options trading. Few CFD brokers offer tools specially designed for options trading. This broker offers 42 forex pairs plus gold and silver for options trading. Friedberg Direct does not charge commission fees meaning your trading costs are part of the fixed spread. Fixed spreads are usually wider than standard spreads to cover the brokers’ risk for spread fluctuations, AvaTrade’s spreads, however, are competitive with standard spreads from brokers.