There is a great deal of choice amongst Canadian Forex brokers from account types, trading platforms, trading software, and margin requirements. Our team of analysts and experts at DailyForex have searched and found the best Forex brokers in Canada so you do not have to do the hard work. Choose a Forex broker in Canada that also gives you the best Forex trading platform in Canada for your needs. Find a Forex broker with good execution speeds to make certain you get the best prices when executing your trades. When trying to find the best Forex broker in Canada, you want to make sure they have great support.
Forex Trading How to Trade Forex (Beginners Guide)
For example, can they be contacted by phone as well as email? The best Forex brokers in Canada will have tight spreads and will sometimes allow you to choose between floating and fixed spreads to meet your needs. IFC Markets 5. IFC has a huge number of Forex pairs available to traders , and many other markets including precious metals, equity indexes, and individual stocks.
IFC Markets now has over instruments available to traders. IFC Markets developed the cutting edge NetTradeX platform for its customers for instant execution and advanced market analytics.
Best Forex Brokers Canada Comparison
They even go so far as to provide a video tutorial on the platform so you can get up and running straight away. If you are more familiar with the highly popular MetaTrader 4 and MetaTrader 5 platforms, IFC Markets also has those available for its customers who want to stay with the MetaTrader suite.
All their platforms can be traded on desktops, tablets, and smartphones. Unique Features Headquarter. IFC Markets is best for its technological capabilities and it is best for a trader wanting a wide variety of instruments to trade. LegacyFX is an established and trusted broker, providing a wide range of products and services for traders worldwide since This is an important feature when looking for the best Forex broker for your trading.
LegacyFX charges no swaps on long-term positions, providing ideal conditions for long term trading and investment. This is a unique advantage which could make LegacyFX the best Forex broker choice for you depending on your style of trading. MetaTrader is the most widely used Forex trading platform software in the world with strong and stable features.
MetaTrader 5 can be used as a desktop application, a web terminal, and on mobile platforms. This insight into the number of orders and different price levels can take your trading to a whole new level. LegacyFX is best if you are starting with a small account, and if you want high leverage. It is also best for traders wanting to make use of Depth of Market and volume data. Australian regulators are much more relaxed about leverage than their counterparts in the U. For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares.
These go beyond the typical U. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here. Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data. Friedberg Direct was founded in and has since become one of the largest independent brokers in Canada.
Friedberg Direct also provides its customers with two other additional Forex trading platforms: WebTrader which does not require any downloads and AvaTradeGO.
Friedberg Direct is a great broker for automated trading platforms where you can mirror or copy the trades of other often more experienced traders. For more advanced traders, it offers a great way to not have to sit and watch your screen all day long. FXCC also developed its price aggregator to ensure clients have access to the best prices available. This allows for the management of multiple accounts from one interface and supports asset managers. Forex trading remains at the core of FXCC, with 71 currency pairs representing the bulk of assets. Twelve cryptocurrency pairs, seven commodities, and twelve index CFDs complete the selection.
The transparent trading environment is another benefit, and FXCC maintains subsidiaries operating out of Vanuatu and Cyprus.
Best Canadian Forex Brokers for 2021
FXCC also provides an introductory educational section and daily technical analysis on three currency pairs. With no minimum deposit, FXCC remains accessible to all types of traders. The maximum leverage is , ensuring clients have access to a competitive trading environment. This is great news because IIROC has some of the best rules anywhere in the world making Canadian Forex brokers amongst the safest in the world.
If you are looking for the best Forex broker for your trading, Canadian Forex brokers are a great please to start looking. Canada is uniquely divided into multiple jurisdictions along the lines of their provinces and territories.
Each province has its own regulatory body that can provide additional rules over and above IIROC requirements. For example, residents in the province of Alberta have to meet additional conditions, such as their net worth and level of trading experience, before being permitted to open a Forex trading account. Fortunately, many of the local layers of regulation have been recently harmonized, making it more consistent nationally.
Canada is one of the very few developed nations in the world that allow its citizens to invest their money with overseas Forex brokers that are not regulated in Canada. The best Forex brokers in Canada will have this level of coverage. The maximum leverage which may be offered to any retail client by an IIROC regulated Canadian Forex broker is 50 to 1, which is a relatively generous limit for a Western OECD nation: in comparison, in the European Union, the maximum leverage is 30 to 1.
Unless you are trading a very small account, 50 to 1 is enough leverage to enable profitable trading but still control risk so you do not lose your entire online Forex trading account overnight. You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information.
- blue forex chart!
- best forex indicator #1.
- Top 5 Tips for Choosing the Best Canadian Forex Broker;
For example, there are different leverage and margin rules between Forex brokers in Canada versus the US. Also, many Forex brokers in the US will not accept accounts from Canadian residents. If you are looking for a broker that offers the best currency trading platform in Canada for your trading needs, all the trading platforms offered globally are available from Forex brokers in Canada.
The biggest advantage of picking Forex brokers in Canada is the strong regulations they must follow that ultimately protects customers. When you look at Forex Canada, it has amongst the best investor protection in the world.
Forex Brokers in Canada
There are no minimum deposit requirements for Forex trading in Canada. It will depend on the broker, the type of trading account you want to open, for example, a mini account or a standard account, and the currency trading platform you want to use. Naturally, you want the best Forex broker for your online trading.
This means finding a broker that has the best forex trading platform in Canada and the best additional software to ultimately give you the best chance of success. These allow your trade sizes to be as little as one micro lot. A micro lot is 1, units of a base currency, or a hundredth the size of a standard lot. One pip of a currency pair based in U.
Mini accounts allow you to place trades at one mini lot or greater. A mini lot is one-tenth the size of a standard, or 10, units of a base currency. These typically have a minimum trade size of one standard lot. A standard lot is the equivalent of , units of the base currency. Forex typically involves interest paid or received when holding positions for longer than a day.
This is incompatible with Islamic finance principles, so Islamic Forex accounts were created to meet this gap in the market. These types of accounts replace the variable interest charge with a fixed charge for overnight positions or no charge at all thereby making currency trading compatible with Islamic finance principles.
The firm is a big fish in the banking industry and plays a big part in forex, too. TD Ameritrade scores high with its customer service , offering helpful, efficient guidance at all times. The friendly team offers help on the Mobile Trader app, and its Ast Ted bot offers quick answers to hard questions. The company gets a top score because of the range of methods to contact them, as well as their quickness and helpfulness in responding. Although CMC Markets and others mentioned offer good spreads, City Index just about wins for the lowest fees and spreads.
That said CMC Markets, perhaps due to it being a sister company, the offering is just about the same. City Index is a CFD, forex and spread better broker founded in While the firm started its journey by prioritizing spread betting, it now offers a wide range of financial products to its clients, as well as multiple trading platforms, and is a world renowned broker trading in over 12, markets. The company has a full pricing schedule on its website.
Best Forex Brokers In Canada
The choice is yours. The broker does not need to be licenced with the concerned regulatory body in Canada to do so, which is rare for a developed nation. In this sense, Canadian laws are less strict than that of other developed nations. While this has been put in place to increase consumer choice and thus offer customers better fees and account options etc. It can also have negative consequences for Canadian investors, because regulators in Canada do not have any control over brokers outside of Canada.
This means that forex investors in Canada must be on their guard, as it increases their chances of exposure to fraudulent brokers or scammers. Therefore, it is advised that if you are a Canadian citizen, you stick to Canadian FX brokers to ensure you have the protection needed when trading in the forex market.