Forex Trading in Canada 2024 Platforms and Brokers Tutorial

Such policies ensure traders and potential traders have the confidence and trust to trade with Forex brokers. For those interested in shares trading, IRESS ViewPoint offers professional-grade shares trading, including Direct Market Access (DMA) trading execution and Depth of Market (DoM) pricing. Interactive Brokers (IB) allow Canadian citizens access to a range of small-cap, mid-cap and large-cap domestic and international stocks from a single retail investor account at low brokerage fees. We also scored Eightcap highly for its diverse range of platforms (8/10), good range of products (7/10) and useful educational resources (9/10).

Alvexo offers Traders to have the option to choose from a variety of methods for deposition and withdrawal of the amount. The user is simply required to login to the trading option and select the deposit fund, for deposit activity, at the top of the dashboard in the menu option. This company is a total scammed company you deposit your money but no way to withdraw. You work with a regulated entity and you can apply a broad range of strategies. There’s always a bit of room for improvement, but I am satisfied with them.

Ensure your broker of choice is regulated and compliant with the Canadian Investment Regulatory Organization (CIRO). Using a CIRO-regulated broker means the broker can legally offer trading services to Canadian citizens and adhere to the requirements set by CIRO. Using this account/platform gives you access to TMGM’s full range of 12,000 shares (many of which are not available with MT4) across US, AU, UK, HK, CN and SG exchanges.

  1. Fusion Markets is a well regulated broker that offers more than 250 financial products to trade in across a number of the most popular markets in the industry.
  2. With the TWS platform, you can access professional-grade tools to help you capitalise on trading multiple markets.
  3. The regulatory status of a broker should be disclosed at the bottom of the website.
  4. AvaTrade’s educational content and availability of copy trading make it a strong choice for those newer to forex trading.

Forex trading in Canada is popular among retail investors, with brokers connecting traders to international currency markets via an online platform. Traders can then analyse the markets through technical and fundamental analysis, and take positions. MetaTrader 4 is the most popular online forex trading platform in Canada, delivering a breadth of tools while being easy-to-use and reliable. However, a growing number of providers are building their own proprietary platforms to meet the needs of their clients. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad.

USD/CAD technical price analysis: Price likely to revisit 0.382 fib

These include 9 timeframes, 30 built-in indicators, 4 pending order types and 1-click trading across one login. In addition, TMGM offers fast execution speeds, which are important for lower costs and a reduced chance of slippage. In our tests, TMGM recorded an average execution time of 94ms for limit orders, which placed TMGM in the top five out of all the brokers tested for limit orders. FOREX.com stands out for its extensive product offering and very strong platforms and tools, which make it a good fit for traders of varying experience levels.

The Trustpilot Experience

Overall, Fusion Markets is 36% cheaper than other regulated forex brokers based on their low spread and lowest commission rates. Canadian traders looking for the lowest-cost broker should choose Fusion Markets. The broker achieves low costs through industry-low commission costs, tight spreads, and low ancillary fees. We think FOREX.com has a large range of products, particularly the broker’s 2200+ stock CFDs and 80+ forex pairs.

Best Forex Brokers in Canada for 2024

You will need to submit basic personal information to satisfy several requirements, including to verify your identity, trading objectives, risk appetite, and source of capital. When you do register for a new account, check the broker is licensed with the IIROC (Investment Industry Regulatory Organization of Canada). For beginners learning forex trading in Canada, there’s a range of online resources and schools of thought available. For a formal learning environment, try training courses at an online academy. Alternatively, forums are a great trading prop, providing somewhere to interact with and get tips from experienced traders.

Exchange commission also has proper regulation on the working of the trading platform compared to other regulated forex brokers and all rights reserved. Its well-versed customer support will make provision more clear for you for trading. The broker also provides copy trading services through their Fusion+ copy trading platform which is very intuitive and user-friendly. Fusion Markets is a well regulated broker that offers more than 250 financial products to trade in across a number of the most popular markets in the industry.

#5 – Interactive Brokers

Some Canadian Sollar strategies exploit the relationship between global net oil exporters, like Canada, and oil importers, like Japan. They therefore trade the CAD/JPY pair, but Forex traders should keep an open mind and explore all possibilities since the US Dollar is the default oil quote currency. It is easy to verify which Forex brokers in Canada are covered by IIROC. You can do that by scrolling canadian forex review down to the bottom of the homepage of the Forex broker to see their regulatory information. Some Forex brokers in Canada also put this information in the “About Us” section of their websites. You can visit IIROC’s website directly where it will list which Forex brokers in Canada they cover – this is the best way to verify that the information provided by the Forex broker in Canada is correct.

As well as the standard features, Eightcap offers Fx Blue Labs which is a suite of 28 widgets, trading expert advisors and charts. Trading apps include Alarm Manager, Correlation matrix and Trader, Mini and Trade Terminal and Stealth Orders. The indicator package includes charts such as Donchian, Chart-In-Chart and Renko Bar.

Global powerhouse Interactive Brokers, or IBKR, is a well-capitalized broker regulated in top jurisdictions worldwide, including Canada. Its desktop platform, Trader Workstation, is an industry standout for its vast array of tools and features, but the learning curve is steep, making it best suited to experienced or professional traders. Those newer to forex trading may do better using its web-based Client Portal or the IBKR mobile app. Interactive Brokers offers over a hundred forex pairs for trading as part of a notably large range of tradable products; note, though, that CFDs are not available for Canadian clients. The best forex brokers in Canada offer access to foreign exchange markets with oversight from a trusted regulator, such as the IIROC.

BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. While they were founded in 2006 in Ireland, they have since grown to become one of the top forex brokers in the sector offering services around the world. With a firmer control from IIROC, forex brokers in Canada haven’t been able to offer the leverage and extensive products that other customers around the globe receive.

CMC Markets – Excellent overall, best platform technology

We think this makes Eightcap one of the best brokers for low-spread STP/ECN forex trading accounts, with spreads being 0.0 pips around 50% of the time and averaging 0.02 to 0.10 pips for EUR/USD. You can view our lowest spread forex broker page to compare Eightcap to other Canadian brokers. If you are an experienced trader who wants tighter spreads, the Edge account will suit you more.

No, Alvexo is not a scam it has a good reputation with a decade-long operation and is considered a low-risk Forex environment. The broker is a registered Cyprus-based company and complies with financial regulations according to CySec and also holds a Cyprus license. The minimum trading lot size for Alvexo is available for its basic account that is for 0.01 lot size. These lot sizes increase with higher deposit account types to 0.25 lots. The deposit requires creating an account and clicking on the deposit option .There are many deposit options available like debit, credit card, or e-wallet. Also, the broker can assist you with proper compliance apart from the customer support team.

Other, more secure methods, such as bank wire transfers, can take up to five working days. As outlined above, the main financial regulatory body in Canada is the IIROC (Investment Industry Regulatory Organization of Canada). For example, forex brokers in Ontario are likely to be overseen by the Ontario Securities Commission. The other main fee to be considered is commission, charged by many forex brokers in Canada. Commission fee structures may vary, presented either as a flat fee, such as $5 per round per lot or as a percentage of the position value, such as 0.5%.