This partnership provides a platform that combines a simple user interface designed for easy navigation and TradingView’s charting package for the best charting experience. This is great because it means you can begin trading with whatever amount you feel comfortable risking instead of being forced to deposit a larger amount. Additionally, Canadian regulations aim to protect you by ensuring that brokers operate with the strict framework set by CIRO, which might be more stringent than in other countries. We must mention, however, that you must use MetaTrader 5 to trade Eightcap’s full range of crypto products. As the most traded, these pairs are the most liquid thus meaning there is more trading volume in a typical trading session to take advantage of small price movements, particularly as a scalper. A notable feature we discovered is the ability to set price tolerance from within the trade ticket using the desktop platform, which helped us manage our portfolio according to our risk profiles.
Moneta Markets
Traders in Canada have the option to choose a broker regulated by the Investment Industry Regulatory Organization of Canada (IIROC) or other Tier 1 regulators such as the FCA, ASIC, etc. IIROC conducts regular reviews of brokers to make sure they are meeting its high ethical and professional standards, providing a higher level of transparency and safety for your funds. I also enjoyed using the Autochartist plugin for MetaTrader which provides real-time technical analysis of trading ideas using an algorithmic-based market scanner. VT Markets has developed a feature-rich trading app with an intuitive design that allows trading on the go and account management.
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This flexibility offers a low-risk transition from demo to live trading, perfect for easing into risking your own funds. BestBrokers.com is free to use for everyone and it may earn a commission from some of the listed trading platforms with no additional cost to you. Prior to dabbling into margin trading, each reader should take the time to determine their individual investment goals, risk tolerance, and level of expertise. Our main objective is to help readers make better-informed decisions when choosing online brokers and learn the foundations of trading rather than providing financial advice. Please consider contacting a professional advisor if you require any financial assistance.
- At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools.
- Additionally, CMC Markets supports up to 10 account currencies, including CAD, and you can fund your account by credit or debit card, bank transfer, or PayPal.
- Carolyn Kimball is a former managing editor for StockBrokers.com and AdvisorSearch.org (formerly investor.com).
- CMC Markets Canada offers a robust trading environment for Canadian investors, featuring a wide range of instruments, advanced trading platforms, and strong regulatory oversight.
Low spreads mean you pay less on each trade, saving you much money in the long run, especially if you trade frequently. We recommend you choose a CIRO-regulated broker to ensure added security and peace of mind. Not all brokers accept Canadian clients due to Canada’s strict regulatory environment.
Even though OANDA Trade blends the charts from TradingView with the broker’s simplified platform, OANDA does offer other platforms. If you have experience with MetaTrader 4 or TradingView, we like that you can choose these platforms with OANDA – especially considering MetaTrader 4 allows you to automate your trades. Profits must be reported as capital gains, with 50% of forex trading gains being taxable.
IC Trading
- FP Markets is a well-established online broker primarily regulated by ASIC, and internationally by CySEC and FSCA.
- To be designated as professional traders, customers of forex trading brokers must meet some eligibility criteria.
- It’s advisable to consult a tax professional to determine the correct classification for your situation and ensure proper reporting.
- We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
- The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for Canada-based forex traders.
- Brokers operating in Canada must be registered with CIRO and comply with its regulations.
FOREX.com is our top choice for MT4 users under CIRO regulation, offering low average spreads from just one pip on EUR/USD on the Standard account. If you want tighter spreads but don’t mind commissions, the RAW account with a $7 per lot commission offers average spreads from 0.5 pips. Fusion Markets offers several investment platforms in desktop, web and mobile apps, namely MetaTrader 4 and 5, and cTrader. All platforms give you customisable charts, fundamental and technical indicators and an intuitive interface. Furthermore, CA forex brokers must fulfill the individual desires of their Canadian clients, and only forex brokers who meet these requirements can function as genuine forex brokers for CA traders.
Regulatory Compliance
The CIRO is responsible for developing rules for marketplaces, enforcing compliance with those rules, monitoring trading activities, conducting investigations, and imposing sanctions when necessary. Yes, according to the Ontario Securities Commission (OSC), forex trading is legal in Ontario. However, you will find many CIRO-regulated brokers don’t accept residents of Ontario as OSC requirements are too onerous. One of CIRO’s main roles is to ensure that forex brokers comply to industry standards and follow regulations to safeguard Canadian investors. Our findings also showed that CMC Market’s Standard account spreads were competitive. Our analyst, Ross Collins, found the broker’s EUR/USD spreads averaging 0.80 pips, one of the lowest among the CIRO-regulated brokers tested.
Fusion Markets is the best forex broker for lower commissions, charging only $2.25 per lot, the lowest we’ve encountered (the average is $3.48 in our tests). This makes it an excellent choice for traders looking to minimize trading costs. GSLOs offer the reassurance of exiting the markets without you losing more than you intend to. If we had to pick, we highly recommend the OANDA Trade platform as it is a simplistic forex trading platform and comes with some advanced tools that cannot be found on other platforms. For a start, OANDA Trade allows you to trade directly from the charts and has direct access to the broker’s premium trading tools, such as AutoChartist.
What is the minimum deposit to open an account?
Meanwhile, one of the features we like is the one-click feature, which allows you to trade the markets without filling in an order ticket. This is helpful so you can instantly execute the trades you need instead of wasting time filling in a new order ticket. So, our team tested over 20 brokers to find the fastest execution brokers, and TMGM recorded an average execution speed of 94ms for limit orders. Because IB prices their commissions differently, we opened a demo account to clarify how much a one-lot round trade would cost you. Where you’ll obtain the most benefit, however, is as an active trader with volume-based rebates. By trading a minimum volume of $50M per month (or opening an account with a $10,000 initial deposit), you can receive cash rebates that reduce costs by up to 15%.
If you’re based in Canada and looking for a broker that feels like it was built for serious traders—but without the overwhelming complexity—Oqtima is one you’ll want to have on your radar. Even though it’s relatively new (launched in 2023), it’s already gaining traction in the trading community for offering a professional-grade experience that’s surprisingly accessible. Eightcap offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available across desktop, web, and mobile. They also provide direct integration with TradingView for advanced charting and analysis, offering a comprehensive suite of tools for diverse trading preferences. While FP Markets accepts Canadian clients and supports CAD trading, it lacks direct Canadian regulatory oversight and a physical presence in Canada. This might be a key consideration for traders prioritizing local investor protections and support.
Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions. Out of all our tests, Interactive Brokers had the most advanced tools, pricing, and markets, making it a compelling choice for professional traders in Canada. This is especially true if you want to trade more complex markets like futures and options in addition to traditional CFD trading. CMC Markets has an impressive NGEN platform, the broker’s own user-friendly trading platform and comes equipped with advanced charts and tools that challenge TradingView’s charts.
XTB primarily offers its award-winning proprietary xStation 5 platform, available as a web and mobile app. While they previously supported MetaTrader 4 (MT4) for existing users, new accounts are now directed to xStation 5, which boasts advanced charting, analysis tools, and comprehensive features. Yes, CMC Markets offers free demo accounts with virtual funds that allow you to practice trading on their Next Generation platform or MetaTrader 4. These demo accounts generally do not expire and can be topped up, providing a risk-free environment to test strategies. As my base currency was CAD, my commission was only $4.50 per lot traded ($9.00 round turn), making it competitive but not as cheap as FP Markets. Alternatively, the Classic account is available with no commissions but wider spreads, which average 1 pip on EUR/USD from my analyst’s tests.
If you want to automate your trades, you can do so without coding knowledge through FXCM’s partnership with Capitalise.ai, which is a big plus in our books. He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018. Governments and central banks use interest rates as a means of increasing or decreasing the money supply within the economy. Volatility or variability refers to the changes in price quotes for a currency pair over a time period. When volatility is high and the swings in prices are wider, opening or closing a position can be more challenging, since the prices are moving up and down.
Most financial instruments, including ETFs, are legal for online trading, and they wouldn’t be available in your regulated online broker if they weren’t. The broker’s average RAW spreads are impressive, at just 0.22 pips on EUR/USD, significantly lower than the industry average of 0.49 pips. Fusion Markets doesn’t have its own platform, but the broker has MetaTrader 4 and 5, two top platforms to take advantage of these low spreads.
They offer the Lowest Spread Forex Brokers, averaging 0.1 pips on EUR/USD, more than 50% cheaper than the industry standard of 0.22 pips. A CIRO-regulated forex broker is licensed and authorized by the Canadian Investment Regulatory Organization (CIRO), previously known as the Investment Industry Regulation Organization of Canada (IIROC). CIRO’s regulations aim to ensure trading is safe and fair for everyone while protecting retail traders from broker malpractice and market manipulation.
To check if CIRO regulates a Forex broker, look at the footer of the broker’s website. By law, they must show their regulatory status there, including their CIRO information. This makes it easy to see at a glance if they are licensed and regulated by CIRO; if nothing is there, it is likely that they are not regulated. For example, some provinces require brokers to register locally before offering services to residents. This can be a big challenge for offshore brokers who might not meet all the specific requirements or find the process too complex and costly.
He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA). It’s always recommended to choose a broker that is well-regulated and reputable. Brokers in Canada must also be registered in the province in which forex broker listing they operate.
