Forex Trading in Canada 2024 Platforms and Brokers Tutorial

The ability to trade on the go can open up more opportunities in the Canadian forex markets, which are open 24 hours a day, five days a week. The top forex brokers in Canada should offer mobile apps available to download on Android and iOS devices. Two of the most trusted and well-renowned platforms offered by most forex brokers in Canada are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They offer a range of in-built indicators, customizable charts and graphs, access to algo bots plus various timeframes, order types, risk management tools and more. The cheapest forex brokers in Canada will charge low spreads and commissions, which is beneficial for high-volume traders like scalpers. The brand is popular with serious day traders for its raw spreads on 1000+ instruments and advanced MetaTrader platforms.

  1. If you decide to trade with Admirals, you’ll have a solid selection of products and financial instruments from which to choose.
  2. Avatrade will require proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill).
  3. In an effort to protect Canadians, the Canadian Federal Government has enacted one of the strictest regulatory bodies in the world when it comes to offering investment platforms that target Canadian residents.
  4. Aside from the Protection Fund, Canadian brokers are not restricted as to what they can offer customers, by regulators.
  5. We liked that each platform is sufficiently different from the other making them suitable for different types of traders.

Where the zero spread Forex brokers may not charge spread fees on certain currency pairs, they may have much wider spreads on other frequently traded currencies or have high dealing commissions. The lowest spread Forex broker is the broker that offers the narrowest margin between the broker’s sell rate and buy rate. Low-spread Forex brokers are therefore the cheapest option for Forex traders because the fees they pay when executing trades can be minimal.

Canadian Broker Categories

The company falls around areas of customization and analytics that more advanced traders might appreciate. In addition, the company offers a powerful proprietary platform and spreads from as low as 0.7 pips, but where CMC Markets really stands is through its education. 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. Generally speaking, each country has an overseeing agency that enforces Forex regulations based on the country’s rules. The US forex market, for example, is regulated by the CFTC, while the UK is regulated by the FCA.

Do Forex Brokers in Canada adhere to the same FX guidelines as American Brokers? 🇺🇸

The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support. Overall, Interactive Brokers is a broker we recommend for more experienced traders, with low online trading costs for active traders, an unparalleled library of products and advanced trading platforms.

Forex Regulation in Canada

It can also have negative consequences for Canadian investors, because regulators in Canada do not have any control over brokers outside of Canada. It also boasts 180 currency pairs, one of the widest ranges available on the FX market. However, Interactive Brokers does offer a slightly wider range of assets all in all. Interactive Brokers offers a customizable platform, useful research tools, and low trading fees. However, it is their wide range of investment opportunities that sets them apart from the competition. The company falls on its customer service with a more standard offering in comparison with some competitors, and the brokerage lacks access to fundamental data.

You can also opt in for SMS updates or even track your transfer by logging in online or on the app and selecting ‘transfers’ on your home screen. If you’ve selected a wire transfer, log in to your online banking or visit your branch to make payment. We’ll ask for some personal information including your contact details and nationality. We help individuals and businesses canadian forex brokers to securely send and receive money, without the excessive bank fees. This Forex Brokers guide will introduce you to each of our top rated Forex Brokers and we will also let you know what additional benefits out will have on offer by signing up to any or all of those Brokers. If you want to use the options available, you can only trade them through the AvaOptions app.

CMC Markets: Great Forex Broker with Risk Management Tools

Since exotic pairs carry higher volatility and risk, most brokers do not provide them. The generous selection available at makes them an ideal choice if you are interested in trading exotic forex pairs beyond the majors and minors. The higher volatility can open up more opportunities, although risk management is a must. According to our tests, the average spread for the benchmark EUR/USD currency pair hovers at 0.1 pips. That’s among the tightest spreads globally for any broker with Tier-1 regulation. Although you cannot automate trading on TradingView (in terms of executing and exiting trades), you can set up automatic alerts based on your parameters.

When looking at published spreads, however, Eightcap beats the industry average for both Standard (1.06 pips Vs 1.52 pips) and RAW (0.30 pips Vs 0.45 pips) accounts. Fusion Markets has some of the tightest spreads in the market based on our testing. With an average spread of 0.12 for EURUSD, you will pay $1.20 on the spread each way for a CAD $10 trade. We recommend trading with the Fusion Markets Zero Account rather than the Standard Account, as this will save you on costs.

The Forex ECN broker gives account holders and traders access to other currency markets that they normally wouldn’t have access to, thus increasing the opportunities for trades. A Forex broker makes money by charging fees on trades that are executed by accountholders. The fees that you pay your Forex broker can vary considerably but they usually include account fees, spreads, commissions and swaps.

This platform is available to all OANDA users and has a wide range of features, as listed below. Despite the premium service to get your trade executed first, they execute most of their trades quick. Oanda makes it a key point to do no re-quotes and only reject a trade if it goes out of the specific bounds that you set.

Our researchers have rated CMC Markets’ mobile forex trading app highly in our full-length review of CMC Markets. Minimum capital requirements vary between Canadian forex brokers and account types. Some of the more accessible accounts can have minimum deposits as low as $10, while others can be in the thousands. Use our list of the top brokers with a low minimum deposit to find a suitable provider. While many forex brokers in Canada accept local clients, your decision should be more considered than that.

CMC Markets offers Canadian traders outstanding educational resources and an excellent trading experience thanks to its learning center. CMC Markets’ education offerings include extensive written content, trading guides, webinars and events and video lessons. Trading using CFDs and leverage is incredibly risky due to the nature of trading borrowed money and while a leveraged trade can increase profits, it can also lead to drastic losses. Those intending to invest with leverage should look for the best CFD Forex brokers that allow clients to open CFD accounts. The ECNs match buy and sell orders between market participants directly without actively trading against the Forex investor. This allows ECN Forex brokers to have narrower spreads than traditional brokerages, although it should be noted that several do still charge commissions on executed trades.

Furthermore, Canada is pretty relaxed about sending and receiving money from brokers internationally, so long as both parties adhere to the countries existing money laundering laws. The IIROC is a self-regulatory organization, established in June, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Market Regulations Services Inc. (RS). In the future, these regulatory bodies might all be unified under one roof.

We encourage Canadian investors to double-check this information via a broker’s website or contact them directly online. The broker also allows desktop Webtrader for browsers and mobile trading experience for MT4 while adopting automation (Expert Advisors) and MetaTrader Signals for social trading (copy trading). Spreads for major currency pairs such as EUR/USD can be as low as 0.0 pips, a major advantage over other fx brokers. TradingView has 16 million members, making it the largest investment community on the web.

Most traders will know TD Ameritrade unless you’ve been living under a rock. The firm is a big fish in the banking industry and plays a big part in forex, too. Aside from the Protection Fund, Canadian brokers are not restricted as to what they can offer customers, by regulators. For example, brokers in the U.S must comply with certain restrictions enforced by the NFA and the CFTC, including a restricted leverage. The global nature of the market allows Canadian traders to trade the American dollar (USD) and Euro (EUR) through a british broker, for example. All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team.