Best ECN Brokers In Canada With Spreads Updated List for 2024
IronFX offers an excellent platform for leverage and margin trading with an impressive range of options and cutting-edge technology. Its high leverage ratio can be a double-edged sword, so ensure you understand the risks involved. Trading is not about taking undue risks, but about making https://forexbroker-listing.com/ calculated moves based on expertise and insights. While IC Markets offers impressive benefits such as high leverage and a stable platform, these same factors might pose challenges for some users. And while IC Markets is beginner-friendly, it might still be complex for absolute beginners.
A Deeper Look into OctaFX: Leverage and Margin Trading
This requires you to trade a minimum volume of $50M over a month (or open an account with a $10,000 initial deposit). If you meet the requirements, then you’ll receive cash rebates that can reduce your costs by up to 15%. The broker offers a Standard account that averaged 0.60 pips on EUR/USD with no commission from our testing; however, Admirals advertised that its Raw account spreads were from 0.0 pips. With this in mind, we tasked our analyst Ross Collins to test if this was true and, if so, for how long during the trading session.
Is forex trading legal in Canada?
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. In our testing, we found that AvaTrade covers multiple markets with fixed spreads, with 55 currency pairs, 33 indices, 632 stocks, 27 commodities, and 59 ETFs. This is a solid selection as other fixed spread brokers tend to limit it to just the forex major pairs, so having fixed spreads on all these markets is excellent.
A Deeper Look into IC Markets: Leverage and Margin Trading
IC Markets sets itself apart with ultra-low spreads, fast execution, and deep liquidity. Its offering of multiple platforms, including MetaTrader and cTrader, paired with excellent customer service, makes it ideal for active and scalping traders. It’s also worth noting that, in 2023, FOREX.com launched MetaTrader 5 in the U.S. and Canada. FOREX.com’s RAW Spread account delivers commission-based pricing (similar to its STP account) and volume-based rebates for active traders. Learn more about why FOREX.com is a great choice for forex traders in Canada by checking out my full review of FOREX.com. The launch of FOREX.com’s Trading Academy helped the broker make significant strides in our Education category.
Is Forex Trading legal in Ontario?
While spreads start low, FOREX.com charges commissions of CAD$14 per lot round turn, which is double the industry standard for a RAW account. Yes, according to the Alberta Securities Commission (ASC), forex trading is legal in Alberta. You are still advised to choose a CIRO-regulated broker but do note that some CIR-regulated brokers do not accept residents of Alberta since ASC requirements are too restrictive.
A Deeper Look into Interactive Brokers: Leverage and Margin Trading
We recommend FOREX.com for its solid all-around offering, which includes competitive spreads and a decent range of markets to trade. With spreads for EUR/USD at just 1.2 pips, it’s more affordable compared to the industry average of 1.24 pips. When trading you can choose between FOREX.com platform, MetaTrader 5 and TradingView all top trading platforms. Our testing showed that interactive brokers offer low trading costs that improve with higher trading volumes, making it an ideal set-up for professionals.
Why should I choose a CIRO-regulated forex broker?
- If you are a resident of Canada, there are sound reasons to choose a CIRO-regulated Forex broker.
- This requires you to trade a minimum volume of $50M over a month (or open an account with a $10,000 initial deposit).
- FOREX.com’s Raw account, on the other hand, had tighter spreads from 0.0 pips on EUR/USD, but you had to pay $7.00 per lot traded, which is the norm for CIRO-regulated brokers.
- Trading Academy courses include progress tracking, quizzes, and other interactive features that make the learning experience fun.
The broker is one of a handful that offers commission-based trading accounts in Canada through its Raw trading account, giving you much tighter spreads compared to the Standard account. We like it when brokers give you a choice of trading accounts, giving you more control over your trading conditions based on your trading style and experience. Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Finally, some of FXCM’s educational content is only available if your balance exceeds certain minimum thresholds. While minimum balance requirements could incentivize some traders to utilize the educational resources, I think it’s better to make the content free for all clients.
Given the short-term horizon of most currency and CFD trades, it makes sense to magnify one’s trading capacity using leverage. I’ve been testing CMC Markets’ platforms, products, and services since 2017; learn more about this broker by checking out my full review of CMC Markets. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
We highly recommend Eightcap, especially for its 95 cryptocurrencies which you can trade using the TradingView platform. With advanced charting tools, TradingView enhances your technical analysis, speeding up your trading decisions. We tested 20 top brokers to determine which had the fastest execution speeds and found FP Markets had fast market order speeds. FXCM also offers a range of platforms, including Trading Station and MetaTrader 4. These low spreads are great if you automate trading with tools like Expert Advisors (EAs) on the MetaTrader 4. To view the types of brokers regulated by the CIRO view start from our compare forex brokers section.
As a forex trader, you should choose a CFD broker that offers a safe foreign exchange and is a brokerage that offers a wide array of financial instruments. With fast execution speeds and low spreads, FP fxcm broker review Markets is our top ECN forex broker for scalping. We also like FP Markets’ platform offering, which includes both MetaTrader platforms, its proprietary app and the IRESS platform for shares trading.
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). The majority of brokers are market makers, especially those with spread-only accounts.