Next you need a funded account with an online broker that allows you to trade forex from Canada. You also need to develop a trading plan and strategy to increase your chances of success. The best forex brokers in Canada measure up to forex brokers around the world. But each can use different processes, so navigating the brokerage world can be tricky. Options trades are $9.95 + $1 per contract, while ETFs are commission-free.
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. For example, MetaTrader 4 and MetaTrader 5 are a standard for many Forex Brokers in Canada. We rated TMGM highly based on high leverage, range of products and competitive spreads across the board.
- You can catch TD Ameritrade’s customer service team on Facebook messenger, by emailing, faxing, texting, and of course, calling.
- While this cannot be used with MetaTrader 4, the broker allows you to open multiple accounts thus allowing access to TradingView.
- Trading is available on the FXTrader platform which delivers institutional-quality spreads from 0.1 pips and 20 complex order types, including brackets, scale and one cancels all (OCA).
- You can visit Questrade directly to get started or for any more information you may need.
- Accordingly, forex traders use leverage to take advantage of small fluctuations in price movements.
- Next you need a funded account with an online broker that allows you to trade forex from Canada.
We help individuals and businesses to securely send and receive money, without the excessive bank fees. Dayana Yochim is a Senior Writer/Editor at Reink Media Group who has written about personal finance and investing for more than 20 years. Her work has appeared in outlets including HerMoney.com, NerdWallet and the Motley Fool, and has been syndicated nationally. These margin requirements can vary as IIROC regulations do change and margin requirements may tighten as your position size increases. Another useful MT4 add-on Eightcap offers is Capitalise.ai, which allows you to write your own algorithms without any knowledge of coding. Please note, that Eightcap is regulated by the Vanuatu Financial Services Commission (VFSC), not IIROC, but still accepts Canadian clients.
While major pairs like USD/CAD are often provided, minor and exotic pairs like AUD/CAD or CAD/ZAR are less common. Interactive Brokers offers 100+ major, minor and exotic forex pairs – a wider selection than many leading firms, including AvaTrade. Trading is available on the FXTrader platform which delivers institutional-quality spreads from 0.1 pips and 20 complex order types, including brackets, scale and one cancels all (OCA). Several strategies could work for you, depending on your level of expertise in the market. The strategies listed below have shown positive results for retail forex traders whether they’re trading from Canada or anywhere else in the world.
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. The standards for international firms to offer forex type services are very strict. Due to the small population size of the country, most opt to simply avoid the expense of doing business in Canada.
Their forex trading platform is user-friendly and offers competitive spreads. Questrade offers a range of educational resources, including webinars and tutorials, to help traders learn about forex trading. They also have a responsive customer support team that can assist with any inquiries or issues.
Users have access to a blog, analysis tools, market news, an economic calendar, plus market signals. Alvexo fees are depending on the account type and are commission or spread basis. Also, always consider Alvexo rollover or overnight fee as a cost, it is charged on the positions held longer than a day and may be checked directly from the platform.
Disclaimer on Regulations
If, like us, you find the MetaTrader 4 user interface (UI) a bit dated, then you will appreciate the more modern UI OANDA Trade has to offer. This platform is available as a Web Trader and for iOS and Android devices. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. It may be best for Canadian citizens or residents to consult a tax professional to determine any potential Canadian tax obligations.
IIROC Regulation
The company falls around areas of customization and analytics that more advanced traders might appreciate. MetaTrader 4 is a solid, reliable choice – however, FOREX.com’s proprietary canadian forex review platform offers advanced charting tools, and supports over 90 technical indicators. Today, FOREX.com is a leading forex broker around the world, including in Canada.
Nowadays, the top forex brokers in Canada are supported by both the IIROC and local financial watchdogs. 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. Firstly, in terms of forex trading, there are more than 90 currency pairs available. This includes major, minor, and exotic currencies and is a comparatively large offering.
Brokers By Platforms
Taking into account that forex traders in Canada can choose to sign up with a broker anywhere in the world, it is possible to make an initial minimum deposit of only $1. Many brokers want to make the forex market accessible to younger traders by allowing for a low initial deposit and offering a higher leverage. The brokerage delivers a no-fuss service with exceptionally low trading costs in the form of an ECN trading account, spreads from zero pips and no commissions. The brand offers a free forex VPS alongside other additional features including a MAM account and short-term technical analysis.
Which Broker Has The Best App In Canada?
Before you start forex trading in Canada, check the broker is licensed with the IIROC. To do this, look for confirmation in the risk disclosure found on the bottom of a broker’s website. Alternatively, search for a broker on the IIROC’s ‘Dealers We Regulate’ page. When a broker does not hold a license with the IIROC, each local regulator has the authority to decide whether a broker can operate within that area.
MT4 Trading Platforms Features
This means that investors with a higher net worth are more protected when investing through Canadian brokers. The global nature of the market allows Canadian traders to trade the American dollar (USD) and Euro (EUR) through a british broker, for example. Traders can choose between providers based in Canada or offshore companies. The advantage of offshore providers is that they are usually regulated in multiple jurisdictions, bringing an added layer of trust. Your cash will then be secured up to $1 million should your broker go bankrupt.
What is Alvexo?
Forex trading in Canada is well-regulated and offers many benefits for traders. Others may offer educational resources, while others may have access to custom trading platforms which may give you faster access to the markets. No matter how you go, the best CFD broker is one that meets your unique needs in the markets. Overall, we think Eightcap has the best crypto offering for Canadian traders. Other key benefits include a great range of trading platforms, a good range of stocks and a solid educational offering.
