5 Best Forex Brokers in Canada year

OANDA Trade is a good choice for you if you are after a simplified trading experience but also want extra charting and analysis functions like AutoChartist. MetaTrader 4 is excellent if you want to program custom indicators or Expert Advisors to automate your trading. Or you can use TradingView, a powerful charting package with over 110+ indicators for you to use. We rated FP Markets as the best ECN broker, providing low trading fees and one of the fastest market execution speeds we have tested.

1. If this is the case, ensure there is a good range of charting tools, indicators and analysis options, as well as any additional services you may require.
2. Below are some of the liquidity providers OANDA uses as a measure to ensure their spreads are consistent with the market.
3. OANDA was one of the first brokers to offer TradingView and is the second most popular broker choice for this platform with 90,400 users.
4. You can’t assume they’ll be the same when you trade, but they do provide a useful benchmark.
5. 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.
6. Other key benefits include a great range of trading platforms, a good range of stocks and a solid educational offering.

The trading instruments range offered by Alvexo includes CFDs, Stocks, Index, commodity and currencies along with newly launched feature at Alvexo the Cryptocurrencies trading. Therefore and due to its authorization, Alvexo registration allows the provision of investment and brokerage services within the EEA to European residents and even further. While the regulation enables the customer to trade with assurance according to the protection settlement procedures performed through the range of rules the broker is obliged to.

MetaTrader4 Brokers

So you can test their market orders, view their charting tools, and access the trading admin just like a live account. By offering TradingView as a platform for OANDA Canada clients to trade, you can combine the excellent execution services from OANDA and the advanced trading tools TradingView provides for free. For over a decade, canadian forex review FxScouts.com has been reviewing forex brokers and provided in-depth analyses. Our extensive research and unique testing methodology ensures that all broker reviews are accurate and fair with hundreds of thousands of data points generated annually. Since 2012, we’ve tested over 180 brokers across global and UK markets.

Canada Forex Brokers: Trade Forex in Canada Today

Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms. One of the standout features of Forex.com is its extensive educational resources.

Today most brokers offer a mobile app available on Android and Apple devices. Look for apps that offer a slick transition from your desktop computer, allowing you to run price and chart analysis, take positions, and monitor trades. There are a lot of choices out there when it comes to trading platforms in Canada and, indeed, internationally. Forex trading is still the most popular way to trade globally, so choosing the best brokers with the best trading platforms is essential. With TMGM, you get fast execution speeds on the MetaTrader 4 platform through their ECN model. The faster execution speeds help reduce slippage, meaning you get the price you execute for.

How We Determined The Best Forex Trading Platform In Canada

With its solid mobile applications, Forex.com comes out with some of the best platform experiences across brokers. Take a look at the forex brokers that made the list of the best forex brokers in Canada. Your forex platform is where you’ll spend the majority of your trading hours, so you’ll want the best tools available. FX platforms can be downloaded to desktop and mobile devices, or accessed through a browser. The Canadian dollar is the 6th most traded currency and forms 2% of the global currency reserves held by banks. The biggest influence on the CAD is the domestic economy, which is driven largely by oil, gas, and mining export operations.

Which trading platforms do the best Forex brokers offer?

OANDA has no minimum deposit, and competitive spreads, with no commissions. Moreover, you can access OANDA from three outstanding trading platforms. The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading.

Your cash will then be secured up to $1 million should your broker go bankrupt. One of the features we like is they offer a pattern recognition scanner. Unlike the other scanners, this one is more advanced in finding patterns ranging from chart formations to harmonic patterns. This searches for different chart patterns such as the head and shoulders, channels, and wedges every 15 minutes. If it finds potential emerging patterns, it will plot them automatically on your charts.

While we are avid users of MT4 at CompareForexBrokers, FOREX.com’s proprietary app is where the value add is. What stands out to us is the combination of an intuitive user interface with advanced charting, which is not an easy mix to achieve. You can either access 80, 100 or 200 charting indicators depending on whether you use the mobile app, web trader or desktop platform.

We find that one of the impressive qualities of TradingView is that it is built for the web yet packs in so many advanced features. For example, over 110+ technical indicators are available for free, and you can personalize your charts. For Canadian residents with an account denomination other than CAD, be aware of currency conversion fees each time you add or withdraw funds from your account. Always familiarise yourself with the broker’s terms and conditions before opening an account. If you are unable to find this information, reach out to the firm’s customer service team for a full fee catalog. The forex market in Canada is regulated by the Canadian Investment Regulatory Organization (CIRO, former IIROC).

These tools plot various methods, from Fibonacci retracement to ABCD patterns. In either case, you’ll benefit from ECN-like pricing, which means access to deep liquidity. This broker also doesn’t require a minimum deposit or charge for withdrawals, which means your indirect trading costs stay low.

You won’t have a problem finding a broker to meet your individual needs for trading in the forex market. During the last year, the Australian dollar has gone from 0.80 to 0.72 versus the U.S. dollar. Accordingly, forex traders use leverage to take advantage of small fluctuations in price movements. Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K. While the research and tools may be different from platform to platform, most offer economic analysis, real-time news and advanced data analysis.

USD/CAD Outlook: Pair Holds Steady on a Public Holiday

Forex.com is a globally recognized forex broker that operates in Canada and is regulated by the IIROC. It offers a wide range of trading instruments, including major, minor, and exotic currency pairs. Forex.com provides access to various trading platforms, including the popular MetaTrader 4 and its own proprietary platform. The broker offers competitive spreads and a range of trading tools, such as customizable charts and technical analysis indicators.

OANDA also distinguishes itself from other brokers because of its Elite Trader program. If you trade at least USD 10 million monthly, you’re eligible for rebates of 10% to34% on average on your trading costs. We found OANDA’s standard account spreads to be similar to those of other brokers.