FP Markets’ competitive spreads along with its fast execution speeds is why we rated the broker as the best ECN Forex broker for Canadian traders. FP Markets’ RAW account had some of the tightest spreads we measured, averaging 0.22 pips for the top 5 most traded currency pairs. For the Standard account, the broker had an average of 1.30 pips vs the industry average of 1.52 pips for the top 5 most traded currency pairs. In fact, when we looked at published spread results against other brokers, OANDA had the most competitive spreads for a Standard account. OANDA averaged 0.7 pips against the industry average of 1.52 pips for the top 5 most traded currency pairs. 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.
For this reason, if you are after currency pairs that don’t fluctuate too much then trade using major pairs like EUR/USD. Eightcap is the best broker for crypto trading, with lmfx review the top range of cryptocurrencies out there. The broker offers 86 crypto products, which are all available to trade on MetaTrader 5.
If you’re new to Forex trading, OANDA gives you access to a comprehensive education suite and access to trading support 24/5. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). Read our full explanation and accounting of our research and testing process to learn more about how we test.
Can You Trade With 1:500 Leverage In Canada?
While IC Markets doesn’t offer a proprietary platform, the broker offers MetaTrader platforms, TradingView and cTrader and social/copy trading options with ZuluTrade, Myfxbook and cTrader Copy. To add to IC Markets’ appeal as a low-cost broker, it averaged 0.32 pips for the USD-backed majors on its RAW account against the broker average of 0.42 pips. These results put it third on our list for RAW/ECN-style accounts, just behind Fusion Markets (0.22 pips) and City Index (0.25 pips). From our analysis, Pepperstone offers the best customer service of any broker we’ve tested. It scored a perfect 10/10 regarding coverage, support hours, and overall website experience. Pepperstone offers a diverse range of platforms, including MetaTrader 4 and 5, cTrader and TradingView.
For example, we downloaded and installed the Daily Extremes indicator to test, which was easy to install and set up. This indicator allows us to see the previous days’ highs and lows through a dynamic support and resistance level, which is helpful for day trading as these are considered major levels. Contracts for Differences (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage.
- Plus, if you use the MT4 platform on AvaTrade, you won’t have the option to trade shares as the platform doesn’t have the infrastructure for it.
- The Forex.com app allows you to trade markets with fast execution as well as stay on top of the latest prices and actions at all times through watch lists, notifications and alerts.
- After all, it is the broker who will hold your trading funds and execute your trades.
- AvaTrade’s competitive pricing and the ability to implement tight risk management on the go make it an excellent choice for risk-averse traders.
- While the Standard account has no commission costs, you will pay higher average spreads of 1.19 pips across the USD majors.
- Based on my experience as a high-frequency trader, I know how important quick and precise order execution is for implementing intraday strategies, such as scalping.
Which regulated broker is best for beginners?
In terms of products, Eightcap really stands out in its crypto offering, with over 95 cryptocurrencies available to trade. With Eightcap’s crypto range, you can trade 20 cross-currency products against USD, AUD, CAD, EUR, GBP and MXN, easily the biggest range for Canadian traders. You can trade this extensive product range on the all-popular MetaTrader 4 trading platform, as well as the broker’s excellent Next Generation platform. Using EURUSD as an example, you will pay $7.70 with the Zero Account if the round trip cost is $3.20 spread cost is ($1.60 each way) + commission of US $4.50 round-turn.
What stood out for us was the broker’s 330+ currency pairs, which are the most available for any CIRO-regulated broker. You can trade the majors, minors, and exotics, including taking advantage of inverse currency pairs if you are looking for more market volatility. These can protect you from price spikes when the market becomes volatile, which is ideal if you day plus500 forex review trade.
How to choose a suitable trading account?
By saving the layout, I found it provides quick access to the different layouts I like to have for forex trading and stock trading. Check out our dedicated guides on Best CySEC-regulated brokers and Best FCA-regulated brokers. To find a trustworthy partner, make sure that the broker’s entity you choose is tightly regulated and complies with all industry safety requirements.
IG Group offers the most CFDs, with an extensive range of over 13,000 trading instruments. This includes 110 forex pairs, 13,000 shares CFDs, 130 indices and over 2000 ETFs. You can also trade spot shares with IG Group, which involves stock ownership, as opposed to CFDs which doesn’t. To legally offer financial services to clients, all brokers must be regulated by that country or jurisdiction’s regulator. Spreads, the difference between the bid and ask price that you buy and sell at, are perhaps the most important trading costs to consider when choosing a forex broker. With CMC Markets, you can trade over a huge range of over 338 forex pairs and over 9000 shares CFDs.
I found the broker’s copy trading offering very accessible since beginners can copy the strategies of other traders with as little as $100 in their account balance. FXTM’s copy trading feature offers signal providers and signal followers a chance to interact with each other and generate revenue/profits from each other. What stood out the most to me is that the platform supports ultra-fast order execution, which is especially suitable for high-frequency traders like scalpers.
That trade probably wouldn’t have been as massive if he was running a risk-controlled trading strategy, but it was made possible by his already significant capital reserves and a strong conviction. For the average forex trader, however, it is better to find your ideal trading timeframe, adopt a style that fits, avoid over-leveraging, and cut your losses while they are small. Forex trading can be profitable, and the same could be said for every type of investing.
Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. Brokers regulated by well-established financial regulators have the highest level of investor protection and must follow strict rules to protect your capital. Across all mediums, I experienced short wait times, and agents were helpful and knowledgeable.
We compared the most established CIRO-regulated Canadian brokers and matched them to the different trading styles and requirements from beginner to expert traders. Additional brokers were added that accept Canadian traders and offer additional features from lower fees to higher leverage. It’s worth noting that beginner forex and CFD traders might be intimidated by the broker’s miscellaneous fees and the complexity of its proprietary platforms. While there is a wide range of short educational articles covering different topics of trading the financial markets, most beginner traders may find more value from the regular live webinar sessions. These webinars are hosted by different speakers and cover live trading sessions, news trading sessions, forex basic lessons, practical workshops for beginners, and much more. This analysis, combined with my personal trading experience, has led to the findings and research presented below.
Pepperstone, established in 2010 and headquartered in Australia, is regulated across seven jurisdictions, including four Tier-1 regulatory bodies, enabling it to cater to traders worldwide. If you are to trade 1 lot of EURUSD on the seamless cTrader platform, it will cost you around $8, which is way below the industry average. The first step to trading forex is to choose a broker that accepts clients in Canada (see our top recommended brokers above). Trading foreign exchange — exchanging one national currency for another, ideally profiting from the trade — is popular among investors in Canada, where the forex market size is currently at nearly $300 million. The largest forex broker by volume is Australian brokerage IC Markets, with approximately $22.68 billion in daily turnover. All of the brokers we recommend are regulated using our methodology and we have tailored our lists for wherever you are based around the world.