10 Best Canadian Forex Brokers in 2023 IIROC Regulated

With the exception of order execution only dealers, all registered firms have a suitability obligation. A fiduciary duty to act in the best interest of a client applies only to registered portfolio managers and dealers that are authorized to trade securities on behalf of their clients. So all those fees you pay are just gravy — and one of the reasons why fees can vary so significantly from brokerage to brokerage. Founded in 2009 as a division of BBS Securities, the Toronto-based Virtual Brokers was the first in Canada to offer commission-free trading. Eszter has been writing and editing BrokerChooser’s content since 2021 bringing her more than a decade-long experience in journalism to the team. She has been covering world affairs and several financial crises, and recently has been diving deep into SEO and coding to make BrokerChooser’s content more accessible to users.

Perhaps the one drawback with the Oanda asset library is that it does not cover stocks. To save you countless hours of research, below you will find the very best trading online platforms Canada right now. The biggest advantage of picking Forex brokers in Canada is the strong regulations they must follow that ultimately protects customers. When you look at Forex Canada, it has amongst the best investor protection in the world. It is easy to verify which Forex brokers in Canada are covered by IIROC. You can do that by scrolling down to the bottom of the homepage of the Forex broker to see their regulatory information.

You just need to consider your own goals and objectives before deciding which one is right for you. However, make sure you choose a reputable school or course that provides high-quality education. The instrument that investors and traders will use to capitalize on small movements in the price of currency can also lead to substantial price swings, which can result in margin calls. As a result, investors must add additional funds or margin costs. Trading Futures and Options on Futures involves substantial risk of loss and is not suitable for all investors.

Clients are able to choose between spread-only pricing and a core pricing plus commission option. The second option comes with a reduced spread but charges traders a flat commission per trade . Oanda is another IIROC-regulated brokerage in Canada to consider using for forex trading.

I’ve spent a lot of time researching all the major Canadian ones. I went in-depth into all the features, with full-length reviews for over a dozen different trading platforms. Yes, Forex.com offers a free $ demo forex trading account with no risk and no obligation.

Is forex trading legal in Canada?

Keep in mind that local regulators have different rules and also exert control. Locally, the Ontario Securities Commission oversees the capital markets, and forex trading in the province. Forex is legal in Canada, but keep in mind that each province has different regulations.

• Alternatively, IBKR also has a fairly extensive commissions page with tiered examples for different asset classes, further highlighting the more you trade, the lower the costs.
• CMC Markets offers access to over 9,500 financial markets and +330 FX pairs with spreads that start from 0.7 pips through a proprietary trading platform – Next Generation.
• Another draw of the platform is its technical indicators and the fact that it gives investors access to many other markets, unlike other forex platforms.
• View the best CFD trading platform Canada page to compare the best CFD brokers including forex.com.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. New forex traders that are looking to learn how to trade currencies should stick to commonly-traded currency pairs such as EUR/USD. In a lot of cases, forex brokers charge thinner spreads for popular currencies, allowing you to save more money when trading.

Interactive Brokers: An Investment App for Seasoned Investors

Forex.com has astraightforward and fully digital account opening process.Online registration takes only minutes. Our account was verified in 2 business days, which is a bit slower than at some other brokers. Forex.comforex fees are low,below those of its closest competitors. Copy trading – Particularly useful for beginners, you can replicate the trades and strategies of other users. Automated trading capabilities – Following preset criteria, algorithms will automatically enter and exit trades on your behalf.

Well, trading platforms that are licensed by the IIROC must follow a set of rules that are in place to keep you and your investments safe. Although Questrade also gives you access to international equities, you’ll need to pay an additional fee of 1%. The self-directed account also allows you to buy ETFs and options. You can also access IPOs and new issues via Questrade, but this comes with a high minimum investment of $5,000. Canadian regulators are committed to the welfare of their investors and require all Forex brokers in Canada to be regulated by IIROC that protects the interests of Forex traders.

And there are a limited number of brokers who operate within Canada. It’s worth noting that the regulations may be different from province to province within Canada itself. When your trading positions require more funding for you to maintain, the broker will issue you a margin call to deposit additional funds. When geopolitical events arise, such as we’ve seen with the crisis in Argentina, they manifest within the currency prices. Governments that are more reliable garner premiums, where riskier government currencies will trade at discounts.

Swing Trading School for Canada Traders

To take full advantage of the full crypto range with Eightcap, you need to use MetaTrader 5 which is why we recommend this platform for this broker. CMC Markets offers easy-to-use trading guides that cover topics ranging from basic concepts like what is forex, support and resistance trading, how to trade on news and so much more. Some lessons will be provided in video format which makes the learning experience more powerful. To hedge investment risk, FP Markets also offers precious metal assets such as gold and silver and a wide range of other commodities like energy, metals, and agricultural products. Spreads for 60 currency pairs are available including CAD/USD, GBP/USD, AUD/USD, and EUR/USD. When signing up with Fusion Markets, if you are outside Ontario, you can choose to sign up with either Fusion Markets or Fusion Markets.

To learn more about Interactive Brokers as an overall brokerage, make sure to read my Interactive Brokers review. CMC Markets also supports the trading of CFDs with stocks or indices as the underlying investment. PairMinimum Spread AUD/CAD2.2AUD/NZD2.6AUD/SGD3.3AUD/USD0.7EUR/AUD2.5EUR/CHF2.5EUR/GBP1.1EUR/JPY1.5The platform does not have an account opening minimum. Lastly, the regulator also impacts high-risk trading factors such as maximum leverage available. While we have already covered the MetaTrader platform on this page, Friedberg Direct Powered By AvaTrade is slightly different since they provide fixed rather than variable spreads.

Head over to the AvaTrade website and click on the ‘Register’ button. You will then be redirected to the Friedberg Direct website to complete the account opening process. For example, let’s suppose that you are interested in buying Google stocks, but you don’t want to fork out $2,000 on a single share. This flat fee system is arguably more suited to those trading larger amounts.

If the above description matches you, Wealthsimple is the perfect trading platform for you because it satisfies all of those criteria. 77% of Canadians are now choosing to invest, so picking the right trading platform that is suitable for you is important. Forex.com is a great forex and CFD broker regulated by several financial authorities, such as the UK’s FCA and the US CFTC. For example, if you are from the UK, you will sign up with StoneX Financial Ltd and will be eligible for investor protection of £85,000.

Stock index CFD fees are built into the spreads, while stock CFD fees are charged via commission. We also compared Forex.com’s fees with those of two similar brokers we selected, FXCM and Oanda. This selection is based on objective factors such as products offered, client profile, fee structure, etc.

In either https://forex-reviews.org/roach, my number one choice is Wealthsimple, as it has $0 commission ETF buys and sells. Purchase a single all-in-one ETF portfolio that’s suited to your risk tolerance and investment goals, like Vanguard’s VGRO or VBAL. You don’t need to rebalance or worry about buying multiple ETFs.

One of the earliest online brokerages, Interactive Brokers has long been favoured by active traders owing to its low trading costs. Since the seven trading platforms above are far from the only available, here’s five more dark horses, arranged alphabetically, that you might want to consider. For simplicity’s sake, we’ve included some information about them, including their per trade commission rates. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the forex market.

Best Online Trading Platforms Canada Reviewed

As always, it is highly recommended to practice trading different asset classes using IBKR’s demo account, which still provides access to the broker’s full range of products and tools. Just note that if you are in Canada, Singapore or the US, you will not be trading CFDs, but instead using spot trading, this also means no margin trading. In addition, the broker offers a wide range of markets to trade, especially on its flagship Advanced Trading and Web Trading platforms.

This canadian forex review provider charges no commission at all, and spreads are very competitive. There are no transaction fees to invest in ETFs, but you will need to pay the respective expense ratio charged by the provider. As a platform more suited for seasoned pros, the Interactive Brokers website comes jam-packed with advanced trading tools and features. This includes in-depth chart reading and drawing tools, market insights, and financial analysis.

The broker offers its superb trading app and the MT4 for trading services. These platforms are highly intuitive and come with a selection of helpful tools, charts, indicators, and rich learning materials for successful trading. If you live in Canada, you have no problem with options when it comes to forex brokers.