I noted that mini and micro forex futures contracts are available in addition to standard-sized contracts. This gives traders greater flexibility and allows beginners with relatively small account balances to trade. A giant of the CFD industry, Plus500 has recently expanded into the United States to offer futures trading via its state-of-the-art proprietary web platform and mobile app. Since launching in 2008, Plus500 is now available in over 50 countries and has 400,000 active clients.
Learn more about getting started as a forex trader by checking out my in-depth Forex 101 educational series. I go over everything you need to know to start out as a forex trader; you’ll learn about forex and currency trading, leverage in the forex market, how to calculate pips, and more. 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. Forex traders looking for a great mobile trading app will enjoy CMC Markets’ Next Generation platform. The app closely resembles the web version of the broker’s Next Generation platform and comes loaded with charting tools, integrated research and education, predefined watchlists, and more.
- Go to and search for the forex broker with its name on the regular search box.
- The best Forex brokers in Canada have segregated accounts for their clients.
- Additionally, the bank, which was founded in 1996, is listed on the Swiss stock exchange, underscoring its reliability.
- I was impressed by its average execution speed of under 25 milliseconds for 80% of trades.
- The Canadian Investor Protection Fund (CIPF) offers protection of up to C$1,000,000 per taxable account, plus an additional C$1M per RRSP/RRIF account and RESP account for total coverage of C$3M.
What Is A CIRO-Regulated Forex Broker?
Another helpful feature is that the broker offers Autochartist, a third-party technical analysis service that generates potential trading ideas based on price action and chart patterns. We like how the tool is built into the OANDA Trade platform, giving you quick access to potential trading opportunities. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers. Plus500 US offers 13 forex futures contracts ranging from major currencies like the British Pound and Japanese Yen, to the Mexican Peso, an emerging market currency.
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. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry. The retail industry’s most popular platforms, MetaTrader 4 and MetaTrader 5, have established themselves as benchmarks for simplicity and reliability over the years.
In Canada, it is important to pay taxes when you make a profit or even when beaxy exchange review lose in Forex trading. The tax rate depends on the amount of income generated by traders annually. IIROC has the authority to fine, suspend or expel members by exercising quasi-judicial powers. Its strict regulatory requirements restrict most brokers from entering the country. The Canadian Dollar is a commodity currency, as Canada relies heavily on the oil sector and other hard commodities and precious metals. Some Canadian Sollar strategies exploit the relationship between global net oil exporters, like Canada, and oil importers, like Japan.
Why should I choose a CIRO-regulated forex broker?
This segregation of funds ensures that in the event of a broker’s insolvency, client funds are protected and can be returned to the rightful owners. This provides traders with an added layer of security and peace of mind when trading with Canadian forex brokers. The best forex trading app available to forex traders in Canada is CMC Markets’ mobile app.
Also, many Forex brokers in the US will not accept accounts from Canadian residents. For example, MetaTrader 4 and MetaTrader 5 are a standard for many Forex Brokers in Canada. I tested Swissquote’s Advanced Trader platform and found it to combine the efficiency of a professional-grade platform with the easy-to-navigate layout of more conventional platforms.
How to Choose a Well-Regulated Broker?
While most of the forex trading platforms offer trading on the MT4 platform, we think Fortrade’s offer is the best in Canada. The broker offers MT4 clients on desktop, web, and mobile, making it perfect for all types of traders. Our testing showed that interactive brokers offer low trading costs that improve with higher trading volumes, making it an ideal set-up for professionals. The broker only offers a commission with a tight spread account, and the highest commission rate is $2.00 per lot traded, which is the lowest out of the CIRO-regulated brokers. It features raw spreads from 0.0 pips and a $5 round-turn commission per traded lot (100,000 units). This combination surpasses the industry average and offers day traders a competitive edge.
What do traders get with a regulated broker?
This feature allows you to test your trading in a live environment without risking too much to begin with, helping you grow your confidence by risking your funds. As you can see in the image below, we have an order to open a EUR/USD position with one unit, requiring only a 0.07 CAD margin. With OANDA Trade, you can start trading with small lot sizes, even less than a micro lot, as low as one currency unit. This flexibility offers a low-risk transition from demo to live trading, perfect for easing into risking your own funds.
Simply put, AvaTrade delivers a high-quality experience for beginner forex traders. I tested the platform, which offers access to over 10,000 global shares and has over 100 technical indicators and drawing tools, and found it ideal for stock traders. The broker charges a $6 round-turn commission per lot on its Raw account and affords spreads starting from 0.0 pips. With an estimated value of trade (1 lot EURUSD) at $7, FP Markets’ trading costs are below the industry average. To operate as a forex broker in Canada, a company must be a member of IIROC. This membership requires adherence to a set of rigorous rules and regulations designed to protect investors and maintain the integrity of the financial markets.
All of these factors make AvaTrade suitable for traders wanting to practice tight risk management. Forex traders in Canada have previously found the industry’s regulation to be very confusing, as there were two sets of rules for Forex brokers to comply with. This was seen as an unnecessary complication, and provincial and national regulatory bodies have been working hard to harmonise the situation. It has resulted in a new set of rules to guide Forex brokers and the conduct of the industry.
We collect essential information by opening a live account with a broker entity and testing its services in real time. We measure the spreads, swaps, xm forex review and commissions on its most popular account type and compare our findings to the industry average. I also discovered that all trading fees, except for the rollover, are built into the spread. Tastyfx’s floating spread starts from 0.8 pips and varies across instruments from different asset classes. FP Markets offers more than 800 CFDs on instruments from different classes, both high-yield/high-risk assets, and lower-risk securities.
The IIROC and its connection with provincial regulatory bodies
The AI will develop the automation, which can be used for free on the MetaTrader 4 and Trading Station platforms. 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. If you trade high volumes, we found that you can lower the Raw account’s costs through FOREX.com’s ActiveTrader programme via rebates, saving up to 15% on your commissions.
