AvaTrade’s in-depth educational content for beginners includes a wide range of educational videos, 100+ informative articles, and integrated quizzes accompanied by a progress tracking feature. AvaTrade’s in-house educational content (for its AvaAvademy) features 150 lessons and 50 quizzes. Traders also gain access to educational content from highly rated third-party providers like Trading Central.
Why should I choose a CIRO-regulated forex broker?
The broker’s abundance of content designed to educate beginner forex traders helped AvaTrade earn Best in Class honors for Beginners and Education in our 2024 Annual Awards. The bulk of Canadian retail Forex trading volume occurs via international brokers, but many have restrictions on accepting Canadian-resident clients. Eightcap onboards Forex traders from Canada via Eightcap International, a subsidiary in St. Vincent and the Grenadines, operated by CLMarkets Limited (registration number 24750). It allows Canadian Forex traders to manage portfolios in a competitive environment, including higher leverage versus Canadian-based brokers and lower trading fees. Admirals is the CIRO-regulated broker that has Trading Platforms as it offers both user-friendly MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The platforms have brilliant execution speeds as well as superb mobile functionality for traders wanting to trade on the go.
– Great CIRO Broker For Professional Traders
We deem FP Markets best for instruments due to its access to deep liquidity, very low minimum deposit requirement, and incorporation of the iRESS platform. The broker also incorporates the seamless TradingView and cTrader platforms featuring user-friendly designs and more advanced charting capabilities. Traders can use these platforms to gain more penetrating insights into price action behavior and conduct more probing technical analyses. I was most impressed by the wide variety of platforms incorporated by Pepperstone. The broker offers widely popular MetaTrader 4 and 5 that hycm review afford easy order execution and automated trading via their Expert Advisors (EAs) feature. I opened a Standard account with the broker and estimated its fees to be, generally, above average.
For example, residents in the province of Alberta have to meet additional conditions, such as their net worth and level of trading experience, before being permitted to open a Forex trading account. Fortunately, many of the local layers of regulation have been recently harmonized, making it more consistent nationally. CIRO sets and maintains industry standards for investor protection, ensures that firms follow regulations and operate ethically, and intervenes in case of financial abuse. Its actions contribute to safeguarding the interests of Canadian investors.
Best for Beginners
It’s also worth noting that, in 2023, FOREX.com launched MetaTrader 5 in the U.S. and Canada. FOREX.com’s RAW Spread account delivers commission-based pricing (similar to its STP account) and volume-based rebates for active traders. Learn more about why FOREX.com is a great choice for forex traders in Canada by checking out my full review of FOREX.com. The launch of FOREX.com’s Trading Academy helped the broker make significant strides in our Education category.
CMC Markets’ excellent mobile experience has helped it earn Best in Class honors for Mobile Trading Apps in the ForexBrokers.com Annual Awards eight years in a row. Founded in 1989, CMC Markets is a highly trusted, publicly traded brand that holds five Tier-1 licenses regulatory licenses, including the Canadian Investment Regulatory Organization (CIRO). ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad.
Compare Canada Brokers
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Read our full explanation and accounting of our research and testing process to learn more about how we test. We also reached out to customer support to solve issues that we had encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process. Yes, MetaTrader 4 is available in Canada, but few brokers cater to Canada, and the availability of MT4 is scarce.
The well-balanced asset selection covers seven sectors, and traders get five account types with a minimum deposit requirement of $50. PU Prime offers a choice of commission-free and commission-based accounts, and it also features a cent account with a $20 deposit requirement. AvaTrade is my pick for the best forex broker in Canada for beginner forex traders in 2024.
- Although it has to be said there are a number of traders who would disagree, the new regulations are a good thing for Forex traders in Canada.
- At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two.
- OANDA is the CIRO-regulated broker that has the Best Forex Demo Accounts as it has a user-friendly demo account that offers unlimited demo account trading.
- Once you have chosen the best Forex broker to meet your needs, you can choose the best Forex trading platform and the account type that is suitable for your trading.
- Additionally, I was impressed by tastyfx’s average execution speed of 15 milliseconds.
In response, some brokers have developed their own proprietary platforms, which offer convenience and additional features not found in MetaTrader. These platforms allow for instrument search by asset class, easy scaling of price action, and execution of complex box orders. Ultimately, the choice of the best platform for you boils down to a trade-off between simplicity and practicality.
Best Canada Forex Brokers
Founded in 1974 and headquartered in the United Kingdom, IG stands out with an impressive amount of trading instruments, competitive fees, supporting tools, and a seamless trading platform. Regulatory agencies worldwide regulate brokers and financial markets to protect investors from unlawful practices. These regulatory bodies enforce rules and regulations that brokers have to abide by.
Another important fxdd review aspect of the regulatory landscape in Canada is the enforcement of fair and transparent trading practices. IIROC requires forex brokers to provide their clients with accurate and timely information regarding the execution of trades, pricing, and any potential conflicts of interest. This ensures that traders have access to all the necessary information to make informed trading decisions and prevents unfair practices that may disadvantage retail investors. One of the most important aspects of the regulatory framework in Canada is the protection of client funds. IIROC requires forex brokers to keep client funds separate from their own operational funds.
AvaTrade is a multi-regulated broker with top-tier licensing and a diverse offering of instruments from different asset classes. The broker offers CFDs, futures, and options, allowing you to hedge against adverse volatility and exploit different trading opportunities. I clocked IC Markets’ execution speed in under 66 milliseconds, which is better than the industry average. The broker also publishes regular execution quality statements and has a ‘best execution policy’. I thus determined IC Markets’ execution standards to be suitable for both high-frequency and high-volume trading.
Our findings also showed that CMC Market’s Standard account spreads were competitive. Our analyst, Ross Collins, found the broker’s EUR/USD spreads averaging 0.80 pips, one of the lowest among the CIRO-regulated brokers tested. In our testing, we found that AvaTrade covers multiple markets with fixed spreads, with 55 currency pairs, 33 indices, 632 stocks, 27 commodities, and 59 ETFs. This is a solid selection as other fixed spread brokers tend to limit it to just the forex major pairs, so having fixed spreads on all these markets is excellent.
