We found the broker does this through direct access to interbank quotes, with spreads as low as 0.1 pips. IB particularly caters to both professional and institutional traders with a huge range of asset classes and derivatives as well as its own advanced forex trading platforms. Interactive Brokers is the only ‘true ECN’ broker on our list, offering low ECN trading costs.
Brokers in Canada must also be registered in the province in which they operate. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission – regulate more strictly than others. The broker’s Next Generation web trading platform and mobile app are both impressive.
Trading Costs
Finally, Interactive Brokers have no minimum deposit requirements – meaning that users can begin trading with as little capital as they wish. Discount trading platforms often operate on electronic communication networks (ECNs) or straight-through processing (STP) systems, which offer increased transparency and efficiency in trade execution. Unlike traditional brokers, who may act as market makers and take the opposite side of their clients’ trades, discount brokers connect traders directly to the forex market. This eliminates the potential for conflicts of interest and ensures fair and transparent trade execution. The use of ECNs and STP systems also reduces the likelihood of requotes and slippage, providing traders with more accurate and efficient order execution.
Fast execution, precise charting and accurate insights are vital to your success as a forex trader. Our award-winning trading platform was built with the successful forex trader in mind. Forex trading is heavily regulated in Canada, which is a plus for consumers, as forex trading in some parts of the world is rife with scams. It follows that the most important factor when choosing a forex broker in Canada is to verify that it’s properly regulated. The list below showcases the top ten brokers for forex traders in Canada, helping you make an effective broker choice.
As a result, forward contracts are not as readily available to the retail investor as futures contracts. To calculate the forward rate, multiply the spot rate by the ratio of interest rates and adjust for the time until expiration. Get the trade you want – we don’t reject or partially fill trades based on size.
Can I withdraw profit earned from a no-deposit bonus?
Take this into account and only take it if you consider the trade volume and the time given to be reasonable. Global Pro Trader rewards traders with 100% Bonus on First Time Deposit (FTD) via Card and 150% bonus on First Time Deposit (FTD) Via Crypto. Note that, the bonus is only available to one account and cannot be transferred between accounts. It also has a minimum trading volume of the bonus amount divided by 4 in order to withdraw bonus funds. The bonus and profits made on the trading account can be withdrawn once the minimum trading requirements have been fulfilled.
A forex broker is essentially the ‘middle-man’ between forex traders and the FX market. Forex brokers help facilitate the buy and sell positions of forex traders, ensuring trades can be opened immediately, and positions can be closed when the trader wishes. A broker that offers a range of forex tools is another vital thing to look out for. FXCM employs a variable spread structure, meaning that spreads will fluctuate depending on liquidity levels and market conditions. According to their website, the average spread for EUR/USD is 1.3 pips – slightly higher than some other options on our list but still relatively inexpensive.
Easy Markets- 50% deposit bonus
- A majority of Forex brokerage firms haven’t automated the deposit bonus issuance process.
- This ideal combination of FP Markets’ economical fees and fast execution speeds cuts your trading costs, especially for scalp trading.
- Most brokers, therefore, won’t allow for its transfer by a trader from one account to another even if both accounts are hosted on their platform.
- More importantly, confirm their minimum deposit balance, to up your account accordingly, and fill the bonus application form.
Using a broker with a low spread will save you lots of money in the long run – especially if you are an active trader. Finally, spreads will tend to be tighter for pairs with higher liquidity (such as EUR/USD and GBP/USD), so be aware of this if you are interested in trading minors or exotics. From our broker testing, we found Friedberg Direct with AvaTrade offered stable, fixed spreads, a great range of trading platforms and good risk management tools. From our analysis, FOREX.com’s trading costs are more expensive than other Canadian brokers. For its Standard account, published spreads are slightly higher than the industry average at 1.66 pips compared to 1.52 for the top 5 most traded currency pairs. We rated FP Markets as the best ECN broker, providing low trade99 review trading fees and one of the fastest market execution speeds we have tested.
Do you Pay Taxes For Forex Trading?
Ensure your broker of choice is regulated and compliant with the CIRO Regulated Brokers. Using a CIRO-regulated broker means the broker can legally offer trading services to Canadian citizens and adhere to the requirements set by CIRO. From our extensive analysis, few Forex and CFD brokers offer a dedicated options platform like AvaTrade does. Interactive Brokers gives Canadian citizens access to a range of small-cap, mid-cap and large-cap domestic and international stocks from a single retail investor account at low brokerage fees. TRADINGVIEW is one of the world’s top charting platforms with 15 chart types, over 100 pre-built technical indicators and 90+ smart drawing tools. Given charting is such an important aspect of trading from our experience, having the option of TradingView enhanced our platform experience with OANDA.
There are hundreds of forex pairs in the worldwide FX market – so ensuring the broker you choose offers a variety of them to trade will mean that you’ll always have access to market opportunities. Trading the forex market from your laptop or smartphone requires access to trading software that can facilitate the opening of your positions. Most brokers will offer their own trading platform for traders to use, which usually allows positions to be opened online with the click of a button. Depending on the broker, some of these platforms may be more advanced than others, with features such as complex order types and innovative indicators not being uncommon. Low spread forex brokers are an excellent way to ensure you aren’t paying hefty amounts in fees. Brokers such as this will either offer a fixed spread (which doesn’t fluctuate during trading hours) or a variable spread.
Pay attention to these details when reading through the terms and conditions a broker has attached to their bonus and only accept it if you consider them tolerable. More importantly, the bonus can be redeemed once a trader has executed 30 standard lots for every $1000 bonus, within 60 days (44 market days) of receiving it. To qualify for the GlobalProTrader bonus, traders must complete the registration process and deposit funds lmfx review through credit card or cryptocurrency. The converted bonus gets paid to your trading account and you are free to withdraw or trade with this money, however, Libertex maintains basic requirements for rewarding its new traders.
One type of platform that has gained significant attention in recent years is the forex discount trading platform. In this article, we will explore the benefits of these platforms and why they have become a preferred choice for many forex traders. Interactive Brokers (IB) is the only ‘true ECN’ broker on our list, offering low ECN trading costs.
As your specific tax obligation can vary according to other circumstances, it may be smart to consult a tax pro to assist, particularly for more active traders. Understandably, safety is one of the top priorities when choosing a forex broker. Ensuring your preferred broker is regulated by top tier entities is crucial to your trading success, as it means your personal information and capital are afforded the highest levels of protection. In this line of thought, similar to other regulatory bodies across the globe (FCA, ASIC, CySEC, etc.), CIRO enforces a system of rules aimed at preventing the insolvency of brokers it regulates.
In contrast, discount brokers offer much lower fees, allowing traders to keep more of their earnings. This reduction in costs can be particularly beneficial for high-frequency traders who execute multiple trades throughout the day. By minimizing transaction costs, traders can increase their overall profitability and improve their trading strategies. Aside from fees, Interactive Brokers also offer a good selection of trading platforms that will appeal to advanced traders. Their forex trading platform provides an extraordinary level of customisation and data that ensures traders can operate optimally.