Best Forex Brokers in Canada Reviewed

Page 1 of 1

You cannot start a new topic
You cannot reply to this topic

Best Forex Brokers in Canada Reviewed

#1
xysoom

Posted 31 January 2023 - 06:01 AM

Advanced Member

Group: Members
Posts: 6,007
Joined: 21-May 20

Best Forex Brokers in Canada Reviewed

The process of choosing the best forex broker in Canada is no easy feat. There are dozens of trading platforms in this space – many of which offer low fees and support for a wide range of currencies. Traders should, however, also consider what trading tools the forex broker offers, alongside its regulatory standing.To get more news about best forex brokers in canada, you can visit wikifx.com official website.

1. AvaTrade – Overall Best Forex Broker in Canada
AvaTrade logoAvaTrade is a CFD trading platform that operates in partnership with Friedberg Direct – a member of the Regulatory Organization of Canada (IIROC). The platform offers access to 55 forex trading pairs, which covers all majors and minors, alongside a small number of exotics.
When entering buy and sell positions at AvaTrade, no trading commissions are charged. Spreads here are reasonable, with EUR/USD starting at 0.9 pips. Canadians can trade via the AvaTrade website, or download the mobile app for iOS and Android.
Alternatively, AvaTrade also supports MT4 and MT5, which can be accessed online or via desktop software – which includes Mac devices. All trading platforms supported by AvaTrade come packed with advanced tools, such as technical indicators. Canadian traders have access to leverage at AvaTrade, with limits going up to 1:50 on major forex pairs.

AvaTrade supports hundreds of other CFD markets too – which include US-listed stocks, hard metals, energies, indices, and cryptocurrencies. To open a forex trading account with AvaTrade, the minimum first-time deposit is $100. Accounts can be funded with a variety of convenient payment methods, which include debit/credit cards.
2. Vantage – Trade EUR/USD from 0.2 Pips
Vantage logoVantage is a multi-asset CFD trading platform allowing investors to trade FX pairs from two trading accounts. Launched in 2009, this Australian-based broker lets investors trade CFD option for 44 forex pairs – including EUR/USD, USD/JPY, and GBP/USD.

Investors can choose between two account types – the standard STP account and the Raw ECN account. The STP account offers commission-free FX trading but charges a high spread. For example, the EUR/USD pair takes a spread of 1.1 pips or higher. This account type requires a minimum deposit of $200.
4. Oanda – Trade 70+ Forex Pairs & Get a $5,000 Welcome Bonus
Oanda logoOanda is a global forex broker that offers trading on more than 70 forex pairs. Spreads at the broker start as low as 1.2 pips and there are no commissions with a standard trading account. In addition, retail traders in Canada can apply leverage up to 50:1 to take larger positions with a small account.

For a limited time, new traders at Oanda can take advantage of the broker’s $5,000 welcome bonus offer. Qualifying for the full bonus requires making a $50,000 deposit, but traders can get a $500 welcome bonus with a $500 deposit. Oanda offers fee-free deposits by credit card, debit card, and bank transfer.
5. CMC Markets – Access Over 330+ Forex Pairs via a Single Trading Platform

CMC Markets is one of the best forex brokers in Canada when it comes to supported markets. By opening an account with this platform, Canadians will have access to more than 330+ forex pairs. This means that in addition to majors and minors, CMC Markets covers a sizable number of exotic currencies.

This will perhaps suit traders that wish to speculate on volatile markets. CMC Markets is perhaps the cheapest forex broker in Canada too, with no commissions charged on forex and EUR/USD spreads that start from 0.7 pips. There is no minimum deposit to get started with an account here, which will suit those on a budget.