CIRO regulates all Brokers Accepting Canadian Traders in this review and we have noted if any brokers do not accept clients from any Canadian provinces. You can comfortably trade on the foreign exchange in Canada as long as your broker is under the jurisdiction of CIRO. Ross found that Admirals offered its spreads at zero pips with AUD/USD, USD/CHF, and USD/JPY at 0.0 pips 100% of the time during the test. We were surprised to find that EUR/USD is just short of the 100% uptime in our testing, although, as you can see in our table below, it was very close. Interactive Brokers’ access to various markets and exchanges is invaluable.
– Great CIRO Broker For Professional Traders
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s broad experience has equipped him with Poloniex Crypto Exchange the expertise to recommend the best forex brokers. It allows you to observe price action behavior and study potential opportunities for placing orders. IG is undoubtedly one of the biggest and safest brokers in the financial derivatives industry. It holds licenses issued by some of the best and most reputable financial regulators globally.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. There are also multiple platform options for social copy trading, including DupliTrade, ZuluTrade, and the MetaTrader signals market.
This protects traders if the broker becomes insolvent as explained on the CIPF website. We strive to be as objective as possible, which is why our rigorous examinations are devoid of any personal bias as much as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in the Client Agreement. The reliability of a broker is further determined based on the regulation, fees, and general transparency of the website. Precision and speed of order execution are also likely to be enhanced when a broker provides Virtual Private Server (VPS) hosting. As a rule of thumb, look for brokers that can accommodate ultra-fast order execution speeds of no more than 100 milliseconds.
Why should I choose a CIRO-regulated forex broker?
It is one reason many international Forex brokers choose not to operate in Canada. The compliance fees to ensure a broker complies with the ten districts and the potential number of clients makes Canada unattractive for offshore brokers. Yes, according to the Alberta Securities Commission (ASC), forex trading is legal in Alberta.
Can I trade with a regulated broker if I reside outside their regulatory jurisdiction?
- Finally, we withdrew our funds to see if there is any issue with the withdrawal process.
- Questrade is another popular forex broker in Canada that offers a regulated and secure trading environment.
- 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.
- I rank PU Prime among the best Forex brokers in Canada as it offers a choice of trading platforms, fully supports algorithmic trading, and has dedicated solutions for copy and social traders.
That being said, OANDA MT4 demo accounts expire after 9- days of inactivity. Zero pips means you just pay the commission, which is $3.00 per lot traded. This keeps your trading costs consistent, which is helpful if you want to automate your trades with the MT4 platform.
The IIROC sets high standards for forex brokers, including capital requirements, client fund segregation, and adherence to strict anti-money laundering measures. 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. Beyond its helpful content for beginner forex traders, AvaTrade is a balanced option for forex traders that offers an impressive suite of trading platforms. Firstly, the best Forex brokers in Canada for beginners and advanced traders are those that are properly regulated. Secondly, the best Forex brokers in Canada will have multiple Forex trading platforms available to its traders so you can choose the trading platform that suits your style of trading.
Alternatively, there is AvaTradeGO, which isn’t as advanced as the MetaTrader platforms but does have free signals and market sentiment indicators that can be helpful for day trading. It blends the features of MetaTrader 4 and TradingView and offers advanced charting tools, including 61 indicators and automated trading. FXCM is a well-established forex broker, but what stands out for us is that FXCM offers over 50+ trading tools that can make your trading smoother. Among these tools, eFXPlus stands out, providing valuable FX picks and trade ideas from top major banks’ research desks.
The spreads charged by the broker on major currency pairs are much lower than the industry average and are also consistent. It does not charge any additional commission for opening and closing positions. We handpick the best forex brokers based on our trading data and experience as a trader. It is unique compared to liteforex review other countries, as IIROC membership is a requirement, but each of the ten provinces regulates Forex traders residing within their jurisdiction.
In severe cases, the regulatory bodies can pursue criminal and regulatory actions. These regulators publish notices and alerts both local and international, to warn investors and potential clients. In a nutshell, it means that the broker adheres to all the rules and regulations and receives a license to operate in that jurisdiction.
A common tactic fraudsters employ is to promise quick and easy profits at no risk to the trader. Often scammers would use labels that closely resemble the brands of real and legitimate companies. That is why regulators like the FCA have registers where traders can read about such fraudulent companies pretending to be others.
Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.
OANDA also impressed with its low trading costs, offering an average of 1.20 pips on EUR/USD, which is in line with the industry average for CIRO-regulated brokers. Specifically, when it comes to a trading platform, we like that OANDA Trade provides a solid overall experience thanks to its integration with TradingView’s charts. This allows you to use over 80+ indicators and drawing tools to perform technical analysis. AvaTrade maintains good execution standards – the broker has all the necessary documentation but does not state its average execution speed.
Another benefit is that with regulation, all brokers have to adhere to the same set of rules and don’t undermine each other. One thing to note is that the regulatory body only regulates brokers in their jurisdiction. For example, ASIC (Australian Securities and Investments Commission) is an independent supervisory authority overseeing the investment services markets and securities transactions in Australia. Here is a complete list of IIROC-regulated Canadian forex brokers we have tested; since 2022, Admiral Markets operates in Canada too. Additionally, the choices of the asset class and investment instrument are also vast.
The broker complies with best execution guidelines and publishes regular execution performance reports. Commission-free trading applies to instruments from most asset classes, except for share CFDs. I thus assessed its trading fees, as a whole, to fall below the industry average. What stood out the most to me is that the platform supports ultra-fast order execution, which is especially suitable for high-frequency traders like scalpers.