There is no shortage of forex brokers for Canadian traders. Whether they are new to trading or are just looking for a broker with more features, Canadians have many options to choose from. When choosing a broker, traders must pay attention to aspects like regulatory compliance, trading hours, spread and commission rates, available trading platforms, and more.
Which brokers have cutting-edge tools to help traders with their favourite activity? Here is a list of the best picks and their unique requirements.
-
IFC Markets
IFC Markets is one of the best forex brokers for Canadian residents, especially when it comes to its instruments and leverage. Traders who choose this broker can enjoy up to 1:400 maximum forex leverage, not to mention there are more than 600 instruments. Canadian equities are also available. Spreads start at only 0.4 pips on EUR/USD as well.
Anyone who picks IFC Markets can choose from several platforms, including MetaTrader 4, MetaTrader 5, and NetTradeX. This broker also has a unique feature, respectively the Portfolio Quoting Method. This gives traders the opportunity to create customized tradable instruments of two virtual portfolios against each other without any limits.
-
FP Markets
If you’re looking for a broker with low trading fees in Canada, then FP Markets is the ideal choice. FP Markets has trading fees with low commissions of only $3.00, while its tight spreads start at 0 pips on the Raw accounts. The minimum deposit is $100, and execution speeds are very fast.
What many people love about FP Markets is its selection of trading platforms. Users can go for MT4, MT5, TradingView, and cTrader. cTrader is ideal for automation and scalping.
-
MultiBank Group
MultiBank Group has been around since 2005, therefore it has enough experience to know what it’s doing and offer the trust that Canadian traders are looking for. What makes it so impressive is the asset variety. Traders have 20,000 assets to choose from, which include a wide range of financial markets. The broker operates from more than 25 global offices.
Also, there is $1 million excess provided as loss insurance for every account, which gives each user more safety and peace of mind.
MultiBank offers MT4 and MT5, and there’s also an in-house MultiBank copy bank trading service for copy traders. Beginners will have a blast with this broker too due to its multi-lesson courses and e-books.
-
Eightcap
Eightcap is loved by Canadians because aside from its over 95 markets, it also offers Bitcoin and altcoins. It has one of the largest crypto market ranges in the foreign exchange sector. The broker’s Standard account has spreads that average 1.16 pips for the EUR/USD pair, as well as 0 pips on the Raw account for low-cost trades.
Eightcap is great for beginners thanks to its Capitalise.ai service, which makes it easy to automate without any code.
Final Thoughts
Canadians have multiple brokers to choose from. Whether you go for Eightcap, MultiBank Group, IFC Markets, or FP Markets, you’re bound to have a good time as a trader.
