With this in mind, we tasked our analyst Ross Collins to test if this was true and, if so, for how long during the trading session. CMC Markets has one of Canada’s largest choices of markets, with over 13,000 CFD products to trade, covering every market from forex to fixed income. What stood out for us was the broker’s 330+ currency pairs, which are the most available for any CIRO-regulated broker. You can trade the majors, minors, and exotics, including taking advantage of inverse currency pairs if you are looking for more market volatility. CMC Markets has an impressive NGEN platform, the broker’s own user-friendly trading platform and comes equipped with advanced charts and tools that challenge TradingView’s charts. We like the market scanners, which help discover new trade ideas, making the trading process more efficient.
#1: IC Markets
Derivative products like CFDs, while they are not legal with the neighbors in the USA, are legal to trade in Canada. Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders. Leveraged trading is more likely to be adopted by those trading short-term price movements.
Which CIRO-regulated broker has the best demo account?
When it comes to forex trading, compliance and regulation are of utmost importance. These regulatory bodies enforce strict financial standards on FXCM, including capital adequacy requirements, and have the right to fine firms and terminate their regulatory status for violations. Accounts with FXCM are also segregated in accordance with client money rules, providing added protection for client funds.
Friendly to Beginners
While minimum balance requirements could incentivize some traders to utilize the educational resources, I think it’s better to make the content free for all clients. Motivation can instead be inspired by creating interactive courses that feature quizzes and incorporate progress tracking. It’s worth mentioning that your trading account balance must meet a threshold to access certain educational content. These can protect you from price spikes when the market becomes volatile, which is ideal if you day trade.
Is Forex Trading legal in Alberta?
Compared to other brokers, the selection is lacking across the board, with most brokers like Forex.com and FXCM offering 2,000+ markets and 70+ forex pairs. Plus, if you use the MT4 platform on AvaTrade, you won’t have the option to trade shares as the platform doesn’t have the infrastructure for it. We opened a Standard account to test the fixed spreads and compared them with the other CIRO-regulated brokers to see how expensive fixed spreads are https://forexbroker-listing.com/ compared to variable spreads. Surprisingly, the broker offered its spreads at a competitive rate of 0.90 pips on EUR/USD, which is slightly cheaper than most variable spread brokers. 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.
Thanks to platform technology that most brokers will offer, it is easier to monitor all parameters and open or close individual positions as needed. More importantly, it can help a trader work out if positions fit within their total leverage amounts, which should be less than the maximum leverage allowed by the broker. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting fxcm broker review and validating thousands of data points in the process). 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. FXCM is an excellent choice for algorithmic forex traders thanks to its wide array of related platform options that provide advanced charting tools and support automated trading strategies.
The Good, the Bad, and the Trading
Measures imposed include strict limits on margin requirements, segregated funds along with access to the Canadian Investor Protection fund should their broker become insolvent. This enhances the default MT4 set-up, which is known to lack advanced trade management, by adding more popular indicators and fully integrating Trading Central with the platform. We found that the Supreme Edition added 8 EAs and 16 indicators, including the Admiral Gravity Indicator and the High-Low Indicator. When opening an Admirals account, we found that the broker offered MetaTrader 4 Supreme Edition, which consists of extra expert advisors and indicators packaged with the MT4 download.
Another helpful feature is that the broker offers Autochartist, a third-party technical analysis service that generates potential trading ideas based on price action and chart patterns. We like how the tool is built into the OANDA Trade platform, giving you quick access to potential trading opportunities. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed.
It’s important for all traders to bear in mind the risks involved in leveraged trading. Many traders see their margin wiped out incredibly quickly because of a leverage that is too high. CIRO place a number of measures CIRO-regulated brokers must follow to ensure they are safe brokers to trade with, 2 of these measures relate to leverage and crypto trading.
Additionally, the FCA maintains records of all formal proceedings against regulated entities, offering transparency and increased investor protection. In fact, the MT4 platform is the most popular trading platform and is offered by brokers such as Admirals, OANDA, CMC Markets, and Forex.com to name a few. The broker offers a Standard account that averaged 0.60 pips on EUR/USD with no commission from our testing; however, Admirals advertised that its Raw account spreads were from 0.0 pips.
Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Since 1999, FXCM, has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, Stratos Markets Limited (“FXCM”) has grown to have multiple international offices and is licensed in several major regulatory hubs globally. The range of products available to you will depend on which global entity under the FXCM Group houses your trading account. The following table summarizes the different investment products available to FXCM clients.
This protects traders if the broker becomes insolvent as explained on the CIPF website. Now, what happens when we introduce “leverage” into your investment arsenal (let’s say x5)? Picture it as a fiscal boost, a mechanism allowing you to borrow additional funds to amplify your initial investment, thereby multiplying your potential returns. Consequently, a 1% uptick in the stock price can yield you a solid 5% increase, which equates to $50. The forex market in Canada is regulated by the Canadian Investment Regulatory Organization (CIRO, former IIROC).
To trade with AvaTrade, you can choose MetaTrader 4 and MetaTrader 5, giving you quick access to advanced charting and automated trading with fixed spreads. 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. 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. Leverage and margin trading platforms facilitate your trading process, offering comprehensive tools and providing an intuitive interface for trade executions. FXCM offers a diverse range of powerful trading platforms tailored to suit various trading strategies and preferences. Among them are FXCM’s flagship Trading Station Desktop, Mac-friendly Trading Station Web 3.0, mobile platforms, and MetaTrader4 for those who use Expert Advisors.
These measures often involve issuing a margin call or automatically terminating a position to prevent the losses from exceeding the initial investment. This point goes for every place, you should always be on the lookout for the best regulation. The CIRO is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them. Lower leverage means traders are less likely to wipe out all of their capital if they make mistakes. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.
The company offers educational courses on FX trading, provides trading tools, proprietary data, and premium resources. It also offers dedicated 24/5 customer support with global offices in London, Melbourne, and more. The breadth of platforms and available tools means that experienced traders are best served by FXCM’s emphasis on incorporating value-added services and resources.
One of the EAs that stood out for us was the Mini terminal, which improves the order management of MT4 and one-click trading. We like that you can set your trade sizes, stop loss, and take profit orders in the Mini terminal, automatically executing all the orders with the one-click trading feature. This is something that the original one-click trading lacks, so it is a quality-of-life improvement if you are a scalper. We like that you can use Capitalise.ai to test and automate your strategies by simply writing the rules for your strategy. The AI will develop the automation, which can be used for free on the MetaTrader 4 and Trading Station platforms.
- He has a Masters and Commerce degree and has an active role in the fintech community.
- Beginners are encouraged to practice with a demo account before dipping their toes into the real trading pool.
- All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor.
- With its headquarters in London, Stratos Markets Limited (“FXCM”) has grown to have multiple international offices and is licensed in several major regulatory hubs globally.
It has the authority to investigate businesses to ensure compliance and discipline any firms that violate the established rules. In fact, the CMC Market had the overall lowest spreads on the major pairs, averaging 1.11 pips, making it the cheapest standard account based on the results. Moreover, IronFX provides educational resources to keep traders up-to-date with the latest trends, helping everyone from rookies to veterans navigate the volatile world of trading. IronFX stands tall among its peers, not only because of its impressive range of over 200 tradable instruments but also due to its cutting-edge technology. You can expect lightning-fast execution of trades, ultra-tight spreads, and remarkable customer service. For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not CIRO regulated.