With three different pricing plans, we recommend IB’s Tiered Pricing plan for professional traders, which features volume-based commission discounts. Please note, however, that this plan also includes exchange, regulatory, and clearing fees. Both of Eightcap’s account types offer mid-range spreads from our testing, with average spreads of 1.51 pips for its Standard account and 0.5 pips for its RAW account. When looking at published spreads, however, Eightcap beats the industry average for both Standard (1.06 pips Vs 1.52 pips) and RAW (0.30 pips Vs 0.45 pips) accounts. To help choose a broker we compared the best forex brokers that accept Canadian clients in 2024 and CIRO forex brokers regulated in Canada.
There are also multiple platform options for social copy trading, including DupliTrade, ZuluTrade, and the MetaTrader signals market. Between 51% and 89% of retail investor accounts lose money when trading CFDs. OANDA is regulated in numerous Tier-1 jurisdictions including in the U.S., U.K., Europe, Australia, Japan, and Canada, making it a trustworthy broker to keep your money safe. OANDA’s longstanding history dating to 1996, impeccable regulatory track record, global licenses and capital infusions from private equity groups over the years make it a safe broker to hold client funds.
The quality (and quantity) of educational content provided by AvaTrade helped it win Best in Class honors for our Beginners and Education categories in our 2024 Annual Awards. AvaTrade offers over 100 educational articles as well as a wide assortment of videos to help beginners learn the ropes of forex trading. Well over 100 lessons are available, accompanied by dozens of quizzes for beginners to test their forex trading knowledge. Third-party educational content from award-winning providers, such as Trading Central, is available to AvaTrade clients. Simply put, AvaTrade delivers a high-quality experience for beginner forex traders. Its standard account, which features low fees and access to a straightforward trading platform, is suitable for new traders.
The broker’s abundance of content designed to educate beginner forex traders axitrader review helped AvaTrade earn Best in Class honors for Beginners and Education in our 2024 Annual Awards. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting 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.
Our Overall Verdict on OANDA Canada
- Awarded highest client satisfaction for mobile platform/app (Investment Trends 2021 US Leverage Trading Report, Margin Forex).
- OANDA Canada is regulated by The Canadian Investment Regulatory Organization (CIRO).
- Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
- This broker list is sorted by my Overall rankings of the top forex brokers.
However, when it comes to mobile trading, the main reason why traders download mobile apps is for notifications. OANDA (Canada) offers discounts to high-volume traders through the coinbase exchange review Elite Trader Program. If you meet their trading volume requirements each month, OANDA pays a rebate.
It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others. It’s worth noting that beginner forex and CFD traders might be intimidated by the broker’s miscellaneous fees and the complexity of its proprietary platforms. CMC Markets is my pick for the best forex broker in Canada in 2024. Founded in 1989, CMC Markets is a highly trusted, publicly traded brand that holds five Tier-1 licenses regulatory licenses, including the Canadian Investment Regulatory Organization (CIRO).
While OANDA and FOREX.com are nearly your only choices among foreign exchange brokers in the United States, they are true heavyweights in the forex trading space. So in the battle of OANDA vs. FOREX.com, you can’t go wrong with either broker, both within and outside the U.S. Most trading accounts regulated in Canada don’t have a minimum deposit. For example, OANDA doesn’t have a minimum to open a live account. One example is Autorite des Marches Financiers (AMF) in Quebec, all brokers offering trading services to residents of Quebec need to be regulated by both IIROC and AMF.
How To Check Broker Is CIRO Regulated
We particularly found the webinars useful, which you can register and join for free. The webinars cover a wide range of topics like trading strategies, trading tips and tricks, news breakdowns and live coverage of the most important economic data. If, like us, you find the MetaTrader 4 user interface (UI) a bit dated, then you will appreciate the more modern UI OANDA Trade has to offer. If you’re new to Forex trading, OANDA gives you access to a comprehensive education suite and access to trading support 24/5. You can use customizable layouts, a range of plug-ins, an intuitive interface, and more to refine your trades. Please check the deposit funds section for more details on how to fund your account.
Beginner forex traders will appreciate CMC’s wide range of educational resources and MetaTrader enthusiasts can use MT4 plugins from Autochartist and FX Blue. We like OANDA because the broker gives you access to a vast range of markets and trading products, including 69 Forex pairs. OANDA has no minimum deposit, and competitive spreads, with no commissions. Moreover, you can access OANDA from three outstanding trading platforms.
This can be especially valuable if you are new to Forex trading or want to enhance your skills. Demo accounts use real-time market data to stimulate live market conditions so it is a good way to practice trading and familiarise yourself with the platform. Trading costs play a huge role in your profitability while trading currency pairs. Look for one of the Lowest Spread Forex Brokers with competitive commission costs.
Learn more about getting started as a forex trader by checking out my in-depth Forex 101 educational series. I go over everything you need to know to start out as a forex trader; you’ll learn about forex and currency trading, leverage in the forex market, how to calculate pips, and more. The launch of FOREX.com’s Trading Academy helped the broker make significant strides in our Education category.
Trading Platforms
Trading is no longer a solitary task and more traders have come to rely on the opinions and insights of other traders. Social traders will find their experience lacking on the OANDA platform. Other than a forum, OANDA doesn’t offer any social investing tools. See our comprehensive list of available currency pairs and current spreads.
Best Interactive Educational Experience – FOREX.com
Our apps have the same functionality as our browser-based platform, so you have more control of your trades, even when you’re on the move. Existing MT4 accounts remain unaffected, but new accounts will not be supported on MT4. Streamline your trading experience and discover enhanced features and seamless integration with MT5. Compare Canada authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by my Overall rankings of the top forex brokers. To find the best forex brokers in Canada, we created a list of all firms authorised by Canada’s new regulator, the CIRO, then ranked the brokers by their Overall ranking.
To trade this extensive product range as a Canadian forex trader, you can open either a zero commission (Standard or MetaTrader account) or a commission-based trading account (RAW Pricing account). COM also offers comprehensive education materials to new and intermediate traders and responsive customer support. This ideal combination of FP Markets’ economical fees and fast execution speeds cuts your trading costs, especially for scalp trading. 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.