Best Forex Trading Platform In Canada [Updated 2024] (2024)

Pros

• No commission trading accounts
• Discounts for high-volume traders
• Premium MT4 plugin

Cons

• No guaranteed stop-loss order option
• No share trading CFDs offered
• No Crypto markets available
• Inactivity fee after 12 months

2. Best Broker for a Tailored Trading Experience

FP Markets empowers you to create your ideal trading environment with integrations

Key Strengths:

• Excellent selection of copy and social trading tools
• API key allows for a truly custom trading environment
• Competitive spreads
• Fast execution speeds

FP Markets Has Excellent Copy and Social Trading Resources

If you’re interested in copy and social trading, but not ready to commit to a specialist brokerage like eToro, FP Markets represents a happy medium. Trade with familiar platforms like MetaTrader 4 and MetaTrader 5 while also benefiting from third-party integrations designed to optimise your copy and social trading outcomes.

If you’re a copy trader, FP Markets allows you to mimic the decisions of experienced traders and market movers with MyFxBook. Even better, you have the option to automate your copytrading with this integration. Note, however, that you’ll need to trade via the MetaTrader 4 or MetaTrader 5 platforms to take advantage.

Having said that, FP Markets’ own proprietary trading app for mobile includes social trading tools. Mimic the trading patterns of experienced and professional traders, or copy them directly, depending on your preference.

Connect Your FP Markets Account to Alternative Platforms

In the event that you can’t come up with a combination of tools and integrations to suit your needs, FP Markets allows you to connect your account to a third-party platform via its API. Alternatively, you can use FP Market’s API to integrate additional tools and resources into your MetaTrader setup.

If you’re exploring automated trading, you can’t underestimate the value of this feature. By allowing native integrations via an API, FP Markets empowers you to take full advantage of the universe of algorithmic trading robots. That is, you’re not limited solely to the bots available on the MetaQuotes marketplace.

FP Markets’ MetaTrader 5 Offering Includes Powerful Tools

Even if your trading needs don’t extend to features like multi-account management and VPS hosting, FP Markets provides extensive resources for the MetaTrader collection of platforms.

Use Autochartist market scanner tool to feed continuous analysis to your MT5 account, or take advantage of additional chart analytics, including consecutive candles, Fibonacci patterns and support and resistance levels.

FP Markets Offers Competitive Spreads

Whether you opt to trade via FP Markets’ Standard or RAW account, you’ll benefit from low spreads and competitive trading costs. While the minimum spread of the Standard account does sit on the higher end at 1.1 pips, it’s important to remember that a minimum spread is just that – the minimum possible in a given broker’s spread-only pricing model. Consistency matters as much – if not more – than the race to the bottom.

Think of it this way, what good is a posted minimum spread of 0.0 pips if the actual average is closer to 2.0? Wouldn’t you prefer a broker that stays consistently close to 1.0 or 1.1?

A quick look at the actual average spreads for major currency pairs demonstrates why FP Markets makes good financial sense if you’re a trader on a budget. The average spread for the EUR/USD pair is 1.1 pips, identical to the posted minimum for the Standard account. Likewise, the EUR/GBP and USD/JPY pairs deviate by only 0.2 pips.

If, on the other hand, your trading strategy relies on those ultra tight spreads, you can opt for the RAW account, which goes as low as 0.0 pips. You will pay a commission of CAD 7.00 on every round-turn trade, however.

In either case, you’ll benefit from ECN-like pricing, which means access to deep liquidity. This broker also doesn’t require a minimum deposit or charge for withdrawals, which means your indirect trading costs stay low.

Finally, you’ll also benefit from extended leverage. An offshore broker, FP Markets allows Canadian traders to access margins of up to 500:1.

Our Verdict on FP Markets

If you’re looking to design a custom trading environment from the ground up, FP Markets offers a winning combination of tried and tested platforms and extensive integrations designed to support almost any trading strategy.

FP Markets ReviewVisit FP Markets

3. Top Forex Broker for TradingView

FOREX.com provides an Advanced Proprietary Platform and TradingView

TradingView is only available to a limited numbers of brokers worldwide. Of those, FOREX.com provides the lowest spreads with no commissions. You get TradingView’s excellent charting tools with low spreads. If you focus on technical analysis, you would benefit from using TradingView with FOREX.com.

Key Strengths:

• Provides access to multiple platforms
• Competitive spreads from 1.2 pips
• Huge range of markets to trade from

FOREX.com allows you to Trade with TradingView

We like TradingView’s intuitive interface and constant improvements that introduce new features for free. With a great range of drawing tools and over 110+ trading indicators available, it’s a great fit if you trade forex using technical analysis.

If you are an advanced technical analyst and you use chart patterns to find trading opportunities, then the advanced drawing tools would appeal to you. TradingView gives you access to 28 drawing tools that help you analyse prices. These tools plot various methods, from Fibonacci retracement to ABCD patterns. Ideal for helping you speed up your analysis with accuracy.

A forex market screener is a helpful tool to identify if a currency pair meets your trading criteria. For example, you can use it to find forex pairs based on candlestick patterns that have formed. Speeding up the process of finding trading ideas.

FOREX.com has Low Spreads on TradingView

FOREX.com has two accounts you can choose from. The standard account bundles all trading costs into low spreads from 1.2 pips on EURUSD with no commission. This clear pricing model is ideal for new forex traders.

The RAW Pricing account provides direct liquidity access and ECN-like execution with tighter spreads from 0.0 pips on EURUSD. However, it charges a commission, which is $14 per one-lot round turn.

Trade a wide range of currency pairs with FOREX.com

Forex.com specializes in CFD trading and offers over 3,000 trading products. The main market that stands out is its comprehensive currency market, with over 80+ currency pairs to trade. What sets them apart is that they have over 20+ exotic pairs, which allows you to trade with more volatility if you want to.

Our Verdict on FOREX.com

We recommend FOREX.com if you want to use advanced charting platforms like TradingView. With a range of indicators, advanced drawing tools, and a forex CFD screener to recognize patterns for you. TradingView, combined with the competitive spreads from Forex.com, gives you everything you need to analyse the markets and trade effectively.

View Forex.com ReviewVisit Forex.com

4. A Great Forex Broker with Good Analysis Tools

Interactive Brokers has High-Quality Trading Analysis Tools with their Platform

Interactive Brokers’ proprietary platform offers institutional-grade tools covering all asset classes. They offer advanced research and analysis tools that can be overwhelming for beginners but excellent for experienced traders. You should choose this platform if you are an experienced forex trader who wants institutional-grade research and analysis tools that cover the breadth of the markets.

Key Strengths:

• The widest range of financial instruments available to the retail market
• Institutional-grade trading analysis tools
• Advanced order routing through their deep liquidity pools
• Spreads from 0.1 pips

Interactive Brokers offers a Wide Range of Professional-Grade Trading Platforms

Interactive Broker provides multiple trading platforms that include good analysis tools.

• Trader Workstation (TWS) – IB’s flagship desktop platform with the most advanced tools and functionality.
• IBKR Mobile – IB’s mobile app allows traders to monitor markets and execute trades from their phones or tablets.
• WebTrader – Lighter weight version of the Workstation, focused more on executing trades and doing account admin.
• API solutions – If you are a developer, you can use the APIs to integrate your trading strategy with IB for automated trading.

You can analyze the markets with over 100 customizable technical indicators and pattern recognition tools. TWS also provides an excellent range of market scanners that allows you to find potential FX trading opportunities based on your criteria – a bit like TradingView’s scanner, but more advanced. Then, there is embedded news, data, and research from top-tier research houses like Morningstar and Zacks.

Our Verdict on Interactive Brokers

Interactive Brokers is our top choice if you are an experienced trader who wants a full-featured trading platform with flexible tools for all trading products. With the TWS platform, you can access professional-grade tools to help you capitalise on trading multiple markets.

Interactive Brokers ReviewVisit Interactive Brokers

5. The Top Forex Broker for Fastest Execution on MT4

TMGM Provides Execution Speeds Under 100ms in our Tests

With TMGM, you get fast execution speeds on the MetaTrader 4 platform through their ECN model. You should choose to trade the MT4 software if you are a scalper. The faster execution speeds help reduce slippage, meaning you get the price you execute for. However, this benefits all forex traders. That is why we recommend TMGM as the top broker for MT4.

Key Strengths:

• Fast execution and deep liquidity
• Spreads from 0.0 pips
• Choice of platforms
• Free third-party trading analysis tools

Top Trading Tools for the MetaTrader 4

You can customise your MT4 platform by adjusting the colours of the chart and by overlaying technical indicators to the charts. MetaTrader 4 is available on desktop, iOS/Android devices, and the web. However, the desktop has the most features.

We like MT4 because it is one of the few platforms that lets you overlay unlimited indicators on a single chart. Others, like TradingView, limit the indicators on a chart (to three on the free plan). This can restrict your trading if you use multiple indicators.

One-click trading forex from the chart is also good. You can pre-configure trade tickets with position size and execute with buy/sell buttons. It is much faster than manually creating tickets each time.

With unlimited indicators and one-click trading, MT4 is ideal for scalpers. You can apply all your indicators without limits and act fast on signals.

If you want more chart types and built-in indicators, TMGM also offers MT5.

TMGM has the Fastest Execution Speeds for a CIRO-Regulated Broker

Our Chief Technology Researcher, Ross Collins, tested 20 brokers for their execution speeds on the MT4 platform. We found that TMGM was the fastest CIRO-regulated forex broker with an average execution speed of 94ms.

TMGM gets fast speeds on MT4 through Equinix data centers in New York and Tokyo. Some brokers only have one data centre, which could impact your execution time. They also partner with top-tier liquidity providers, so your orders are routed directly to them when you execute a trade.

A Choice of Low-Fee Trading Accounts

You have two account options connected to MetaTrader 4. The Classic account has spreads from one pip without commissions. Making it beginner-friendly since trading costs are built into the spreads you pay.

The Edge account spreads start from 0.0 pips but charges a CAD $9 round-turn commission per standard lot. This works out slightly cheaper, especially if you trade often.

Our Verdict on TMGM

We like that TMGM understands the importance of execution speeds, so they have provided access to two global Equinix data centres. Our testing reflected this, with TMGM being the fastest CIRO-regulated forex CFD broker. With a choice of low-cost trading accounts and trading platforms, you should choose this broker if you are a scalper to enjoy these benefits.

TMGM ReviewVisit TMGM

6. The Best Forex Broker for Technical Indicators

CMC Markets ‘Next Generation’ Platform has over 100 Technical Indicators

CMC Market is another broker with their own platform. The Next Generation platform is user-friendly and has many advanced features that you would benefit from. The Next Generation platform is an excellent choice if you use trading indicators because they have an extensive library of over 100+ technical indicators for you to use.

Key Strengths:

• Over 12,000 trading instruments and 330+ currency pairs
• Powerful charting platform with over 100+ technical indicators
• Tight spreads from 0.7 pips standard account
• Great online educational resources for beginners

Trading Platforms

CMC Markets provides you with all the tools needed for price action and chart pattern analysis. You can access over 110+ trading indicators and drawing tools to plot your analysis on the charts. The interface of the platform is clean and very easy to use.

One of the features we like is they offer a pattern recognition scanner. Unlike the other scanners, this one is more advanced in finding patterns ranging from chart formations to harmonic patterns. This searches for different chart patterns such as the head and shoulders, channels, and wedges every 15 minutes. If it finds potential emerging patterns, it will plot them automatically on your charts. As a day trader, this can make your job easier to find emerging patterns to trade.

Our Verdict on CMC Markets

CMC Market has over 110+ customizable technical studies and the most advanced pattern recognition scanners available for free. You can use these to analyze and identify patterns for trade setups quickly. In addition, the tight spreads from 0.7 pips and wide range of trading products make CMC our top choice foreign exchange broker for technical indicators.

View CMC Markets ReviewVisit CMC Markets

7. A Great Forex Broker for Crypto Trading

Eightcap has Great Crypto Trading with MetaTrader 5

The Crypto markets can provide exciting opportunities for you, but they are unavailable to CIRO-regulated brokers. Eightcap, on the other hand, is not regulated by CIRO, and they accept Canadian traders, so you can use Eightcap to trade Cryptocurrencies. They provide over 80+ cryptocurrencies on their MetaTrader 5 (MT5) platform. You should choose the MT5 platform if you want to trade the crypto markets.

Key Strengths:

• Great selection of trading instruments
• Automated trading with Capitalise.ai
• Access unique trading tools like CryptoCrusher
• Spreads from as low as 0.0pips on the RAW Account

Trade Over 80+ Cryptocurrencies on MetaTrader 5 with Eightcap

MetaTrader 5 is an excellent choice if you like to trade multiple assets. Compared to MetaTrader 4, MT5 can access different assets such as stocks and crypto. With Eightcap, you can take advantage of this by trading any of the 80+ cryptocurrencies available.

You may wonder why you would choose MT5 over MT4. While both allow chart customization, MT5 has some key improvements.

For example, MT5 now has activated real-data Depth of Market trading, which is ideal if you want to scalp the markets.

Eightcap has Low Trading Costs on MT5

You have a choice of two accounts on the MT5. The standard account bundles cost into the spreads starting from one-pip, but you do not pay a commission. Suitable for beginners seeking simplicity.

Then there is the RAW account with spreads from 0.0 pips and a CAD $7 commission per standard lot. This account is ideal for scalpers who want to enter the markets with the tightest spreads available on Eightcap.

Our Verdict on Eightcap

Eightcap offers an impressive range of over 80 cryptocurrencies that you can use on the MetaTrader 5 platform. MT5 gives you greater market transparency and the tools to make your trading easier. For these reasons, we recommend Eightcap as an excellent broker to use MT5 with.

Eightcap ReviewVisit Eightcap

8. A Good Forex Broker with the Lowest Commissions for MetaTrader 4

Fusion Markets offers the Lowest Commissions on MetaTrader4

MetaTrader 4 is a popular trading platform, so we included it multiple times because it pairs up nicely with two brokers. Fusion Markets is our lowest-cost forex broker that accepts Canadian traders. So, if you want a low-cost broker that pairs up with MetaTrader 4, you should choose Fusion Markets.

Key Strengths:

• Low commission from just $6 for a one-lot round turn
• Straight Through Processing broker
• Provides access to copy trading tools

Fusion Markets is our Lowest-Commission Broker for MetaTrader 4

We tested 15 foreign exchange brokers worldwide to find the lowest commission forex broker based on a one-lot trade. We rated Fusion Markets first place out of the 15 brokers tested due to their low commissions. They were charging CAD $6 round-turn per one lot traded, which is much cheaper than some of its competitors. For example, Friedberg Direct, powered by FXCM charges $14. So not only did it place first out of all of the Canadian brokers, but also worldwide.

Fusion Markets offers copy trading services using the MetaTrader 4 platform through DupliTrade. By linking your Fusion MT4 account, you can automatically copy any trading strategy from DipliTrade’s traders. Fusion Markets is our top choice if you are looking for a broker that allows copy trading with the lowest commissions on MT4.

Our Verdict on Fusion Markets

Fusion Markets is our top broker for the lowest commissions after reviewing based on our tests, beating 15 other brokers. You can access copy trading features, which are ideal for traders who lack time to monitor the markets. You get a winning combo when you pair this with the lowest MT4 commissions.

View Fusion Markets ReviewVisit Fusion Markets

9. Top Forex Broker with Fixed Spreads in Canada

Friedberg Direct has the tightest Fixed Spreads on MetaTrader 4 in Canada

An alternative to Fusion Markets, if you don’t want to pay commission, is Friedberg Direct powered by AvaTrade. You can use the MetaTrader 4 platform with fixed spreads and no commissions. If you like to trade during volatile times, you would choose this broker with the MT4 platform.

Key Strengths:

• Fixed-spread trading accounts
• Wide range of trading products
• Access to Options trading via AvaOptions

Friedberg Direct Allows you to Trade Tight Fixed Spreads with MetaTrader 4

Friedberg Direct (powered by AvaTrade) is one of the only CIRO-regulated brokers to offer fixed spreads on MetaTrader 4.

What we like about Friedberg Direct is how tight they offer their spreads, which are from 0.6 pips on the EURUSD, so they are very competitive. Especially when compared to other brokers in Canada that offer spreads from one pip, such as TMGM.

Fixed spreads are ideal for beginners, so you don’t have to worry about the spreads widening during volatile times.

Our Verdict on Friedberg Direct

Friedberg Direct provides a range of trading products through the MetaTrader 4 platform. With tight-fixed spreads, you can take advantage of the market’s volatility without being punished by variable spreads. If you want to know your trading costs consistently, we recommend trading the MT4 with Friedberg Direct because of the fixed spreads from 0.6 pips and no commission.

Visit Friedberg Direct - Avatrade

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.