You can expect lightning-fast execution of trades, ultra-tight spreads, and remarkable customer service. With incredibly low spreads and zero commission charges on deposits and withdrawals, you can keep most of your hard-earned money right where it belongs – in your pocket. 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. The most important thing to understand when talking about leverage is the risk involved.
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Compared to a list of 15 top brokers, Fusion Markets had average spreads of 0.22 pips, which topped our list of lowest ECN/RAW account spreads. Admirals is our choice for the lowest spread Canadian forex broker offering no-commission, ECN-like spreads. In addition, we like Admirals platform offering, particularly its MetaTrader upgrade, Supreme Edition, which enhances your MT4/MT5 trading experience.
Friendly to Beginners
In our 2024 Annual Awards, CMC Markets finished Best in Class in the Commissions and Fees category thanks to its consistently low spread offering, which is available for all customer segments and account types. 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 recommend Interactive Brokers for professional traders because of the range of professional trading tools and low commissions. The broker’s low average RAW spreads for EUR/USD are just 0.1 pips, significantly below the industry average. This means you get to trade with minimal costs, maximising your potential profits.
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What Is ECN Pricing?
Additionally, OANDA offers a superb demo account and many educational resources to help you learn how to trade. IronFX is known for its competitive spreads, diverse trading platforms, and broad range of financial instruments. With its strong emphasis on customer service and advanced trading tools, it appeals to both beginners and experienced traders.
In addition to common markets such as forex and stocks, you can also trade complex derivatives such as options, ETFs and mutual funds. We think this is ideal for experienced traders who seek a wide range of markets from one broker. From our analysis, no other broker comes close to offering such an extensive selection of products. From our testing, both trading accounts gave us access to the high leverage and fast ECN-style execution speeds that TMGM offers. From our analysis, the broker’s published spreads of 0.56 pips for its CFD (commission-based) account are just above the industry average of 0.44 pips for the 6 major currency pairs. These can protect you from price spikes when the market becomes volatile, which is ideal if you day trade.
The flagship platform, IBKR Trader Workstation, offers a range of advanced tools, including market scanners and Level II pricing, which gives you access to liquidity providers’ order books. Our findings also showed that CMC Market’s Standard account spreads were competitive. Our analyst, Ross Collins, found the broker’s EUR/USD spreads averaging 0.80 pips, one of the lowest among the CIRO-regulated brokers tested. 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.
The additional utilities allow you to trade more efficiently, so you can focus on trading and finding new ideas instead of doing your account admin. For the professional tools, we found you could access Level II pricing through the BookTrader module, where you can fxcm broker review also place your orders directly with the liquidity providers. During our testing of the IBKR Trader Workstation, we found the platform had over 100+ indicators built in, but the charting felt basic with limited chart types, especially compared to TradingView.
Among these tools, eFXPlus stands out, providing valuable FX picks and trade ideas from top major banks’ research desks. In our tests, it scored 60/100, showing strength in key areas like trading platforms and markets available. Most traders distribute risks across different markets, meaning they are not putting all their eggs in one basket. When this is the case, there may be the need to do calculations to determine things like net asset value, or the accumulative value of a trader’s positions. 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.
It’s always recommended to choose a broker that is well-regulated (preferably locally) and highly trusted. Forex trading in Canada is regulated provincially; each Canadian province is regulated by its own respective regulatory authority. It’s worth noting that regulators in certain jurisdictions – such as the British Columbia Securities Commission– regulate more strictly than others.
We also appreciated having access to Trading Central, which provides useful news headlines, videos, research, signals, and analysis. 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. The CIRO is responsible for setting and enforcing rules with transparency, integrity, and fairness regarding proficiency, business, and financial conduct.
Traders also gain access to spot bitcoin trading (in the U.S.), spot gold, and spot bitcoin ETFs. Forex traders looking for a great mobile trading app will enjoy CMC Markets’ Next Generation platform. The app closely resembles the web version of the broker’s Next Generation platform and comes loaded with charting tools, integrated research and education, predefined watchlists, and more. CMC Markets’ excellent mobile experience has helped it earn Best in Class honors for Mobile Trading Apps in the ForexBrokers.com Annual Awards eight years in a row.
If you are a resident of Canada, there are sound reasons to choose a CIRO-regulated Forex broker. Choosing a CIRO-regulated broker ensures the broker complies with the guidelines CIRO have put in place to protect you as a trader. CIRO has no control of how off-shore brokers operate so should you run into any issues, CIRO cannot assist you. 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. If you trade high volumes, we found that you can lower the Raw account’s costs through FOREX.com’s ActiveTrader programme via rebates, saving up to 15% on your commissions.
- Binary options trading for example, is illegal in Canada, whereas spread betting is in fact legal for Canadian traders.
- One of CIRO’s main roles is to ensure that forex brokers comply to industry standards and follow regulations to safeguard Canadian investors.
- From our testing, one of the main attractions of FXCM is the broker’s detailed monthly execution reports highlighting slippage statistics and trade execution quality across all order types.
- This is simple to complete and means heading over to the CIRO (former IIROC), and checking the IIROC Register there using the company name.
- Leverage and margin trading platforms facilitate your trading process, offering comprehensive tools and providing an intuitive interface for trade executions.
- Featuring a clean, intuitive design, CMC Markets’ mobile app delivers powerful charts, multiple research tools, integrated educational content, and much more.
They’re usually beginner-friendly and offer various trading platforms to make trading accessible. Apart from the execution speed and trading costs, both ECN brokers and market makers offer the same markets and trading platforms. With FXCM offering excellent services for automating your trades, we decided to see how fast the broker’s execution speeds are and compared them to other CIRO-regulated brokers. In our testing, FXCM took first place for both limit order speed (how fast your pending/stop-loss/take profit orders are executed) with 108 ms and market order speed of 123 ms.
You should consider whether you can afford to take the high risk of losing your money. 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. Thanks to https://forexbroker-listing.com/ its combined offering of both Trading Station and MetaTrader 4 (MT4), FXCM delivers a reliable, feature-rich mobile experience for forex traders. 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.
As ECN brokers only charge commission, ECN pricing is transparent compared to traditional forex brokers that offer spread only, which is a positive in our books. ECN pricing is supplied directly from the liquidity provider order books, allowing you to get the best prices without a broker’s intervention of adding spreads to the price. Using ECN allows you to get the tightest spreads available from the markets and means your trades are executed faster. The sheer immensity of over 1 million markets that Interactive Brokers offers will benefit traders seeking to diversify their trading portfolio under one trading account. In our review, TMGM earned a score of 72/100, reflecting its low trading costs, excellent market choices, and comprehensive range of trading platforms.
Therefore, it’s always advised to practice with a demo account first to get the hang of the system and understand the mechanics of leverage and margin trading. Olymp Trade differentiates itself with its simplified trading platform, extensive educational resources, and demo trading account. It’s particularly appealing for beginners in the binary options and forex trading markets.