The best forex demo accounts in Canada allow you to test trading platforms and gain confidence using virtual currencies. These forex brokers allow you to test MetaTrader 4 and other forex platforms before using real money.
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The September 2023 Best Canadian Forex Broker List Is.
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.83 |
FCA, CIRO, ASIC FSC-BVI, NFA, CFTC MAS, JFSA, KNF |
1.4 | - | - | - | - |
|
|
|
120ms | $0 | 69+ | - | 50:1 | - |
|
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7.0 | CIRO, FCA, NFA, CFTC, MAS, JFSA, CIMA | 1.30 | - | - | - | $6.00 |
|
|
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30 ms (May 2023) | $100 | 80+ | - | 33:1 | 33:1 |
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8.33 |
CIRO, FSCA ADGM, CBI |
0.90 | - | - | - | - |
|
|
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160ms | $100 | 37+ | - | 33:1 | 33:1 |
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|
7.93 |
ASIC, FCA FSCA, CIRO |
1.3 | 1.4 | 1.7 | 0.22 | 0.80 | 0.40 | $3.00 |
|
|
|
150ms | $300 | 39+ | - | 30:1 |
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On this page we look at some of the best demo accounts available. Demo accounts not only allow you to test the trading platform before you commit but also test the broker itself. The other benefit is that you can use the demo account as a practice account to test your strategies and improve your trading ability.
Brokers that make up our list of best demo accounts are all regulated by CIRO (formerly IIROC) unless noted.
OANDA has Advanced Tools with MetaTrader 4 and OANDA Trade
OANDA allows you to test all of its trading platforms to find the right platform for your needs. And, as a bonus, there is no expiry for any of these platforms. We think OANDA Trade should be your choice if you like technical analysis and trade performance tools, while MT4 is the only automation option with OANDA. If you like charts and indicators then TradingView is the way to go.
In our tests, OANDA has consistently provided great value to traders through their wide range of forex pairs and trading platforms. We scored OANDA 71/100 with our strict methodology. This is a better score than it looks, our scoring criteria is tough and OANDA is not only the best broker for Canada but also in the top ten of all brokers we have reviewed.
Key Strengths:
Demo Accounts With OANDA
OANDA is one of a few brokers that provide an unlimited demo account. What does this mean? Unlike some brokers, your demo accounts are not time-limited (many demo accounts expire after 30 days) and also give you the ability to top up the virtual trading funds as you need.
You can test using all 3 trading platform OANDA offer – OANDA Trade, MetaTrader 4 and TradingView.
Having long-term access to your Forex demo account will accelerate your trading journey as being able to practice trading, test your strategies and view your trading history will make you a better trader.
With OANDA you can choose between 3 trading platforms.
OANDA Trade is the broker’s signature trading platform. The platform’s strong point is the range of technical analysis tools the platform comes with.
These include the inclusion of advanced charts from the leading charting platform in the industry TradingView. This means you can access over 100 technical indicators, 11 customizable chart types and the ability to trade directly from the charts.
OANDA Trade can also help you by continuously scanning and analysing markets throughout the day by using chart pattern recognition and alerting you for trading opportunities.
When we tested the platform, we liked how the platform comes with built-in market sentiment tools. This feature allows you to gauge market bias by using OANDA’s open orders book, which can be used to validate your trading ideas.
If you prefer to use the TradingView trading platform proper, this is also possible with OANDA. The advantage of using TradingView itself as opposed to the TradingView charts on OANDA Trade is you can access all of the features TradingView has to offer.
Features included with TradingView include 15+ chart types, 100+ pre-built and 100,000+ public indicators and 90+ drawing tools. You can also make use of the knowledge in the TradingView community of over 50 million users since the platform has the ability for you to share trading ideas and learn from other traders.
The last platform MetaTrader 4, is not only the world’s most popular trading platform but has automation capability, a feature not found on OANDA Trade or TradingView. Expert advisors (EAs) allow you to create algorithms that will enter and exit trades based on the conditions you define.
Opening a Demo Account and Signing up with OANDA is Easy
We tested the signup process with OANDA not only to open a Forex demo account but to sign up with the broker. OANDA makes both processes super easy.
To open a demo account, you can sign up using your social media login like Gmail or Facebook. That’s it, no need to provide details like your name, address or even funding details like a credit card. This allows you to test the demo account in minutes.
Signing up for a live account does have a few extra steps. This time you will need to provide details such as your name, email, and address and upload evidence such as a digital photo of yourself and your ID. But, you still don’t need to provide your funding details or transfer cash into your trading account until you make your first trade.
Our lead tester, Ross Collins rated the account opening experience with OANDA as 12 out of 15. In particular, he noted that there were no defects or roadblocks during this process, a feature all too common with many brokers.
OANDA has Low Spreads and a Great Range of Currency Pairs
Like most brokers in Canada, OANDA only offers a standard account. This means there are no commission costs in addition to the spread. Spreads start from 0.6 pips but are generally closer to 1.2 pips for major Forex pairs like EUR/USD.
If you are a high-volume trader (I.E. you trade at least 10 million each month), you can qualify for the Elite Trader Program. The program is free to join and can result in savings of 10% to 34% on trading costs through rebates.
When trading with OANDA, you can choose from almost 70 Forex pairs which is quite a generous amount for the industry. Other products include Indices, bonds and commodities such as metals, energies, agricultural. Oddly shares are not available to trade.
Our Verdict on OANDA
Overall, we recommend OANDA as the best demo trading account available for Canadian traders. We like the fact you have a range of trading platforms that give you demo accounts with unlimited funds that do not expire.
TMGM offers 1:500 Leverage With MetaTrader 4
MetaTrader 4 (MT4) is the main trading platform TMGM offers. We think that if a broker is only going to offer one platform, it helps if this platform is the most popular trading platform in the market.
TMGM allows you to use all the trading tools they offer with their demo accounts. This includes 61 currency pairs with 500:1 leverage (a higher leverage than CIRO-regulated brokers) and cryptocurrencies.
Key Strengths of TMGM
TMGM Demo Trading Account
The demo account offered by TMGM is for the MetaTrader 4 platform. They give you access to 1:500 leverage and $50,000 virtual trading funds, which should be enough for you to test.
You can trade with 61 Forex Pairs, 12 indices, 3 metals and 2 energies. You can also trade 20 cryptos which Canadian-based brokers are not able to offer..
Signing up for the Demo Account was easy. You just fill in your name, email, and mobile number to get started. What I liked is that TMGM assisted in setting up the demo account to suit your needs.
You can choose your account to be in CAD, select your leverage, and your deposit amount. Then once configured, you can use the details to access your new MT4 demo trading account.
You can access the free technical analysis tools provided by TMGM with your demo account too. The most popular tool is Trading Central, which generates trading ideas based on chart patterns across several markets. What I like about this tool is that the breakdown the analysis for you both on the chart and explains what was found.
This is useful for you to test out the trade ideas whilst testing our TMGMs spreads and execution speed on the demo account.
Trading Accounts With TMGM
TMGM provides two trading accounts that access the forex markets. The Classic account is a spread-only trading account with no commissions. This account offers a minimum spread from one pip on the EURUSD.
Alternatively, there is the EDGE account which has spreads from 0.0 pips, and they charge a low commission of CAD $9 round-turn per one lot. Our team tested how often TMGM kept the advertised minimum spreads at 0.0 pips. They discovered that TMGM kept the spreads at 0.0 pips for 97.53% over the time we tested. Based on this, then the EDGE account can be slightly cheaper than the standard account.
If you prefer to trade CFD stocks, then the IRESS account is best for you. This account gives you access to the IRESS ViewPort trading platform, which is professionally designed for trading CFD stocks. To open this account, you need to deposit at least $5,000.
Our Verdict on TMGM
TMGM provides an excellent demo trading account for the MetaTrader 4, with the highest leverage available to Canadian traders, two types of trading accounts and a solid range of trading instruments such as Forex and Cryptos.
FOREX.com offers 80+ Currency Pairs on a Demo Account
We think FOREX.com’s demo account is one of the best options not only because of the trading platforms available – these being MT4, MT5 and Forex.com Trading platform but the 3,000+ markets you can trade which includes 80 currency pairs.
FOREX.com’s in-house developed FOREX.com Web Trading platform leverages TradingView’s charts and indicators, which is ideal if you want a platform with technical analysis features. While the MT4 and MT5 platforms can also access automated strategies through Expert Advisors.
Key Strengths OF FOREX.com:
FOREX.com Demo Accounts
With FOREX.com you get a demo account with $50,000 in virtual funds, which expires after 90 days. Like with all demo accounts, prices and spreads are taken from live price feeds so that you can test the account and platform in a real-trading environment without the risk of your own funds.
To access a demo account, you fill in a few details, including your email address, phone number, and your first & last name. Once you complete that, you get your account username and password.
One thing I like about FOREX.com is that they have one trading account that can be used to access all of their trading platforms. Most brokers need you to have separate logins for your web account and trading platform accounts like MT4/5.
Forex.com offers low spreads with their RAW Pricing account
FOREX.com gives you access to over 3,000 trading products, including over 80+ currency pairs. When signing up, you will need to decide between Standard Account or RAW Pricing Account.
If have some trading experience and want the lowest possible spreads, we recommend FOREX.com’s RAW Pricing account. This account is available with FOREX.com or MetaTrader 5.
Spreads with this account start from 0.o pips and even with their commission of $7 (sideways) and $14 (round-turn) for each 100,000 lot, this is one of the best value accounts from a CIRO-regulated broker.
We suggest the Standard account if you are new to trading. Not only is this the most popular account but it has no commissions. Spreads with this account average 1.0 pips for EUR/USD and is available with all the Trading Platforms FOREX.com offers including MetaTrader 4 (which is not available with the RAW Pricing account.)
Active Traders
If you are a high-volume trader (i.e. you trade at least 50 million in a calendar month), there is an active trader program where you can earn cash rebates. Rebates with FOREX.com range from $3 per million (a 5% saving) to $10 per million (a 15% saving) depending on how much you trade each month.
Trading Platforms
FOREX.com allows you to choose between its own custom trading platform, MetaTrader 4 and MetaTrader 5. All platforms are available as a download for desktops, web browsers and apps for mobile trading.
The FOREX.com has over 80 technical indicators including 50+ drawing tools. To supercharge your experience, you can integrate TradingView the Forex.com trading platform for deeper charting and real-time analysis.
Unfortunately, FOREX.com does not offer any social trading tools however you can copytrade using MetaTrader Signals with MT4 and MT5.
Summary of FOREX.com Findings
With FOREX.com, you can access a wide range of financial products and the lowest spreads for a CIRO-regulated broker. They are generous with the demo trading account giving you $50,000 virtual funds with 90 days of trading time so you can test out their platform. For these reasons, we recommend FOREX.com, which provides a great demo trading account with low spreads.
Friedberg Direct With AvaTrade has $100,000 in virtual funds
With Friedberg Direct powered by AvaTrade technology, you can choose from three forex trading platforms. The AvaTrade WebTrader is great if you want a no-frills trading interface to execute your trades. Or you could use the MetaTrader 4 demo trading account to analyze the markets if you like more advanced charts. Otherwise, the MetaTrader 5 platform would be the best if you prefer to trade both stocks and forex markets.
Key Strengths Of AvaTrade:
Demo Accounts with Avatrade
The demo account is easy to set up. You apply for a demo account on their website. Then fill out some details, which include your name and contact details. Once you have entered them, you will be given the demo account. The whole process took 30 seconds, more or less. This is nice because some brokers make you open a live account before accessing the trading account.
With this demo account, you will get $10,000 in virtual funds and along with access to the MT4 WebTrader and Desktop version for 21 days. The MT4 demo provides ample virtual funds to practice risk-free. This is helpful for avoiding costly mistakes while learning a new platform. Although they have an MT5 platform, there wasn’t an option to use it for the demo account.
AvaTrade only has one type of Account
Fixed-spread brokers are uncommon, and they usually have wide spreads to compensate for the stability of the price. However, with Friedberg Direct powered by AvaTrade, they offer tight fixed spreads from 0.6 pips with no commission, so it’s certainly worth considering if you trade the news to lower your trading costs.
When you are ready to move on to a live trading account with Friedberg Direct With AvaTrade, you’ll find they offer just one standard account. This is a commission-free fixed-spread trading account.
What I liked about the fixed spreads is that they are actually low spreads. Lower than some of the most popular brokers, such as forex.com. Fixed spreads are ideal for you if you like to trade around news events to take advantage of the extra volatility injected into the markets.
The disadvantage with fixed spreads is that sometimes your spreads won’t be cheaper than advertised. Still, you know they are consistent at the end of the day, which is the tradeoff you should consider. It is also worth noting that AvaTrade might change its spreads in extreme circumstances.
AvaTrade has a unique range of trading products
AvaTrade’s technology gives Friedberg Direct an improved catalogue of trading products, making it a multi-asset broker. This means that if you are a trader who analyses and trades different markets, you will benefit from a broker like Friedberg Direct. However, the unique product offered thanks to AvaTrade’s technology is the vanilla options products available for forex, gold and silver.
Options trading adds another tradeable asset for you to use to take advantage of the market volatility.
Summary Of AvaTrade findings
The reputation of Friedberg Direct and the partnership with AvaTrade has brought a well-balanced Canadian forex broker. With tight-fixed spreads and a wide range of available markets, this broker would be ideal for you if you are a scalper.
Fixed spreads with AvaTrade are better than some zero-spread commission-based brokers (0.6 pips fixed vs. $7 one lot round turn + the spread). This is why we recommend Friedberg Direct powered by AvaTrade as a top broker for fixed spreads.
Friedberg Direct Powered by FXCM has useful Trading Tools to Test
FXCM has two platforms you can try. They have just released TradeStation 3.0, which has improved the research tools, such as the Economic Insights tool, built into their platform.
You should choose this platform if you use fundamental analysis to make trading decisions. Or you could use the MetaTrader 4 platform, which allows you to trade your own way. If you want to use your own trading indicators or customized tools, then MetaTrader 4 is ideal for you.
Key Strengths Of FXCM:
FXCM Demo Accounts
Friedberg Direct provides a generous $50,000 demo account. Accessing the demo account is easy; you only have to input your e-mail address and location to open it. It took less than 30 seconds to receive my account details and log in to the web version of the Trading Station 3.0 settings.
Your account details are shared across each platform, which allows you to test the Trading Station and MetaTrader 4 platforms with virtual funds. Experiencing each platform with real market conditions can help you determine which platform is the right fit for you.
Intuitive Tools that Improve the Trading Platforms
The Friedberg Direct partnership with FXCM leverages FXCM’s technology to provide two trading platforms.
The main one is the FXCM Trading Station which is available for desktop, iOS/Android, and web. One downside of the Trading Station is that the desktop version is not available on an Apple Mac without using a virtual machine. However, you can still access some of the benefits of Trading Station.
I liked that their platform has a new area with automated economic insights and technical analysis by Trading Central. The Economic Insights isn’t on many platforms and can clearly show how much volatility each event made post-announcement.
This is useful because you can see how much the news event has driven recent price action and whether or not the impact will affect the current trend. So it’s ideal for identifying potential trade setups (or avoiding weak trade entries). You should try this platform if you use fundamental analysis to help find trading ideas.
You can also access the MetaTrader 4 platform, which has a user-friendly interface and allows you to customize your interface better than the Trading Station platform. If you are a scalper, choose this platform instead of the Trading Station platform. Unlike the Trading Station, the MT4 platform has one-click trading enabled, which means you can preset your trading ticket with your defined position size, stop loss, and take profit orders.
Trading Accounts
With Friedberg Direct powered by FXCM, you get access to their standard account, which is commission based and with spreads from 0.2 pips. the commission costs will depend if your account is CAD or USD based and if you qualify as an Active Trader which can see you commissions discounted by 20 to 40%.
Our Verdict on Friedberg Direct powered by FXCM
Friedberg Direct with FXCM provides access to a range of markets to trade, from stocks to the forex markets. We recommend using this broker if you want to specifically use Trading Station 3.0 features such as access to the Economic Insights tool. Otherwise, you may find a cheaper alternative broker to trade with due to the high commission charges.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Disclaimer – Trading with leverage does involve a very real high risk of losses, for this reason, IIROC limits the leverage online brokers allow retail traders to trade with. Compareforebrokers.com encourage you to start trading with a demo trading environment before using real money to trade on forex markets in a live environment. This should not be taken as advice to use leverage when trading.
This page focuses on copy trading platforms but if your looking for conventional trading or low costs brokers first visit the compare forex brokers homepage and choose the right broker type for your needs.
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