Selecting from the possible forex trading platforms impacts the interface, various valuable indicators, automation and fast execution speeds. We compare the best software trading and the recommended forex brokers for the most popular trading platforms.
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Our favourite forex trading software in 2023 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 | - |
|
||
|
8.33 |
FMA, VFSC ASIC |
1.0 | 1.32 | 1.11 | 0.10 | 0.42 | 0.21 | $3.50 |
|
|
|
94ms | $100 | 60+ | 12+ | 30:1 | 200:1 |
|
|
7.0 | CIRO, FCA, NFA, CFTC, MAS, JFSA, CIMA | 1.30 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | - | 33:1 | 33:1 |
|
||
|
8.33 |
CIRO, FSCA ADGM, CBI |
0.90 | - | - | - | - |
|
|
|
160ms | $100 | 37+ | - | 33:1 | 33:1 |
|
||
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
|
8.50 | ASIC, SCB | 1.0 | 1.0 | 1.2 | 0.06 | 0.73 | 0.27 | $3.50 |
|
|
|
143ms | $100 | 40+ | 250+ | 30:1 | 500:1 |
|
MetaTrader 4 is the most widely used forex trading platform, but there are many other great third-party and in-house broker platforms. In addition, each platform has its own set of unique features and trading tools to assist you in trading forex. This review compares forex trading platforms and the brokers that offer them. All brokers on this list are CIRO regulated (unless noted).
OANDA has a trading platform for every trading type
OANDA offers 3 trading platforms to account for all trading styles. OANDA Trade is a good choice for you if you are after a simplified trading experience but also want extra charting and analysis functions like AutoChartist. MetaTrader 4 is an excellent choice if you like to program your own custom indicators or Expert Advisors to automate your trading. Or you can use TradingView, a powerful charting package with over 110+ indicators for you to use.
The variety of trading platforms offered, paired with OANDA’s additional technical trading plugins to enhance the platforms, makes OANDA an easy choice for us to recommend.
Key Strengths:
Top Trading Platforms
Getting started with any of the following trading platforms is easy. You can get access to them as soon as you open a trading account with OANDA, which you can do without funding the account.
OANDA offers a Free Premium Upgrade with MetaTrader 4 Platform
We think OANDA works best with the MetaTrader 4 platform thanks to its customizable features and OANDA’s premium MT4 plugin. For instance, my favourite tool available with OANDA is the Open Order Indicator for the MT4 platform.
I like this because it gives you aggregate open orders and position data on your MetaTrader 4 platform. Some brokers try to emulate this tool, but the reason why I would use it with this broker is because OANDA is one of the largest brokers in the world.
This means the open order data you see will more likely represent market sentiment. You can use this to see the likelihood of support and resistance levels developing and then choose how to trade based on the open-order data.
TradingView offers you the Most Extensive Choice of Technical Indicators for Free
If you are looking for more advanced features, OANDA integrates with TradingView. I find that one of the impressive qualities of using TradingView platform it is a web platform that hasmany advanced features.
Notable features include over 15 chart types, all of which can be customized to your personal preference. 100 prebuilt and 100,000 public indicators, 90 drawing tools and multi-timeframe analysis. You can also take advantage of bar reply to similar trading on historical data.
OANDA Trade is the Simplest and Most Intuitive Trading Platform for Beginners
OANDA has its own proprietary trading platform, which you can access through its website or mobile app. What I liked about this platform is that it’s a very simple platform to work with and has all of the key functions available on one screen. This makes executing trades and finding trade ideas easy without any distractions.
The platform also has direct access to the AutoChartist software, which generates trading ideas based on price action. These are delivered directly on the platform in its own tab. You would choose the OANDA Trade platform if you want quicker access to the AutoChartist software. It’s one click away on the trading platform.
OANDA’s Standard Account has No Commission Outside the Spread
The spreads for the Standard Account are relatively low as they can start from 0.6 pips spread on the EURUSD. So if you like to focus on the EURUSD, you’ll pay one of the lowest spreads on OANDA.
What we like with Standard Accounts is that you do not pay any commissions on your trades. This simplifies your trading experience as you do not need to factor in the additional cost of the commission as it is priced into the spread when determining your profit or loss.
OANDA has a Great Selection of Trading Products
If you like to focus on forex and commodities, then OANDA will be a great choice for you. There are 69 forex pairs and 37 total commodities available to trade with low spreads. You can even trade gold and silver with different currency pairs, e.g. you can trade XAU/CAD or XAU/JPY. You have a choice of 21 different gold and silver crosses. So if you like to look for correlated trading opportunities or hedge the markets, then OANDA can offer that to you.
Our Verdict on OANDA
When we used OANDA to test out the trading platforms available, we found that they excelled in delivering the fundamentals and improved the platforms with additional trading tools. With low spreads, a wide selection of currency pairs to trade from, and bespoke improvements to the MT4 platform make OANDA an ideal broker. That is why we recommend OANDA as the best forex broker overall.
TMGM has excellent liquidity and low commissions
With around 75% of FX volume as of Q4 2021, MetaTrader 4 is the most popular trading platform by usage. TMGM’s MT4 platform is our choice amongst all brokers due primarily to the superior connectivity and deep liquidity. This is because TMGM has their servers in two of the main data centers that the major liquidity providers use, NY4 (New York) and TY3 (Tokyo) meaning a lower latency and less chance of slippage when trading. Most brokers only use 1 location so by using 2 locations, TMGM helps you get superior trading conditions.
Fees and Commissions
To use the MT4 platform, recommended for forex trading, you have the option of the Classic and Edge trading accounts. The Edge account is our recommendation for competitive commission rates ($3.50 a side) with low spreads and no requotes.
The Classic account is great for beginners, with no commissions, while there is also an IRESS account, designed for share CFD trading, (but with a substantial $5000 minimum deposit). Please note that there is an inactivity fee of USD35 per month for IRESS premium and gold.
Top Trading Platforms
TMGM’s range of platforms provides a great range of trading alternatives. As well as the popular MT4, you also have access to IRESS, HUBx and Trading Central.
MetaTrader 4 is your classic trading platform because it has all the essential features you will need for successful trading. The platform is trusted and relied on by more than any other platform in the market
MT4’s native phone and tablet iOS and Android apps allow you to trade on the go. You can also switch across to desktop or their web platform, with your trading details carried over. In the near future, MetaTrader 5 will also be an option.
Additionally, Trading Central can also integrate with MT4 for a better Forex trading experience with a range of fundamental, technical, sentiment and economic analysis tools to assist you when trading.
If you wish to trade CFD shares then IRESS is a good choice but maybe not the best choice for other products. The first advantage of IRESS is that it uses Direct Market Execution (DMA) so you can see the order books at the exchanges. The other advantage is that you can trade via a great range of exchanges across the globe compared to the MetaTrader Platforms.
Forex.com has 80+ indicators and TradingView charts
FOREX.com’s platform suite has always been historically robust, none more so than the broker’s proprietary platform.
The broker’s mobile offering also competes among the best brokers in the industry with its fluid user interface and minimalist design.
In addition, the broker offers a wide range of markets to trade, especially on its flagship Advanced Trading (desktop) and Web Trading (browser) platforms.
With FOREX.com’s acquisition of ‘Chasing Returns’, performance analytics are now available to live account holders for free when using their flagship platforms.
Fees and Commissions
The Standard Account has commission-free spreads that average 1.0 pips for EUR/USD which is standard for Canada. You can use this platform with either Forex.com Trading Platform, MetaTrader 4 and MetaTrader 5.
For tighter spreads the RAW Pricing account has spreads as low as 0 pips but also has commission costs which are $7.00 one way and $14.00 round turn. This account offers more value than the Standard account and is more popular with experienced traders who understand the savings that can be achieved.
Trading Platforms and Tools
In addition to the broker’s own flagship trading platform, Forex.com offers TradingView, the full MetaTrader suite (MT4 and MT5), and NinjaTrader.
Forex.com’s in-house trading platform is the best proprietary forex trading platform on this list, which integrates seamlessly once you open an account with them and is available across all devices.
Additional Forex.com products such as Smart Signals, Markets 360 and Performance Analytics come with the broker’s platform. Chasing Returns consists of two features. GamePlan analyses your trading behavior to help you improve. It tries to identify patterns in your trading behavior such as where you trade emotionally.
Trading Central is great for additional investment support with tools including fundamental, technical and economic analysis as well as news sentiment. Trading View Charts is another useful charting program to assist with your trading strategies.
Eightcap has 86 crypto to trade via MetaTrader 5
As a broker, Eightcap is a MetaTrader specialist, meaning they not only offer MT4 and broker mt5 trading platforms but a range of useful plugins and trading tools to enhance your trading with these platforms.
An added benefit of using Eightcap is that they don’t place limitations on how you use MetaTrader. This will suit Forex traders that also like having a variety of markets to trade for automation, scalping and hedging.
Eightcap is also the king of crypto, with over 250 cryptocurrencies available, including 20 cross-currency products. You can even cross-pair these 20 cryptos against Bitcoin. To take full advantage of the full crypto range with Eightcap, you need to use MetaTrader 5 which is why we recommend this platform for this broker.
Fees and Commissions
The two account types are Standard (no commissions) and Raw (spread-based).
We recommend the Raw account for Forex trading given the competitive spreads, which start as low as 0 pips for EUR/USD. A $7 USD/CAD commission per round turn is the industry standard.
To open an account, only a $100 minimum deposit is required (outside of Australia).
When looking at ECN-type accounts, Eightcap’s spreads are competitive compared to other brokers as highlighted below. This module captures the average spreads that brokers publish on their website, which is updated each month.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
0.23 | 0.20 | 0.06 | 0.42 | 0.27 |
|
0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
|
0.19 | 0.38 | 0.10 | N/A | 0.21 |
|
0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Compare Lowest Spread Forex Brokers
Eightcap offers most of the standard trading products found with CFD brokers but where they stand out is their range of crypto pairs. All your favorite coins are available including Bitcoin, Ripple, Litecoin, Ethereum and many coins you are likely to never have heard of. All are available for trade against the US dollar but you can also trade certain coins against other currencies including AUD, CAD, GBP, EUR, MXN and even bitcoin.
The range of crypto with MT4 is decent (Around 70 coins) but you can only trade vs USD. For this reason MT5 should be your platform if you plan to trade cryptos.
Trading Platforms
Eightcap specialies in the MetaTrader platforms, offering both MT4 and MT5, MetaTrader 4 being the most popular Forex platform globally.
MT5 has the added bonus of more tradeable markets, particularly CFDs, and also allows depth of market (DoM) trading. This platform is available as WebTrader, unlike MT4 which is not. Both MT4 and MT5 can be used via desktop or mobile.
In terms of MetaTrader plugins, FX Blue Labs is also available, which enhances the standard MetaTrader platform suite with widgets, trading apps and charting tools.
Eightcap also supports integration with the third-party algorithmic platform Capitalise.ai, which allows automated trading within your MT4 or MT5 account without any programming or coding experience.
Cryptocrusher and The Amazing Trader are two new trading tools Eightcap have only recently added to their arsenal.
Cryptocrusher enhances your crypto trading experience with tools such as precise entry, target and stop levels, market trend analysis, exclusive indicators and a 24-hour chat room to discuss your trades.
The Amazing Trader is an advanced charting algo platform for FX, indices, cryptos and metals that doubles as a risk management tool. The tool allows you to see the strategies of noted trader Jay Meisler in real time. You can use the platform for free with their 28-day success program but you must maintain an account balance of $500 or more.
CMC Markets NGEN Platforms has 100+ indicators
CMC Markets’ proprietary Next Generation platform features the biggest range of tradeable markets with over 12,000 instruments available.
This includes a massive 339 Forex currency pairs, the most of any online broker on this list, as well as 9451 stocks and ETFs with a healthy array of indices, commodities and treasuries.
The broker’s Next Generation trading platform also stands out, packed with quality research and innovative trading tools for forex trading.
Fees and Commissions
CMC Markets offers consistently low spreads, of which their minimum spread for the EUR/USD, is 0.7 pips.
Their only account option is a CFD account, which is CMC’s version of a Standard (or no commissions) Account. You can still trade a number of markets with this account, including Forex.
The only commissions you’ll pay when trading CFDs are for Shares (from $8) with CMC Markets.
The broker doesn’t publish their average spreads but does publish their minimum spreads, so it’s difficult to compare their spreads to other brokers.
There are some other trading costs with CMC including holding costs, market data fees, guaranteed stop-loss charges and a monthly inactivity fee which can all be found on the broker’s website.
Trading Platforms
As mentioned, CMC Markets’ in-house trading platform, CMC Next Generation, is fast, reliable, and packed with impressive tools and features.
It is also an award-winning platform, winning the best mobile trading app for 2021.
Additionally, The Next Generation platform stands out for its feature-rich charting, with 80 technical indicators and studies, 40 drawing tools, and 60 easily attachable candlestick patterns.
The additional tools include AutoChartist for MT4 and VPS hosting.
Fusions Markets Has Impressive Commissions With MT4/MT5
Fusion Markets is our lowest-cost Forex broker for MT4 and MT5 trading, offering the best commissions in the industry, in addition to tight spreads and low ancillary fees for Canadian traders.
As a discount broker, this means Fusion Markets has some of the lowest trading costs industry-wide, which will particularly suit long-term or frequent traders.
While Fusion Markets is not regulated by IIROC, the broker does accept Canadian clients as it is regulated by an offshore broker, VFSC in Vanuatu, for traders outside Australia.
Fees and Commissions
For either MT4 or MT5, Fusion offers two account types: Classic (spread-based) and Zero (commission-based) accounts.
The Zero Account has the lowest trading costs overall, with commissions of just USD $4.50 (or CAD $6) per round turn (at least $1 cheaper than the industry average) and spreads as low as 0.0 pips.
The Standard account, on the other hand, has no commission costs, with a minimum spread is 0.8 pips for EUR/USD, lower than that of other spread-based accounts.
In terms of additional costs, there is no minimum deposit requirement, no funding costs and no inactivity fees for either account.
Please note, that funding fees may apply if you deposit from an international bank to a Canadian bank, which you may want to check with your institution.
Trading Platforms
Fusion Market’s MT4 and MT5 platforms not only boast low pricing, you can also achieve fast, ECN-like execution speed on each trade as well as the ability to connect to your proprietary Fusion Hub for managing your account.
Given Fusion is a MetaTrader specialist, you will benefit from using the most popular Forex platform, MT4, and the best platform for CFD trading, MT5. Both platforms also offer desktop, webtrader and mobile options for iOS and Android devices.
There is also Genesis, a suite of MetaTrader trading tools that enhance the power of the standard MetaTrader platform for Forex, Indices, and Commodities. This means that, like all good ECN-style brokers, EA’s (Expert Advisors) and scalping is permitted.
Additional specialist platforms include MyFxBook (for algorithmic trading with a social element) and DupliTrade (copy trading), which both integrate with MT4 and MT5.
AvaTrade Has Fixed Spreads on MetaTrader 4
Friedberg Direct Powered By AvaTrade is a subsidiary within the AvaTrade Group. Friedberg Direct holds CIRO regulatory license and provides brokerage services, AvaTrade provides the technology to connect you with liquidity providers. If you are trading outside Canada, your broker will only be AvaTrade.
While we have already covered the MetaTrader platform on this page, Friedberg Direct Powered By AvaTrade is slightly different since they provide fixed rather than variable spreads.
To explain, fixed spreads remain constant except in extreme market volatility. This predictability can provide advantages over floating spreads which fluctuate when economic conditions turn unfavorable, thus leading to large losses.
Fees and Commissions
Friedberg Direct Powered By AvaTrade does not charge commission fees (on top of their spreads) for their Standard Account so your trading costs are factored into the fixed spread.
Minimum spreads start at 0.9 pips, which when combined with no commission fees and fixed spreads, is competitive for a Standard Account.
The minimum deposit requirement varies depending on your currency denomination. It is $300 CAD or $250 USD and there are no extra funding costs.
Trading Platforms
Forex trading platforms available through Friedberg Direct Powered By AvaTrade include the MetaTrader platforms (MT4 & MT5). A specialist app called AvaOptions is available for options trading along with AvaSocial for social trading.
Having a large choice of trading platforms gives you more choice and freedom when trading. MT4 and MT5 also allow trading automation as Expert Advisors or EAs.
Bother MetaTrader trading platforms come with a wealth of trading tools. MetaTrader 5 has superior tools however more people use MetaTrader 4 which means you will have a larger community of like-minded traders for support. It also means access to a greater range of Expert Advisors (EAs).
If you are an options trader, then you will appreciate the benefits of the AvaOptions app. With this app, you can trade options on 40 currency pairs plus gold and silver. Expirations can be set to any business day and overnight options can be from one night to one year and set to any strike price.
There are a lot of choices out there when it comes to forex trading platforms in Canada, and indeed, internationally. Forex trading is still the most popular way to trade globally, so choosing the best forex brokers with the best trading platforms is essential.
MT4 continues to be the most popular Forex trading platform worldwide and is designed for both beginners and traders with experience, but there are many others. Some brokers offer their own proprietary trading platforms with specific features for their customers.
Along with trading platforms, there are a number of other considerations we have made, including:
We made sure to look CIRO regulated brokers such as FXCM, Oanda, ForTrade and CMC Markets who are good choices for Canadian traders. But also considered brokers outside Canada such as eToro and HotForex, who are not CIRO regulated but accept most traders across the globe., ultimately only the 6 top forex brokers were chosen.
It’s essential to consider the regulatory environment of a country before choosing a broker, especially when it comes to the Foreign Exchange market.
There is no single global body governing the forex market. Instead, several governmental and independent bodies (FCA, ASIC, CySEC, etc.) supervise forex trading globally. These supervisory bodies regulate forex by setting standards that all brokers under their jurisdictions must comply with.
E.g. In Canada, the top regulatory bodies are the Investment Industry Regulatory Organization of Canada (IIROC) and The Canadian Securities Administrators (CSA).
All brokers on this list are regulated, but you should always check the broker’s website to ensure it is, indeed, a regulated broker before you open an account with them. There may also be certain provinces, states or regions that have their own financial regulator, as some brokers may have different regulatory requirements for certain regions. In Canada, two examples include Ontario and Alberta, which both have additional regulatory requirements from the broker before they can offer services in these regions.
There are also certain NFP and other corporations that offer additional protection for retail investors against bankruptcy. In Canada, this is The Canadian Investor Protection Fund (CIPF) which safeguards client accounts held by CIRO-regulated investment intermediaries, within certain limits.
Lastly, the regulator (CIRO or offshore) also impacts high-risk trading factors such as maximum leverage available. This information can all be found on the broker’s website and you can view all our tables on the homepage of the forex broker comparison page.
