Best Forex Trading App Canada

These brokers have the best mobile trading platforms

Brokers Regulated By CIRO (formerly IIROC)
Brokers Accepting Canadian Traders
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
81 FCA, CIRO, ASIC
FSC-BVI, NFA, CFTC
MAS, JFSA, KNF
1.4 2 1.4 - - - - 120ms $0 69+ - 50:1 - Visit Site
61 FCA, CySEC, CIMA
NFA/CFTC, CIRO, JFSA
1.2 1.6 1.4 - - - $6.00 30 ms (May 2023) $100 80+ 8+ 30:1 400:1 Visit Site
69 ASIC, FCA
MAS, CIRO
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 339+ - 30:1 500:1 Visit Site
80 ASIC,CySEC
FSCA,FSA-S,FSC-M
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
75 ASIC, SCB
FCA,CySEC
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 Visit Site
64 CIRO, FSCA
ADGM, CBI
0.90 1.5 1.1 - - - - 160ms $100 37+ - 33:1 33:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
70 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 Visit Site
 

Mobile trading is different from desktop or web trading, with specific features that are important for an excellent mobile experience. These include a user-friendly and intuitive interface, fast execution speed, and helpful trading tools. This review lists the brokers with the best forex trading apps for Canadian traders.

1. OANDA Best Forex Trading App in Canada Overall

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

We recommend the OANDA Trade App because it’s user-friendly and offers 50+ technical indicators.

The OANDA Trade App is an intuitively designed trading app with a range of core features such as a price alert system that notifies you when the price has hit a certain level. OANDA Trade App should be your choice if you are a swing trader who uses price alerts to react to the markets quickly.

As a broker, we rated OANDA highly, scoring it 71/100. In our findings, OANDA scored highly on our trading platforms (7/10) and customer service (9/10) tests.

Pros & Cons

  • Intuitive mobile trading app
  • Mobile price alerts
  • Over 120+ trading products
  • Low spreads from 0.6 pips and no commission
  • Very few alternative funding options.
  • No customer support on weekends.
  • No Islamic account and no fixed spread account.

Broker Details

OANDA Trade App is User-Friendly with 50+ Technical Indicators

The OANDA Trade App is an intuitively designed trading app with a range of core features, such as technical indicators and a price alert system that notifies you when the price has hit a certain level. OANDA Trade App should be your choice if you are a swing trader who uses price alerts to react to the markets quickly.

As a broker, we rated OANDA highly, scoring it 71/100 after applying our rigorous methodology. In our findings, OANDA scored highly with our trading platforms and trading experience tests, which is why we recommend them as a top broker overall.

Key Strengths

  • Intuitive mobile trading app
  • Mobile price alerts
  • Over 120+ trading products
  • Low spreads from 0.6 pips and no commission

[pros_cons]

OANDA’s App is a Fully Featured Trading Platform

OANDA offers a user-friendly trading app with tons of features to support your trading while you’re on the go. You can set up a range of alerts from your web platform that will also be pushed to your mobile app. The OANDA Trade App is a good choice if you do not have access to a desktop or you like to receive trading alerts to react faster to the markets.

When testing OANDA’s Trade App on my phone, my first impression was that the app loaded fast and presented a clean interface with charts at the bottom and the pricing feed at the top.

Oanda Trade app charts

You can access nine chart types (similar to the web platform), including candlestick bars, OHLC, and Heikin Ashi candles. In addition to that, you can use 32 trading indicators from the chart, which is helpful if you need to do any technical analysis on the move.

What I liked about the mobile app is that you can set up different price alerts through the platform. You can use the horizontal drawing tool on the chart to set up support or resistance levels, and then you can set an alarm if the price touches the horizontal lines, like so:

oanda trrade app rsi feature

This is useful if you have a particular trading idea you are waiting to execute. The OANDA Trade App will alert you on your phone if the price has touched these levels so you can then act on your trading idea.

This means you then can scout for more trading ideas until you receive the notification. You are not limited to these types of price alerts from horizontal lines either, you can also use them with moving averages, which is a nice extra feature.

In terms of trading products, you can trade OANDA’s whole range of markets using the broker’s Trade App. The app is also easy to navigate, allowing you to trade directly from the charts, which is helpful because you don’t have to switch screens to enter a trade.

You can do all of your account admin through the app too, so you can make a deposit, request a transfer or withdraw your funds. This is useful if you are on the move and need to top up your funds and are away from your main trading device.

Alternatively, you can log in to your OANDA Trade web platform on your mobile, and you can access the features from the Trade web platform on your phone if you want a different mobile trading platform.
The OANDA Trade App is available on both iOS and Android devices for free.

oanda Trade platform-overview

OANDA has competitive commission-free spreads

As a market maker, OANDA only offers a Spread-Only trading account, with no commissions. Having said this, OANDA’s published spreads are the most competitive for the major currency pairs compared to every commission-free account we’ve tested. OANDA averages spreads of 0.70 pips, which is not only competitive for CIRO-regulated forex brokers, but the most competitive spreads overall.

You can reduce your trading costs if you are a high-volume trader. By trading $10m (100 lots) per month, you can apply to join the Elite Trader Program, which has additional benefits such as discounted trading tools and reduced trading costs. The reduced trading costs are done through a pip rebate program, and you can reduce your trading costs from 10% to 34% depending on trade volume.

oanda account types products canada

OANDA has over 120+ Trading Products

OANDA offers a versatile range of trading products, focusing on the forex and commodity markets. You can trade six different markets, with over 120 trading products available. These range from 70 currency pairs to over 20 precious metals. At the same time, the precious metals have multiple currency crosses (21 in total), such as XAU/JPY or XAU/EUR, as well as the standard XAU/USD and XAG/USD pairs.

Our Verdict on OANDA

The OANDA Trade App is an excellent trading app that gives you a fully functioning trading platform in the palm of your hands. You can access OANDA’s low spreads, a wide range of markets, and fast trading alerts. This is why we recommend the OANDA Trade App as the best forex trading app Canada overall.

View OANDA ReviewVisit OANDA

2. FOREX.COM Mobile App With Fast Execution And Analysis Tools

FOREX.COM

Forex Panel Score

61

Average Spread

EUR/USD = 0.8
GBP/USD = 0.8
AUD/USD = 1.7

Trading Platforms

MT4, MT5, FOREX.com Trading Platform

Minimum Deposit

$100

Why We Recommend FOREX.com

We recommend the FOREX.com mobile app not only because it is easy to use with a fluid interface, but also houses a useful suite of additional tools such as Trading Central.

From a trading point of view, you can easily search for any instrument while also utilising one-swipe trading. Additionally, you can use more advanced order customisation including OCOs (one-cancels-the-other), trailing stops and a button to ‘close all’ positions at once.

The charting features are robust too, with 80 indicators, personalised watch lists and a huge range of drawing tools.

What we appreciate is that Forex.com have combined with ‘Chasing Returns’ to create performance analytics tools exclusive to Forex.com clients. Tools include Strategy edges to review P&L, trading performance and win ratio.

Pros & Cons

  • Allows you to trade directly from the charts.
  • 50+ drawing tools.
  • Integrates with NinjaTrader for Futures trading.
  • The raw account requires a minimum deposit of $2500
  • High standard spreads.
  • Does not accept PayPal payments.

Broker Details

FOREX.com Trading App Completes in Under 1 second 99.89% of the time

In addition to MetaTrader 4 and MetaTrader 5, FOREX.com offers Canadian traders its own custom trading platform. The benefit of using an in-house platform like FOREX.com’s is they are designed specifically with FOREX.com traders in mind which integrates seamlessly once you open an account with them.

FOREX.com Mobile Trading App Advantages

The FOREX.com mobile app competes with the best trading apps across the industry, not only because it is easy to use with a fluid interface, but it also houses a useful suite of additional tools such as Trading Central.

From a trading point of view, you can easily search for any instrument while also utilising one-swipe trading. Additionally, you can use more advanced order customisation including OCOs (one-cancels-the-other), trailing stops and a button to ‘close all’ positions at once.

The charting features are robust too, with 80 indicators, personalised watch lists and a huge range of drawing tools, all courtesy of TradingView, which you can integrate with the app. TradingView is one of the best charting platforms on the market. You can download the app on all Android and Apple devices.

forex.com trading platforms canada

Forex.com have also combined with ‘Chasing Returns’ to create performance analytics tools exclusive to forex.com clients. Tools include Strategy edges to review P&L, trading performance and win ratio. Timing Edges so you can see how you perform by timeframes and review our trading history and Psychology Edges so you can see how your emotions affect your trading.

The web version is designed with simplicity, speed and reliability regardless of which browser type you prefer. The key benefits of this trading platform are over 80 technical indicators and 50 drawing tools. Other features include 10+ time intervals, a large choice of chart types and the ability to create new orders directly from the charts.

Trading Accounts

To trade using Forex.com’s trading platform, you have the Standard Account option. Typical of a Standard Account, there are no commission fees with spreads as low as 0.8 pips for major currency pairs.

To help you get started, Forex.com has Market Strategists who provide you with one-on-one personalised market guidance including: demonstrations of their advanced charting and trading tools, technical and fundamental analysis and ongoing support to help ensure your trading strategy meets your trading goals.

A rebate program is available for high-volume traders. When you sign up with Forex.com and deposit at least USD$10,000 or if you trade US$50 million or above in a calendar month you will qualify as an active trader. This means you will be eligible for rebates of 5% to 15% depending on how much you trade.

forex.com accoun types products for canadian traders

The broker also offers a RAW Pricing account for trader wanting the lowest spreads.

3. CMC Markets App With Most Currency Pairs

CMC Markets

Forex Panel Score

69

Average Spread

EUR/USD = 0.5
GBP/USD = 0.9
AUD/USD = 0.6

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Why We Recommend CMC Markets

We love CMC Markets’ NGEN trading app because of its massive selection of over 12,000 tradeable instruments, CMC Markets’ Next Generation platform features innovative trading tools and quality research for CFD trading.

While the powerful charting is a massive plus, with mobile-optimised charts, 35 technical analysis indicators and customisable dashboards, the research tools are where the Next Generation mobile app really stands out.

Like OANDA, we found the mobile app to have a similar feel to that of its web counterpart, while also being cleanly designed and easy to use. This is best showcased by

Pros & Cons

  • High number of trading instruments.
  • No minimum deposit requirement.
  • Mobile-optimised charts.
  • Slow execution speeds.
  • Charges a deposit fee.
  • Average customer support.

Broker Details

CMC Markets NGEN App come with 35 indicators and Good Range Of Charts

Like OANDA, CMC Markets offers its own in-house trading platform, called CMC Next Generation. This platform won the best mobile trading app for 2021.

CMC Markets Next Generation App

As well as a massive selection of over 12,000 tradeable instruments, CMC Markets’ Next Generation platform features innovative trading tools and quality research for CFD trading.

While the powerful charting is a massive plus, with mobile-optimised charts, 35 technical analysis indicators and customisable dashboards, the research tools are where the Next Generation mobile app really stands out. These include in-house staff research updates, CMC TV, useful webinars and 23 trading strategy videos that are all invaluable to any trader.

cmc markets mobile platform

There are also risk management tools such as real-time alerts, advanced orders (including guaranteed stop losses) and a real-time market calendar.

Like OANDA, the mobile app has a similar feel to that of its web counterpart, while also being cleanly designed and easy to use. This is best showcased by the ability to create and customise your own layout, to add a nice, personal touch.

The Next Generation trading platform is also available as a desktop and web platform.

Trading Accounts

As a Canadian trader, you can only open a CFD account with CMC Markets, which is the broker’s equivalent of a standard account. Don’t be fooled by the name, you can still trade Forex using this account.

There are no commissions when trading CFDs (with the exception of shares) with CMC Markets. It’s difficult to compare spreads with other brokers as CMC Markets only publishes their minimum spreads, not their average spreads.

Minimum spreads published in Feb 2022 include: Forex Trading spreads from 0.7 pips (EUR/USD) and Indice spreads from 1.0 pips.

cmc markets account types products overview canada

Please bear in mind, you may incur additional trading costs with CMC Markets such as holding costs, market data fees, guaranteed stop-loss charges and an inactivity fee (monthly fee).

4. FP Markets Best ECN-like Mobile Trading Experience

FP Markets

Forex Panel Score

80

Average Spread

EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1

Trading Platforms

MT4, MT5

Minimum Deposit

$100

Why We Recommend FP Markets

FP Markets is our top non-CIRO-regulated broker due to its low-cost, ECN-like trading conditions. You can trade with tight spreads and low commissions using FP Markets’ proprietary trading app, or the MetaTrader platforms.

In addition, you’ll be able to trade with fast execution speeds on market orders which is perfect for mobile trading. This is in addition to a great range of platform features including the MetaTrader enhancement, ‘Traders toolbox.’

Major features we like include Trader Toolbox Connect, where you can gain instant platform access to daily news feeds, an automated alarm manager for risk management purposes and the Trade Terminal, which assists you in identifying market volatility and leveraging it through day trading.

Pros & Cons

  • Low-cost mobile trading.
  • Good range of trading apps.
  • Fast market order execution speeds.
  • Excellent customer service.
  • Commission of $3.00 per side
  • No fixed spread account
  • Low limit order execution speed.

Broker Details

FP Markets offers the lowest-cost mobile trading

FP Markets is our top non-CIRO-regulated broker due to its low-cost, ECN-like trading conditions. You can trade with tight spreads and low commissions using FP Markets’ proprietary trading app, or the MetaTrader platforms. FP Markets is our top non-CIRO-regulated broker due to its low-cost, ECN-like trading conditions. You can trade with tight spreads and low commissions using FP Markets’ proprietary trading app, or the MetaTrader platforms. In addition, you’ll be able to trade with fast execution speeds which is perfect for mobile trading. This is in addition to a great range of platform features including the MetaTrader enhancement, ‘Traders toolbox.’

Key Strengths:

  • Low-cost mobile trading
  • Good range of trading apps
  • Fast mobile execution speeds
  • Excellent customer service

FP Markets has low ECN/RAW account spreads

Competitive spreads are especially important when trading using a mobile app, given you’re on the go with less time to analyze the market. Offering both a commission-free (Standard) and commission-based (RAW) account, FP Markets has some of the most competitive spreads in the market. From our testing, FP Markets’ RAW account averaged spreads of 0.22 pips for the top 5 most traded currency pairs against the industry average of 0.45 pips for RAW/ECN accounts. For the broker’s Standard account, FP Markets was also competitive, averaging spreads of 1.30 pips vs the industry average of 1.52 pips for the top 5 most traded currency pairs.

FP Markets Has Fast Market Execution Speeds

When trading on the go using your mobile, having a fast execution speed is essential. When measuring execution speeds against 20 top brokers, FP Markets has one of the fastest market execution speeds we’ve seen, based on our testing. The broker had an average execution speed of 96ms for market orders, putting it top 5 overall and the fastest non-CIRO-regulated broker on this list.

Top MetaTrader Mobile Experience with FP Markets

In addition to offering both MetaTrader 4 and MetaTrader 5 platforms, with all the usual platform features and tools, FP Markets offers the MetaTrader enhancement, ‘Traders toolbox’, with 12 additional trading tools. Major features we like include Trader Toolbox Connect, where you can gain instant platform access to daily news feeds, an automated alarm manager for risk management purposes and the Trade Terminal, which assists you in identifying market volatility and leveraging it through day trading.

Our Final Verdict of FP Markets

Overall, FP Markets is our top low-cost broker, with competitive spreads and fast execution speeds for mobile trading. FP Markets also offers a great MetaTrader platform experience, advanced trading tools and excellent customer service to boot.

5. BlackBull Markets High Leverage Broker with MetaTrader 4 App

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 0.23
GBP/USD = 0.72
AUD/USD = 0.65

Trading Platforms

MT4, MT5, TradingView, cTrader, BlackBull CopyTrader

Minimum Deposit

$0

Why We Recommend BlackBull Markets

BlackBull Markets is our top choice for brokers that offer the MT4 as a mobile trading platform. It has the main features you get with the desktop version, such as customizable charts and 30+ technical indicators and drawings, but we noticed that it lacks the ability to use your Expert Advisors on the mobile trading app.

However, if you have your EAs running on the desktop version, you can see the open and closed positions the EA has made in your account settings. The mobile version of the MT4 is easy to navigate, and we like that you are just one tap away from placing your trades.

Pros & Cons

  • A large community of MT4 app users.
  • A large marketplace of third-party tools.
  • Easily migrate to other brokers that also offer the MT4 trading app.
  • Offers higher leverage than CIRO-regulated brokers.
  • $2000 minimum deposit for opening a Raw account.
  • $4.5 commission per side per lot.
  • No FAQs knowledge base.

Broker Details

Great Range of Trading Platforms

In addition to a great MT4 mobile trading experience, BlackBull Markets offers a great range of trading platforms for you to choose from.

This variety, which includes one of our favourites in TradingView (as well as the underrated cTrader), means BlackBull Markets caters to many different trading styles.

We particularly like the integrated trading tools for copy trading, such as the popular ZuluTrade and the broker’s own BlackBull Copy Trader.

blackbull markets trading platforms

Fastest Execution Speeds

Based on our testing, BlackBull Markets ranked number 1 for the fastest execution speeds of any broker we reviewed. Using MT4, BlackBull Markets achieved execution speeds of 72ms for limit orders and 90ms for market orders, the only broker to achieve speeds of under 100ms.

Account Types and Spreads

BlackBull Markets offers tiered account types, to cater to different levels of trading experience.

In terms of a happy medium, we recommend the ECN Prime Account for low spreads, industry-average commissions of CAD $7 round-turn and a reasonable minimum deposit of $2000.

The broker’s ECN Standard account is suited for beginners with no commissions but higher average spreads of 1.2 pips for EUR/USD (just below the industry average of 1.24 pips) while the ECN Institutional account is for professional traders with high disposable income.

blackbull markets account types and products

Verdict of BlackBull Markets

Overall, BlackBull Markets scores points with us for its excellent platform range, MT4 mobile trading and lightening fast execution speeds. While the broker’s spreads are slightly wider than the industry average, BlackBull Markets’ platform variety and execution speeds will appeal to a wide range of traders.

6. Fusion Markets MetaTrader 5 Is Another Great Platform For Mobile

Fusion Markets

Forex Panel Score

81

Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

We recommend Fusion Markets as the best MT5 mobile broker. In our view, MT5 is basically an upgraded version of MT4.

Not only does MT5 have added timeframes (21), chart indicators (44) and technical analysis objects (over 80), the platform also has a faster procession rate (64-bit), depth of market features and MQL5 programming language, which is 20 times faster than MQL4 (that MT4 uses).

Similar to MT4, MT5 is available for Windows, Mac OS and Android or iOS apps.

Pros & Cons

  • No minimum deposit.
  • Very low standard and raw spreads.
  • Very low commission.
  • High execution speeds
  • Not regulated by CIRO
  • No swap-free or fixed spread account.
  • Does not accept PayPal payments.

Broker Details

Fusion Markets has over 80 currency pairs with MT5 Mobile

Three years after the release of MT4, the team at MetaQuotes developed MetaTrader 5 (MT5) in 2008. The key reason for the new platform was to allow multi-asset trading including CFDs, stocks, options and futures. The popularity of CFD trading coupled with more brokers offering MT5 is why the server utilisation by brokers was 63.3% of MetaTrader usage in late 2021, according to Finance Magnate.

Fusion Markets MT5 App Advantages

MT5 is basically an upgraded version of MT4. This means that MT5 shares the same features as MT4 with additional tools.

Not only does MT5 have added timeframes (21), chart indicators (44) and technical analysis objects (over 80), the platform also has a faster procession rate (64-bit), depth of market features and MQL5 programming language, which is 20 times faster than MQL4 (that MT4 uses).

Similar to MT4, MT5 is available for Windows, Mac OS and Android or iOS apps.

fusion markets trading platform

Fusion Markets also offers great social/ copy trading apps such as MyFxBook auto trade and DupliTrade. However, these are not available for mobile trading.

Trading Accounts

Fusion Markets offers two account types: Classic and Zero.

The broker’s Classic account is their equivalent of a Standard account, with zero commission costs, while having a minimum spread of 0.8 pips for EUR/USD, slightly tighter than TMGM. This account is for beginners.

The Zero Account, on the other hand, uses STP or ECN-like trading execution which brings your spreads as low as 0.0 pips.

Fusion Markets really shines in their commissions, which are some of the lowest in the industry. With Fusion Markets, you will pay a CAD 3.00 commission per side (CAD 6.00 round-turn). If you are using USD then you will pay $4.50 round-turn per side.

There is no minimum deposit requirement or account size for either account.

Another selling point of Fusion Markets is having no inactivity costs. This means there are no minimum trading requirements each month, which can catch some retail investor accounts out.

Coupled with this, Fusion Markets do not charge any funding fees for deposits or withdrawals, unless funding is from an international bank to a Canadian bank. Those unsure might want to check with your financial institutions.

7. Eightcap Best App Tools -For Crypto Trading

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

$100

Why We Recommend Eightcap

We recommend Eightcap primarily because they offer the largest range of cryptocurrency instruments at 95.

You can trade these 95 cryptos, and all of Eightcap’s products via MT4, MT5 and TradingView. We love using these platforms because they are versatile apps that can be used for algorithmic and copy trading and are available via the Apple or Play Store for Android.

 

Pros & Cons

  • Wide range of cryptocurrency products.
  • Both MT4 and MT5 are available.
  • Tight Raw and Standard spreads.
  • Commission of $3.5 per side.
  • Very high minimum deposit.
  • No swap-free accounts or fixed spread accounts.
  • No proprietary trading app.

Broker Details

Eightcap has a huge CryptocurrencyRange with MT5 And Extra Tools

Eightcap is an Australian multi-asset broker with tight spreads, quick execution and a suite of useful third-party plugins. Where Eightcap stands out, however, is in its cryptocurrency offering, making it our top crypto broker for mobile traders.

This is due to Eightcap using an offshore regulator, SCB in the Bahamas, for Canadian clients, rather than IIROC, which places restrictions on crypto trading. As a result, Eightcap can offer a comprehensive 250 crypto products, more than any broker on this list.

You can trade these cryptos, and all of Eightcap’s products, using useful 2 apps: the MetaTrader 4 and 5 platforms. These platforms are versatile apps that can be used for algorithmic and copy trading and are available via the Apple or Play store for Android.

Eightcap MetaTrader Apps Advantage

The MetaTrader apps are still the most popular trading platforms globally, particularly for the Forex market. While MT5 offers more as a platform, both mobile apps have similar features, as highlighted below.

MT5’s main advantage comes in the number of tradeable markets available due to it being designed for both centralized and decentralized exchange trading. Additionally, the MT5 app offers extra order types, a ‘fill or kill’ policy and Depth of Market trading which MT4 doesn’t.

Trading Accounts and Spreads

Eightcap offers two main account types for Forex trading: Standard (spread-based) and Raw (commission-based).

For the lowest Forex spreads, Eightcap’s Raw account is our recommendation, starting at 0 pips for most major currency pairs, with commissions of CAD 7 per round trip.

On the other hand, Eightcap’s Standard account is still a good alternative with no commissions but slightly wider spreads, starting at 1 pip for EUR/USD.

eightcap accounts and products brief

You can use both MT4 and MT5 apps with either account, while TradingView is only available with the Standard account.

Lastly, you can fund your account using Tether (USDT) or BitCoin (BTC) cryptocurrency, a unique benefit for an online broker.

Eightcap has competitive spreads compared with other brokers in the forex space for commission-based accounts, as highlighted in the module below.

ECN Broker Spreads
0.23 0.20 0.06 0.42 0.27
0.20 0.30 0.10 0.30 0.20
0.40 0.60 0.10 0.40 0.20
0.20 0.30 0.20 0.40 0.20
0.30 N/A 0.30 0.50 0.40
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
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 02/01/2024

Compare Low Spread Forex Brokers

Cryptocurrencies

Breaking down Eightcap’s cryptocurrency offering, in addition to an enormous 86 cryptocurrencies available/

eightcap Cryptocyrrencies

To access to the entire range of cryptos Eightcap offers, you will need to use MetaTrader 5 (E.g. AUD and CAD).

Desktop and Web Trading Platforms

In addition to their mobile apps, Eightcap offers both MetaTrader platforms for desktop and web trading. The broker also offers TradingView, a charting package, as well as a range of additional copy and algorithmic platforms to enhance your overall trading experience.

eightcap trading platform

For Forex trading, MT4 is still the most popular platform, with powerful charting capabilities, while MT5 allows you to trade Eightcap’s full range of cryptocurrencies and shares. MT5 also has additional trading tools, better suited to CFD trading.

For better technical analysis and additional charting tools, TradingView is a useful platform that has over 100 technical and 50 analytical indicators to assist with your trading strategies.

Eightcap has also recently added Cryptocrusher and The Amazing Trader to its platform offerings.

Crypto-enhancement platform, CryptoCrusher has unique crypto tools including order customisation, market trend analysis, exclusive indicators and a 24-hour chat room to discuss your trades. This is especially useful given Eightcap’s sheer range of crypto products.

The Amazing Trader, on the other hand, is a charting algorithmic platform for FX, indices, cryptos and metals. The platform also comes with an in-built risk management tool, that you can toggle on and off at your discretion. You can try the platform for free for 28 days if you maintain an account balance of over $500.

Eightcap ReviewVisit Eightcap

8. FXCM Trading Station Includes Market Research And News

FXCM

Forex Panel Score

72

Average Spread

EUR/USD = 0.3
GBP/USD = 0.9
AUD/USD = 0.4

Trading Platforms

MT4, TradingView, Trading Station, Capitalise.ai

Minimum Deposit

$50

Why We Recommend FXCM

We find the most useful feature for trading through FXCM’s mobile app is the FXCM app store. In this store, you can find 46 indicators, 16 automated trading strategies, 1 alert and other 7 add-ons to enhance your trading. 38 of these apps are free (mostly indicators) but otherwise range from $25 to $199.

Additionally, the mobile offers the following great features:

  • Trade with 56 forex currency pairs
  • Wide range of charts and timeframes
  • Chart Indicators
  • Trend Lines
  • Real-time Market News
  • Economic Calendar
  • Range of Order Types

Pros & Cons

  • Easy funding options are available.
  • Good customer support with a dedicated account manager.
  • Regulated by the CIRO.
  • High standard and raw spreads.
  • High commission of $4 per side per lot.
  • No MT5 trading platform.

Broker Details

FXCMs Trading Station includes streaming of market news

Friedberg Direct and FXCM are two separate entities that formed a partnership allowing Canadian residents to access FXCM’s suite of products while maintaining their accounts with a regulated Canadian firm (Friedberg Direct). This means that all accounts are opened by and held with Friedberg Direct, which is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Trading Station Summary

Trading Station is a proprietary forex and CFD trading platform offered by Friedberg Direct, with FXCM, which features powerful analytical tools for chart traders, advanced functionality and more including:

  • App Store versions for iPhone and iPad
  • Google Play versions of table and mobile android devices
  • Simple, intuitive interface
  • Range of financial markets including crypto-major baskets
  • Award-winning customer service
  • Detailed forex trading education, including webinars
  • Free demo account

Friedberg Direct, With FXCM, Trading Station Advantages

FXCM’s Trading Station is available for Windows (not MAC OS), Android and iOS.

The mobile version provides the following great features:

  • Trade with 56 forex currency pairs
  • Wide range of charts and timeframes
  • Chart Indicators
  • Trend Lines
  • Real-time Market News
  • Economic Calendar
  • Range of Order Types

FXCM makes it easy for you to switch between trading platforms via your trading account. This is useful as the desktop trading platform (in particular) has extra tools not available with mobile).

The desktop version of Trading Station offers advanced charting capabilities and Forex strategy backtesting and optimisation functionalities. In addition, Canadian traders can access advanced indicators integrated into the platform, such as Real Volume indicators and the Speculative Sentiment Index.

One really useful feature is the FXCM app store. In this store, you can find 46 indicators, 16 automated trading strategies, 1 alert and other 7 add-ons to enhance your trading. 38 of these apps are free (mostly indicators) but otherwise range from $25 to $199.

Friedberg Direct also offers a web-based version of Trading Station, which is particularly suited to Mac users given its use of HTML5 (Mac-friendly) code and intuitive user interface.

friedberg-direct-powered by fxcm technology canada trading platform

Trading Accounts

Friedberg Direct, powered by FXCM, offers the CFD Trading account option for Canadian clients. You can either choose USD or Canadian Dollar (CAD) as the base currency for your account.

Friedberg Direct is a no-dealing desk broker that also offers enhanced CFD execution. This means the broker sources liquidity from top-tier providers (UBS, Citi and Barclays to name a few) as well as trading with no restrictions on stop or limit orders.

As such, Friedberg Direct (with FXCM execution) offers a solid 85.58% of slippage performance (at or better than quoted spreads).

friedberg direct fxcm account types products brief canada

FXCM spreads are low, starting at 0.2 pips for EUR/USD, with an unusual commission caveat. That is, commissions are charged differently for major and minor currency pairs, at $14 round turn for major pairs and $18 round turn for minor pairs. These commissions are unusually high compared to other brokers.