Sometimes you want to trade on the go, so we looked at the best forex trading apps in Canada. For each forex broker, We look at the key features of the mobile trading app platforms they offer along with the trading accounts and costs.
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These brokers have the best mobile trading platforms
| 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 | - |
|
||
|
9.00 | ASIC, SCB, 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 |
|
|
7.28 |
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 |
|
|
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 |
|
|
7.17 |
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 |
|
|
8.33 |
CIRO, FSCA ADGM, CBI |
0.90 | - | - | - | - |
|
|
|
160ms | $100 | 37+ | - | 33:1 | 33:1 |
|
||
|
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 |
|
Mobile trading is different to desktop or web trading, with certain features that are important for a good mobile experience. These include a user-friendly and intuitive interface, fast execution speed and useful trading tools. This review lists the brokers with the best forex trading apps for Canadian traders.
OANDA Trade is built for mobile trading
OANDA’s Forex app is another great in-house trading platform with native apps for iPhones, iPads and Android devices for Canadian traders.
OANDA trade Forex Trading App
The broker’s proprietary trading app, OANDA Trade, is intuitively designed with robust charting features and great market research. Another benefit is that the mobile and tablet apps share the same functionality as the browser-based trading platform. This means OANDA’s trading apps are consistent across all devices, no matter what your preferred trading platform is: web, desktop or mobile.
Some nifty features the app comes with are technical overlays and indicators, vertical pinch-to-zoom functionality and additional chart types. The features have also been designed to allow traders to analyse technical data on currencies, derivative instruments and other variables anywhere they roam. Another highly beneficial feature the app has is the option of a guaranteed stop loss, meaning you can set an exact price when you will get out of a trade if the market goes too far against you. This will protect you from slippage and any further potential losses due to unforeseen market volatility.
In addition to the technical tools, the app can also be used to receive up-to-date mobile alerts on market sentiment, news and price signal notifications.
OANDA’s mobile app is a robust platform that gives you the full desktop trading experience on your current mobile device.
Trading Accounts
The two account types Canadian investors have available are either a Standard Account or a Premium Account. While both accounts have similar features, premium account holders will receive a dedicated relationship manager and a faster open order indicator, while requiring a large initial deposit of $25,000 to get started.
OANDA’s Standard Account, on the other hand, doesn’t have a minimum deposit requirement, should you wish to open an account. You will still need to meet margin requirements by having sufficient funds in your trading account as a Canadian trader.
A unique feature of OANDA is the broker doesn’t restrict your lot sizes when placing an order. This means you can enter the exact amount you want to trade.
TMGM offers 1:500 leverage with MT4 Mobile App
As a Canadian trader, you cannot get a higher leverage than 1:50 with a CIRO-regulated broker. Therefore, if you are an experienced trader and want access to higher leverage, then you should choose TMGM, as they offer 1:500 leverage through their VFSC entity. You also get access to their MetaTrader 4 mobile app, which allows you to take advantage of TMGM’s wide range of trading products and fast execution speeds while using your mobile device. This is why we recommend TMGM as our top broker for high leverage.
Key Strengths:
MetaTrader 4 Trading App with TMGM
If you want to trade the markets on the go or from a mobile device, then the MetaTrader 4 app is a solid choice. It has the main features you get with the desktop version, such as customizable charts and 30+ technical indicators and drawings, but it does lack the ability to use your Expert Advisors on the mobile trading app. Although, 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.
TMGM offers High Leverage with Low Trading Costs
Unlike most brokers on this list, TMGM provides Canadian traders with 1:500 leverage on the forex markets through their VFSC entity. This leverage is more than the 1:50 max leverage offered by CIRO-regulated forex broker. If you don’t mind having an account regulated by the VFSC and want to trade with high leverage, then you should choose TMGM.
Not only do you get high-leverage accounts, but TMGM provides low trading spreads to reduce your trading costs. They have two accounts that are suitable for different types of traders. The first is the Classic account which has spread-only pricing where you pay a small markup on the entry price. The spreads on the Classic account start from one pip on the EUR/USD, and you do not have to pay any commissions when entering or exiting the trade.
The other account you can choose is the Edge account which has lower spreads from 0.0 pips, which is ideal for high-volume traders. To access these improved spreads, you will pay a commission which is fixed at CAD$ 9 per lot round-trade, which is competitive, especially when you consider the fact that you get access to higher leverage.
Our Verdict on TMGM
The MetaTrader 4 trading app is a popular choice for many forex traders around the world with its intuitive interface and the ability to execute trades easily on the go. When you combine this with TMGM, you get a solid trading service that delivers high leverage for Canadian traders with low trading fees. Making TMGM our best broker for high leverage on the MetaTrader 4 trading app.
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 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.
The broker also offers a RAW Pricing account for trader wanting the lowest spreads.
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 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.
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.
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 |
|
0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
|
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 01/09/2023
Compare Low Spread Forex Brokers
Cryptocurrencies
Breaking down Eightcap’s cryptocurrency offering, in addition to an enormous 86 cryptocurrencies available/
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.
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.
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.
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.
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).
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:
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:
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.
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).
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.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
The forex trading apps that a broker offers vary from broker to broker, with lots of different alternatives out there.
MT4 is the most widely used forex trading platform, which is designed for traders of all levels, from beginners to advanced. However, MT4 is not the only trading app. Some brokers offer proprietary (their own) trading apps with specific features for their clients. Other brokers offer competing platforms to give them a competitive advantage and point of difference.
Along with preferred trading platforms, additional considerations include:
Many great brokers were considered, such as Friedberg Direct With AvaTrade Technology and Interactive Brokers, but we narrowed our list down to the 6 best Canadian forex brokers.
Country regulations are important to consider for any broker reviews. In Canada, there are 15 organizations that oversee the Foreign Exchange market. The most important regulatory body is the Investment Industry Regulatory Organization of Canada (IIROC), which all Canadian brokers are regulated by.
Another top authority is The Canadian Securities Administrators (CSA), which covers all of the 10 provinces and 3 territories of Canada, specifically covering the capital markets. The other 13 regulatory bodies are territorial, such as the Ontario Securities Commission and British Columbia Securities Commission.
Client protection is of utmost importance when it comes to Forex market regulation and all major regulatory bodies, including FCA in the UK, ASIC in Australia and CySEC in Cyprus, adhere to this principle. IIROC is no different, with a system aimed at protecting clients against broker insolvency. As such, the organization conducts strict monitoring of a broker’s financial condition, imposing minimum capital requirements and comprehensive financial reporting that brokers must adhere to.
There are also provinces where some brokers will not accept clients from, because of specific financial regulations in those regions, including Ontario and Alberta. Therefore, it is important to check out a broker’s website or enquire further to find out if there are any additional or specific regulatory requirements.
As part of this page, we have included brokers that accept clients that accept Canadian clients but are not regulated by IIROC. This is because clients that live in Canada but are not residents (and there are many) unlike Canadian residents are not bound by the requirement to trade with an IIROC regulator. As always we only recommend regulated brokers and encourage you to choose an IIROC broker if you are a Canadian resident.
The Canadian Investor Protection Fund (CIPF) is another body that protects retail investors against bankruptcy and is a NFP corporation. It does this by safeguarding client accounts held by IIROC-regulated investment intermediaries, within certain limits.
Lastly, who the broker is regulated by can also impact trading factors that are considered high risk, the best example of which is the maximum leverage available. E.g. Fusion Markets is not CIRO regulated, but it’s offshore regulator, VFSC, offers maximum leverage of 500:1 while the Australia (ASIC) branch is limited at 30:1 for Forex. Therefore, any forex broker comparison should understand how the regulator impacts trading conditions.
