Best Apps to Trade Forex in Canada: Canadians can use a regulated trading platform to conduct online FX trading. The top forex brokers in this market often provide many currency pairings, tight spreads, minimal commissions, and a wealth of trading resources.
The Best Apps to Trade Forex in Canada for 2022 are compared in this guide.
Best Apps to Trade Forex in Canada:
The top forex broker in Canada is Capital.com. based on all key factors, such as fees, regulation, supported markets, and trading tools. Access to 138 forex pairs from the majors, minors, and exotics is provided via this site.
Those who enjoy having access to a wide range of markets and trading opportunities would find this appealing. Account holders at Capital.com can add leverage to their position when placing an FX order. Depending on the currency pair being traded and whether the trader is a professional or retail client, limits will vary.
When it comes to fees, Capital.com is exceptional as well. The position will not be subject to commissions, regardless of the traded forex pair. The spreads and overnight and weekend funding costs are both competitive. Additionally, Canadians are not charged fees while making deposits or withdrawals into their Capital.com accounts.
When it comes to selecting an appropriate platform to trade forex, Capital.com offers three choices. This also applies to its web-trading suite, which is brimming with cutting-edge trading features and capabilities. Additionally supported are MT4 and a complete mobile app. The latter connects to the user’s Capital.com account and is available for free download.
Account users will have access to hundreds of CFDs spanning equities, indices, commoditie and cryptocurrencies, giving insight into how expansive the Capital.com trading platform is in terms of supported markets. The platform provides instructional materials along with market information, news, webinars, and trading explainers.
The minimum deposit amount at Capital.com is $20 when funding an account with a credit/debit card or e-wallet or $250 when choosing to use a bank transfer. Accounts can be opened quickly, and the FCA, ASIC, CySEC, and NBRB are in charge of regulation.
Investors can trade FX pairs from two trading accounts using the multi-asset CFD platform Vantage. This 2009-founded Australian broker offers CFD trading for 44 foreign exchange pairs, including EUR/USD, USD/JPY, and GBP/USD.
The basic STP account and the Raw ECN account are the two account types available to investors. The STP account has a high spread yet allows commission-free FX trading. For instance, the EUR/USD pair charges a spread of at least 1.1 pip. The minimal deposit for this account type is $200.
Contrarily, the Raw ECN account, offers minimal spread trading plus a commission charge. For instance, it is possible to trade EUR/USD with a low spread of 0.2 pip and an average charge of $3 per lot. To access this platform, customers must make a minimum deposit of $500. The MT4 and MT5 trading platforms, which include several customization tools and charting choices, are used to access Vantage.
Retail customers have access to various learning resources, including seminars, market guides, and articles on how to start trading with MT4 and MT5. Additionally, On iOS and Android devices, users can download the Vantage mobile app. Vantage provides daily market updates and economic calendars to receive the most recent information so users can better understand the international markets. The FCA, ASIC, and VFSC are a few of the numerous international regulatory authorities overseeing Vantage.
AvaTrade is a CFD trading platform that collaborates with Friedberg Direct, a Canadian regulatory body member (IIROC). The website gives users access to 55 forex trading pairs, including all main and minor currency pairings and a few exotics.
AvaTrade does not charge any trading commissions when placing buy or sell orders. Spreads start at 0.9 pips for EUR/USD, which is decent. Canadians can trade through the AvaTrade website or download the iOS or Android mobile app.
AvaTrade also supports MT4 and MT5, which may be accessed online or through desktop software, including Mac-compatible devices. AvaTrade’s supported trading platforms are all loaded with cutting-edge tools, including technical indicators. Leverage is available to Canadian traders at AvaTrade, with main forex pair limits reaching 1:50.
Hundreds of other CFD markets, such as those for US-listed equities, hard metals, energy, indexes, and cryptocurrencies, are also supported by AvaTrade. The minimal initial investment to create an AvaTrade forex trading account is $100. Debit/credit cards are one of the convenient payment options for funding accounts.
Global forex broker Oanda provides trading on more than 70 currency pairs. With a regular trading account, there are no commissions, and spreads at the broker start at just 1.2 pip. Furthermore, Canadian retail traders can use the leverage of up to 50:1 to open larger trades with a modest account.
New traders at Oanda have a limited time to benefit from the broker’s $5,000 welcome bonus deal. Traders can receive a $500 welcome bonus with a $500 investment, but they must deposit $50,000 to be eligible for the entire amount. Oanda allows fee-free deposits by bank transfer, credit card, and debit card.
Oanda traders can use MetaTrader 4, TradingView, or the broker’s web, desktop, and mobile platforms. Although Oanda’s trading platform includes a large selection of technical analysis tools and charting features, MT4 is unquestionably the most sophisticated platform for automated trading and experienced traders. The broker provides daily technical analysis and a forex news feed to help traders keep up with a rapidly changing market.
5. CMC Markets:
Regarding supported markets, CMC Markets is among the top forex brokers in Canada. Canadians can access over 330+ forex pairs by opening an account with this platform. This indicates that CMC Markets offers extensive coverage of exotic currencies in addition to majors and minors.
This might work for traders who want to make bets on erratic markets. With EUR/USD spreads that start at 0.7 pips and no commissions on forex, CMC Markets is possibly the cheapest forex broker in Canada. Opening an account requires no minimum deposit, which is ideal for people on a tight budget.
CMC Markets provides thousands of additional CFD instruments in addition to FX. Everything is covered here, including equities, ETFs, precious metals, and energy. CMC Markets can be accessed online or through apps for iOS and Android devices, including tablets and smartphones. Additionally, morning market updates and weekly insights will be available to traders.
6. Saxo Bank:
Saxo Bank is a licensed brokerage firm that offers help for thousands of markets. This also includes mutual funds, options, bonds, stocks, ETFs, futures, and FX. Canadians will have access to more than 190 pairings in the FX market, including majors, minors, and exotics.
Saxo Bank uses a spread-only pricing model for their foreign exchange trading. However, depending on the type of account, spreads will change. For instance, the classic account offers a minimum spread on EUR/USD and GBP/USD of 0.9 and 1.1 pips, respectively.
The Canadian account requires a minimum deposit of EUR 2,000. (approx 2,600 CAD). Saxo Bank will not be appropriate for those looking to trade forex with a small quantity of capital for this reason. Even though the minimum deposit requirements for the platinum and VIP accounts are higher, these plans have reduced costs. I think you get all information about Best Apps to Trade Forex in Canada after read above article.