Margin can be thought of as a good faith deposit required to maintain open positions. This is not a fee or a transaction cost, it is simply a portion of your account equity set aside and allocated as a margin deposit. The amount of margin that you are required to put up for each currency pair varies by the leverage profiles listed above.

What are the fees on CFDs?

Our analyst, Ross Collins, found the broker’s EUR/USD spreads averaging 0.80 pips, one of the lowest among the CIRO-regulated brokers tested. It blends the features of MetaTrader 4 and TradingView and offers advanced charting tools, including 61 indicators and automated trading. FOREX.com’s Raw account, on the other hand, had tighter spreads from 0.0 pips on EUR/USD, but you had to pay $7.00 per lot traded, which is the norm for CIRO-regulated brokers. The standard account (variable spreads with no commissions) averaged 1.20 pips on EUR/USD, which is as competitive as OANDA. FXCM offers a diverse range of powerful trading platforms tailored to suit various trading strategies and preferences.

What is the status of my new account?

While charting on mobile is robust, the desktop and web versions offer greater technical depth, including multi-screen support and advanced analytical tools for professional use. Copy trading is not available for Canadian retail clients; all trading is self-directed. The minimum deposit necessary to start a trading account with FXCM is 50 USD, making it accessible to traders with various budgets. FXCM’s Friends and Family Referral Promotion rewards loyal traders who spread the word. Active account holders earn cash bonuses for each friend they refer who deposits at least $300 and meets trading volume requirements. Active traders earn cash rebates based on their monthly trading volume.

FXCM offers traders a flexible choice of platforms, including its proprietary Trading Station, MetaTrader 4, Capitalise AI, and TradingView Pro. Whether you want automated trading, advanced backtesting, or powerful charting, FXCM’s platforms let you trade the way you prefer, across desktop, web, or mobile. The minimum amount needed to open a Forex trading account in Canada is $10 with a nano-lots Account, offered by brokers like Oanda. Forex Nano-lot trading accounts allow traders to open trades with less than $1. CIRO is important because it ensures fair market conditions, oversight, and protection for Forex traders based in Canada.

• Filippo specializes in the best Forex brokers for beginners and professionals to help traders find the best trading solutions for their needs.
• Any time you take a trip to another country and exchange money, you just made a forex trade.
• On approval, a confirmation email will grant you access to platform login and your new funded trading account.
• FXCM offers a unique rebate program, an excellent way for active traders to save on commissions.
• Most traders will easily satisfy it by sending a copy of their ID and one proof of residency document, satisfying regulatory KYC/AML requirements.
• It is important for Canadian traders to verify any restrictions with their chosen CIRO-regulated broker.

Broker Categories

Every day, the bulls and the bears do battle and the price moves as one or the other gets the upper hand. Many have not heard of the forex market because the market has historically been largely exclusive to industry professionals. FXCM is uniquely positioned with this product in the fact that they can actually function as a liquidity provider for other equities including brokers. MT4 with FXCM is available on mobile and smart devices as well as on desktop, though the webtrader is not provided. The platform will run on Android or iOS devices while the desktop variant works with Windows or Mac.

Can I trade with an offshore broker as a Canadian resident?

I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. It has all the functions of a real account (streaming forex prices, pip, P/L, charts, etc.), but the money isn’t real. Over the years, professional forex traders have come up with some shorthand to make forex trading easier so you can quickly make decisions about your trading without needing to take out a calculator every time. Online forex trading has become very popular in the past decade because it offers traders several advantages. Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader.

Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities fxcm including ASIC, FCA, and CIMA.

FXCM caters to most traders from its CFD account type, with the primary difference being by regulatory jurisdiction. Over the years, forex traders have developed several methods for figuring out how far currencies will go. Our job as forex traders is to look at the currencies available to us and to buy the strongest while selling the weakest.

It is a good option for those who do not want to delve deeply into market analysis. This program is a significant advantage for active traders, and if you trade in large volumes, it can be pretty beneficial. At the end of each month, FXCM analyzes your trading volume in US dollars.

With OANDA Trade, you can start trading with small lot sizes, even less than a micro lot, as low as one currency unit. This flexibility offers a low-risk transition from demo to live trading, perfect for easing into risking your own funds. Novice traders can take advantage of FXCM’s extensive educational and research resources, as well as its video library that covers a wealth of trading topics. For more advanced traders, FXCM provides application programming interface (API) trading with 4 free APIs connected to the FXCM server that includes REST API, FIX API, Java API and a ForexConnect API. You can get more information on the broker’s algorithmic trading facilities by clicking here.

• These baskets reflect the change in a currency against others which may influence that particular market.
• FXCM provides a strong level of security and reliability for Canadian traders, primarily due to its CIRO (formerly IIROC) regulation via Friedberg Direct.
• With expert-led sessions and focused content on forex and cryptocurrencies, FXCM supports your journey to becoming a confident and successful trader.
• This spread will drop even more to a starting point of 0.2 pips for EUR/USD if you qualify for the active trader program.
• With its commitment to transparency, competitive pricing, powerful trading platforms, and adherence to strict regulatory standards, FXCM is an ideal choice for those looking to trade forex and other assets.

FXCM rewards its customers with exciting promotions, including deposit bonuses, cashback offers, referral rewards, and commission-free trading on select stocks. These promotions give traders extra value and incentives to maximize their trading potential across multiple markets. FXCM provides live market webinars, on-demand videos, and detailed trading guides covering forex, crypto, trading strategies, and instrument insights. These resources cater to beginners and advanced traders looking to sharpen their skills.

FXCM offers comprehensive education for traders at all levels, featuring live daily webinars, on-demand videos, and in-depth trading guides. With expert-led sessions and focused content on forex and cryptocurrencies, FXCM supports your journey to becoming a confident and successful trader. FXCM delivers a one-stop trading experience with a strong range of available markets.

An FXCM No Dealing Desk Brokers determines the best execution means which can result in FXCM acting as a market maker or using a dealing desk. Our broker reviews are reader supported and we may receive payment when you click on a partner site. There may be a cost to convert the funds from your current account to your new account. You will be charged a dormancy account administrative fee (the “Fee”) every calendar year if there is no client-initiated activity in the 12 months preceding the charge date. Once your application is submitted and your account is unlocked, you may begin trading. For more information about opening a live account, please contact FXCM.