Top 10 Forex Brokers Based On Fees + More 2024 Update

Learn more about why FOREX.com is a great choice for forex traders in Canada by checking out my full review of FOREX.com. The launch of FOREX.com’s Trading Academy helped the broker make significant strides in our Education category. I found the interactive courses within the broker’s Trading Academy to be rich with detail and highly informative for traders of all experience levels.

Non-trading fees can include charges for account maintenance, account inactivity, deposits, and withdrawals. It is wise to review the deposit and withdrawal methods and their respective fees so you are not surprised by any high charges. If you’re trying to find the best account to suit your trading needs, then the range of IronFX’s seven different accounts may be an interesting option for you. Founded in 2010, IronFX has entities authorized and regulated by the UK FCA, CySEC, the FSCA and one entity that is powertrend unregulated based in Bermuda. If you’re looking for the best research tools to aid in your trading decisions, then look no further than Tickmill.

From our testing of 20 top brokers, BlackBull Markets topped the list with the fastest execution speeds of them all. Testing across limit orders and market orders using MT4, BlackBull Markets achieved speeds of 72ms for limit orders and 90ms for market orders. Fast execution speeds will help lower your latency, obtain more accurate fills at the point of execution and thus lower your slippage while trading. We measured execution speeds across 20 top brokers and BlackBull Markets has the fastest execution speed of any broker we’ve tested.

The Canadian Investment Regulatory Organization (CIRO) regulates trading activity in Canada and was originally called the IIROC. On their corporate website, they state that dealer members are required to be a member of the Canadian Investors Protection Fund (CIPF) established in 1969. This protects traders if the broker becomes insolvent as explained kvb forex on the CIPF website. To gather data, we sent a questionnaire to each of the 18 brokers, covering multiple areas critical to a forex trader’s experience. Our researchers and editors verified the responses and supplemented the data with additional online research and direct communication with each broker.

While testing Capitalise.ai, we found setting up our first automated strategy easy after following its interactive tutorials. After specifying our rules and saving the strategy, we could backtest it to see how it performed over the past 90 days, which helps validate and optimise your strategy. In the image below, you can see our backtesting of the strategy we developed. We like that you can use Capitalise.ai to test and automate your strategies by simply writing the rules for your strategy.

FOREX.com – Excellent all-round offering

You can also fund your account using Tether (USDT) or BitCoin (BTC) cryptocurrency, giving Eightcap a point of difference as the top crypto broker. Check out a gallery of screenshots from CMC Markets’ mobile trading app, taken by our research team during our product testing. The leverage amount offered by a broker depends on your categorization as a client with them (retail or professional) and which financial regulator the broker falls under. Many brokers will advertise fee-free deposits but then may charge for withdrawals. This information is usually found on the broker’s website, but you can also check with customer support. I have found a good way to identify the best type of trading account is to use a demo trading account and test each one to see which one suits your own trading needs the most.

How We Chose the Best Brokers for Forex Trading

Traders can benefit from excellent educational materials covering the futures market in both text and video format via the Futures Trading Academy. Easy-to-digest materials help new traders orient themselves in the world of futures trading. If you trade $50 million or more in notional monthly volume, you can access a 5% spread cashback rebate, which is the equivalent of $5 per million (USD) traded. This rebate can be withdrawn or used in the trading account to open new trades.

What Is The Best Broker For Fast Execution Speed?

I confirmed that client funds are held in an account segregated from the operating funds of the broker. The latter has lower commissions, a more intuitive design, and is generally more feature-rich. What I also like more about cTrader is that it gives me greater flexibility to scale price action up and down. IC Markets was founded in 2007, holds a couple of top-tier licenses, and offers a broad range of tradable instruments from different markets including FX pairs, commodities, CFD shares, indices, and more. I opened a Standard account with the broker and estimated its fees to be, generally, above average. However, the values of a hypothetical 1 lot EUR/USD trade on its Premium and VIP accounts – at $10 and $8, respectively – are very competitive.

Canadian traders looking for the lowest-cost broker should choose Fusion Markets. From our extensive analysis, the broker achieves low costs through industry-low commission costs, tight spreads, and low ancillary fees. It’s also worth noting that, in 2023, FOREX.com launched MetaTrader 5 in the U.S. and Canada. FOREX.com’s RAW Spread account delivers commission-based pricing (similar to its STP account) and volume-based rebates for active traders.

This performance results from the broker’s DMA (Direct Market Access) execution model and access to deep liquidity. FP Markets offers more than 800 CFDs on instruments from different classes, both high-yield/high-risk assets, and lower-risk securities. We deem FP Markets best for instruments due to its access to deep liquidity, very low minimum deposit requirement, and incorporation of the iRESS platform. The broker also incorporates the seamless TradingView and cTrader platforms featuring user-friendly designs and more advanced charting capabilities.

A regulated broker must adhere to strict rules, which, if broken, will result in fines or the loss of their license to operate. During our live test, I found that Tickmill offers an excellent and diverse range of research tools. One of my favourite research tools from Tickmill is its Market Sentiment dashboard which provides multi-asset news and sentiment visualization on more than 80,000 instruments.

It also offers numerous trading platforms, including both MetaTrader 4 and 5. CMC Markets, a reputable and highly regarded brand, offers more than 12,000 CFDs and 158 currency pairs. Interactive Brokers is the best broker for professional traders, offering a range of sophisticated proprietary platforms, all featuring advanced trading tools to suit experienced traders.

In contrast, other brokers offer variable spreads, which can widen during these periods and increase your trading costs. They maintain a trading platform that monitors price data for currency pairs across the network of institutional forex participants and exchanges and allows users to trade these pairs. FX brokers make money off the spread on trades as well as any platform related fees.

1. Specifically, when it comes to a trading platform, we like that OANDA Trade provides a solid overall experience thanks to its integration with TradingView’s charts.
2. If you are to trade 1 lot of EURUSD on the seamless cTrader platform, it will cost you around $8, which is way below the industry average.
3. However, you will find many CIRO-regulated brokers don’t accept residents of Ontario as OSC requirements are too onerous.
4. We also scored Eightcap highly for its diverse range of platforms (8/10), good range of products (7/10) and useful educational resources (9/10).
5. OANDA is the best-ranked broker for beginners, with competitive spreads, no commissions, a user-friendly trading platform, OANDA Trade, and the ability to use Guaranteed Stop Loss purposes.

Interactive Brokers is suited for professional traders while Plus500 is designed for beginners. From our extensive published spreads analysis of 40 top brokers, FP Markets stood out for its RAW account, finishing 5th overall. Charging commissions of USD $6 (AUD$7.00, GBP£2.25, EUR€2.75 per round-turn trade, FP Markets also has one of the cheapest RAW accounts. While some competing brokers do offer more products than FP Markets, FP Markets does have 71 forex pairs, which is amongst the most of any broker we’ve tested.

Beyond its helpful content for beginner forex traders, AvaTrade is a balanced option for forex traders that offers an impressive suite of trading platforms. Though Interactive Brokers does not offer MetaTrader 4 or MetaTrader 5, it does deliver a modern, institutional-grade trading platform suite that helped it win our 2024 Annual Award for #1 Institutional Clients. The Trader Workstation (TWS) desktop platform offers a variety of advanced trading tools and sophisticated order types that will delight professionals and advanced forex traders. Another interesting research tool provided by Tickmill is access to Signal Centre, which can be used as a plugin directly from the MT4 or MT5 trading platforms. Powered by Acuity, the tool provides market insights from an FCA-regulated signal provider across all asset classes. The signals include entry, stop loss and take profit levels and a detailed analysis of the trade idea, which I also think is an excellent learning tool for beginner traders looking to build their confidence.