This article will discover the 10 best ECN forex brokers in Ontario in 2022 and their features, pros, and cons.
This platform about to be listed has been tested and verified as the best ecn forex broker in Ontario.
Before we go further to listing the 10 best ecn forex brokers, let’s take a quick look at the meaning of what ECN and FOREX BROKER are all about.
An electronic communication network (ecn) broker is a broker that directly connects sell and buy orders through an ECN network. A forex broker is a financial service firm that provides traders access to a platform for trading foreign currencies.
List of 10 Best Forex Brokers in Ontario
Below is a list of the Forex Brokers in Ontario
1. Interactive Brokers
This brokerage is the best online platform for Forex trading in Canada. It was founded in 1977 and is a member of IIROC, and five more authorities of tier-1 jurisdictions regulate interactive Brokers.
It’s a low-risk and safe brokerage, and its trading fee is relatively low. This brokerage supports 22 base currencies and has an amazing research and educational tools collection.
Features
- The advanced platform for professional traders
- Options, futures, mutual funds, and more can be traded here
- It supports 22 base currencies
Pros
- Strong research tools
- It has more than 17000 no-transaction-fee mutual funds
- Huge investment selection
Cons
- The platform is difficult to navigate
2. Oanda
This brokerage was founded back in 1996. Oanda is regulated and authorized by six tier-1 jurisdictions that include IIROC.
This brokerage offers a range of tools for educational and researching purposes to allow all types of traders, both beginners and experts, to perform forex trading in Canada.
This brokerage charges no depositing or withdrawal fees, and it is easy and fast to open an account.
Features
- High-quality and easy-to-use platform
- Powerful research tools with numerous technical indicators
- API offer
- It supports margin trading
- No deposit fees
Pros
- It has outstanding research tools
- User-friendly and fast account opening
- Excellent trading platform
Cons
- Only CFD and forex are available
- No banking background and stock exchange listing
- Limited customer support
3. AvaTrade
AvaTrade is another excellent brokerage platform for Forex trading in Canada, founded in 2006.
This platform is a member of IIROC, and it’s regulated by 3 in tier-1 and 2 in tier-2 jurisdictions.
This brokerage charges no inactivity fee; it offers excellent research and educational tools and free deposits and withdrawals.
Features
- Offers excellent customer support
- Offers users a variety of deposit options
- It has an exceptional educational centre
- Massive array of asset
Pros
- High-quality educational offering
- Broad asset selection
- A trusted and well-regulated broker
- Commission-free pricing environment
Cons
- Trading cost competitive
4. Questrade
This brokerage is one of Canada’s most famous online forex trading platforms; it was founded back in 1999.
It is regulated by IIROC and a member of CIPF (Canadian Investor Protection Fund), making it a highly trusted online forex trading platform.
It has solid research tools and superb customer service and doesn’t charge inactivity or withdrawal fees.
Features
- Transparent pricing
- Zero-fee commissions
- Mobile application for Android and iOS
- Ideal for investors and active traders
Pros
- Low ETF and stock fees
- Strong/solid research tools
- Excellent customer support
Cons
- High withdrawal fees for aliens (non-Canadian)
- Base currencies are limited
- Slow account opening for aliens (non- Canadian)
5. Tradeview Forex
This brokerage was established in 2004. Tradeview Forex is a great choice for Forex trading in Canada.
It’s regulated by the Chartered Institute of Management Accountants (CIMA) and accepts traders from Canada.
This platform has 30 inbuilt performance indicators and up to 2,000 custom indicators. It offers instant order execution and comes with demo account availability.
Features
- Over 101 trading instruments
- 30 inbuilt performance indicators and up to 2,000 custom indicators
- It’s regulated by the Chartered Institute of Management Accountants (CIMA)
- Offers 60 currency pairs
Pros
- Five types of trading terminals
- It has access to the cTrader Copy service
- It’s regulated by the Chartered Institute of Management Accountants (CIMA)
Cons
- Limited technical support
- Withdrawal fees
- Training is limited
Read also:
List of 10 Forex Brokers That Accept USDT Deposit In 2022
10 Best Forex Brokers Accepting Canadian Clients
Top 10 Best Offshore Forex Brokers That Accept US Clients 2022
6. IG Markets
IG Markets is a forex trading platform founded way back in 1974, and it is regulated by six different tier-1 jurisdictions, including IIROC.
IG Markets is one of the most trusted online forex trading platforms in Canada and globally. This brokerage offers a demo account and superb forex trading tools and charges no withdrawal fees.
IG Markets comes with a fast and first-class web trading platform with an excellent deposit and withdrawal option with no minimum deposit required.
Features
- Provides real stock for some of its users
- Options fees are low
- Fully digital account opening
Pros
- First-class and fast web trading platform
- Great withdrawal and deposit options
- Great educational tools
Cons
- High CFD and forex fees
- The product portfolio is limited
- Poor customer support
7. Forex.com
Forex.com is one of the best Forex brokerage trading platforms, founded in 2006. it is authorized and regulated by IIROC and four other tier-1 jurisdictions.
This brokerage offers a demo account and a wide range of currency pairs. It comes with various technical and research tools and charges no withdrawal fees.
Features
- Multiple platforms are supported
- It has access to over 80 currency pairs
- It comes with various technical and research tools and charges no withdrawal fees.
Pros
- You can trade from mobile, web or desktop
- Access to multiple assets
- Authorized and regulated by IIROC
Cons
- A minimum deposit of $100 is required to open an account
- Limited leverage
8. CMC Markets
This platform is one of Canada’s most successful online brokers for Forex trading. It’s regulated by 2 in tier-2 and 4 in tier-1 jurisdictions, including IIROC.
It’s a safe, low-risk and trusted platform that you can use for Forex trading. It offers a demo account, has exceptional customer service, and supports ten base currencies.
Features
- Wide range of offering
- It is regulated
- Offers protection for users’ account
Pros
- It’s a safe, low-risk and trusted platform that you can use for Forex trading
- Excellent education and customer support
- Excellent research amenities
Cons
- It doesn’t accept United States users
- High CFD spreads
9. FXTM
This online brokerage was founded back in 2011. It is regulated by multiple international authorities, including FCA, IIROC, and CySEC.
It’s considered a low-risk and safe online broker for Forex trading because of tier-1 regulations.
FXTM offers a demo account and a wide range of research and educational tools, fast, fully digital account opening, and charges a nominal fee for withdrawal.
Features
- Quality market research
- Excellent educational content for new users
- Offers fast, fully digital account opening and charges a nominal fee for withdrawal.
Pros
- Wide range of trading instruments
- Online seminars and webinars
Cons
- Does not accept United State-based traders
- It does not support ZuluTrader or Myfxbook options
- No options trading
10. FXCM
This platform was founded in 1999 and is controlled by NYSE: JEF. FXCM is regulated by three different authorities in tier-1 jurisdictions, including IIROC. FXCM is a low-risk broker and has great features and tools, making it a great option for Forex trading.
Features
- FXCM is regulated by three different authorities in tier-1 jurisdictions, including IIROC.
- It has excellent technical research tools
- It has excellent educational content
Pros
- Straightforward and fast account opening
- Excellent technical research tools
- Excellent educational content
Cons
- The product portfolio is limited
- Withdrawal fees are relatively high
- No 2-step authentication on the trading platform
Is Forex Trading Legal in Ontario?
Forex trading (currencies) in international markets is popular among residents in Canada. Before any forex broker in Canada can accept CFD and forex traders as clients, they must become authorized by the IIROC (Investment Industry Regulatory Organization of Canada), the financial regulatory body in Canada.
Do Forex Traders Pay Taxes in Canada?
Fx trading is taxed in Canada as any other income if it’s above $200. The tax depends on how much is earned and which method is used to declare your forex trading profits.
Foreign exchange is the marketplace for trading all currencies and is the largest financial market globally.
Trading in this financial market might be challenging for investors, and that’s where a broker comes in. A forex broker makes trading seamless and easier for investors/traders.
Watch the video below to know the best ECN forex brokers in Ontario:
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