The Top Brokers in Canada
Forex broker FXCM is headquartered in London. The company has other branches in Canada and all over the world. FXCM is primarily regulated by the British FCA, but IIROC also carries out regular controls.
With the trading platform “TradingStationWeb”, FXCM offers a browser-based platform. Forex traders in Canada can alternatively choose a desktop version or the MetaTrader 4.
The benefits of the broker include an unlimited demo account, over 50 tradable currency pairs and also the fact that no minimum deposit should be made.
Cons & Pros of FXCM Canada
- Many products are tradable
- Tight spreads
- Well regulated
- Low minimum deposit
- Best research tools
- High-quality educational trading content
- High withdrawal fees
- Limited tradable assets
- No managed accounts
Spreads & Leverage
As mentioned at the start, the broker FXCM Canada has a low minimum deposit. The spreads are either fixed or variable and begin at 1.5 pips for major currency pairs. The minimum transaction size is one micro lot, i.e. 1,000 currency units.
The maximum leverage is 200: 1 and a total of over 50 currency pairs and around 20 CFDs can be traded. Additionally to the trading platform for real trading, the broker FXCM’s offer also includes a free demo account.
This may be used indefinitely and enables the trader to get to understand all the functions of the trading platform. FXCM is a well-known forex broker that has already received several awards. This includes, for instance , taking 1st place in the so-called “Readership Award 2010”.
FXCM falls into the line of forex and CFD brokers who want to give their customers maximum flexibility with their trading platforms. This is shown in the fact that not just one trading platform can be used. Canadian traders can instead choose from different variants including the following:
- Trading Station
- Ninja Trader
- MetaTrader 4
- Mobile Apps
- Mirror Trader
Trading types and order execution
As mentioned at the beginning, FXCM Canada is one of the best forex and CFD brokers in Canada.
As a result, there are two kinds of trade in particular. On the one hand, traders can also opt for CFD trading. It’s interesting that there’s also a decent selection for traders with regard to order execution.
There is namely the non-dealing desk order execution and, alternatively, the customer can also choose the dealing desk model, which usually includes comparatively low spreads. In terms of volume, the trader has over 40 currency pairs available and there’s a sufficient selection of CFDs that the customer can choose.
- Index CFDs
- Commodity CFDs
- Stock CFDs
- Bond CFDs
Regulation of FXCM
As for regulation, it’s done by the United Kingdom Financial Regulator. The reason is that the broker has its headquarters in the English capital London. Although, there are additional locations, for instance in Berlin.
This implies that British FCA has the most responsibility for regulation. However, the Canadian IIROC is additionally, to a particular extent, supervised with the control and monitoring of the broker.
It’s positive for investors that the broker FXCM may be a member of the so-called Financial Services Compensation Scheme, British deposit insurance.
In the bonus area, the broker FXCM isn’t necessarily convincing because, unlike many other brokers, there’s no regular bonus on the first deposit. the actual fact that the broker doesn’t actively advertise a bonus doesn’t necessarily mean that no customer has the chance to receive a bonus on the primary deposit.
The customer service of FXCM is in English and French to provide the Canadians the chance to contact the broker in several ways. Traders can contact the staff by phone, email or live chat if they have any questions or problems. Various toll-free international telephone numbers also are available. Experience has shown that customer service is quick, so traders do not have to wait long for an answer.
As you can see in our test report, we were pleasantly surprised by the broker’s offer in our test of FXCM. Numerous trading platforms and good conditions made a great first impression. On closer inspection, however, you discover that in addition to the good spreads, there’s unfortunately an order fee of USD 6 per lot, which unfortunately means the conditions are not any longer that good.
Additionally , there’s the somewhat limited trade offer in terms of the available markets. With 40 FX pairs, 13 index CFDs and eight commodity CFDs. The most important markets are covered. We have participated in the live trading webinars several times and found them very interesting.