Best Forex Brokers for Canadian Traders
In this IFC Markets Canada review, we discuss our findings about the service provided by the broker particularly to the Canadian traders.
The trading offer includes over 500 underlyings from the asset classes forex, CFDs, metals and commodity futures. Trading takes place via MetaTrader 4, and a demo account may also be used. The broker also provides its customers with additional free analysis software.
Read everything about our personal IFC Markets experiences below.
Important facts about IFC Markets:
- Corporate is headquarters in the British Virgin Islands
- More than 500 trading instruments available
- Six different account models
- Maximum leverage of 1: 400
- 24/7 support via live chat, e-mail & telephone callback in 17 languages
Pros & Cons of IFC Markets Canada broker
- Advanced proprietary platform
- Best education center
- Instant order execution
- trade with any volume size
- Narrow and fixed spreads
- Low minimum deposit of $1
- No Bonuses or Promotions
Regulation and deposit insurance at IFC Markets
IFCMARKETS CORP. is a corporate behind the broker, and is based in the British Virgin Islands. A license from the Cypriot Financial Regulator has already been issued but not yet activated. The ultimate assessment process is currently being administered by the supervisory authority.
It is often assumed that the CySEC regulation will begin in the foreseeable future. This ensures, among other things, that customer funds are managed separately from the particular company assets. The broker is a member of the Cyprus deposit insurance fund ICF, which protects amounts of up to 20,000 euros per investor.
So far, no negative IFC Markets experiences are known that this broker has been fraudulent or ripped off. In this respect, IFC Markets may be classified as a reputable broker who provides its customers with a secure trading environment.
French-language website available
The broker makes its website available in 24 languages, including French. This helps our fellow Canadians who prefer French language. The page is well structured and contains all the important information about the trade offer, conditions and therefore the company itself.
Due to the wealth of information, the web site looks a bit overloaded in some areas. Nevertheless, you’ll find your way around relatively quickly.
IFC Markets Canada Trading Instruments
The IFC Markets Asset Index is well full of over 500 trading instruments. Exchange trading is possible at seven global trading venues. Additionally, the over-the-counter trading of foreign currencies, CFDs, commodity futures and individually configurable PCIs is offered.
There are around 50 currency pairs available for Forex trading. Additionally, to the major majors, this also includes some real exotics such as USD / CNH or USD / MXN. Over 300 stocks are available on seven stock exchanges round the world for trading share CFDs. In addition, there are the world’s most vital indices such as DAX30, Dow Jones or S&P 500.
PCIs are trading instruments that may be configured individually. The design is done by the analysts at IFC Markets. With CFDs on commodity futures, IFC Markets customers have the chance to benefit from the high dynamics on the commodity markets.
Spreads & Leverage
If you check out the conditions, it quickly becomes clear that IFC Markets isn’t one among the cheapest brokers. Forex trading starts with a fixed spread of 1.8 pips for the popular currency pairs. Trading in share CFDs is possible from a commission of 0.01 percent of the trading volume.
The possible leverage depends, among other things, on the chosen account model and the trading platform. A leverage of up to 1: 400 is possible in forex trading. Stock CFDs may be traded with a maximum leverage of 1:40.
Trading account models
Traders can choose from four trading accounts at IFC Markets. For the trading platforms NetTradeX and MetaTrader 4 there’s a standard and a beginner or micro account. A demo account is additionally available for every platform. There are differences in terms of minimum deposit, maximum equity and minimum trade size.
Account opening at IFC Markets
To open a trading account, only a few details are initially required. Then the standard information also as details about the account type and leverage are required. To legitimize a live account, a copy of the passport or ID card, which is common in online trading, and proof of address in the sort of a supplier are uploaded to the broker as files.
Steps for opening an account
Overall, the account opening can be completed within a few minutes. To make the first steps easier for you, we have created a small step-by-step guide.
- Step 1: First select the button “Open account” at the top of the website. This is applicable to both the demo account and also the live account. Anyone who is already a customer of IFC Markets can log in under the point “Log in” with their known access data.
- Step 2: Now it goes straight to the clear online form. Name, email address, country of residence and phone number are entered here. Also set a password for logging in later.
- Step 3: The account opening will now be confirmed by email. To verify the e-mail address and activate the account, simply click on the link provided.
- Step 4: in the next step, the account type, platform, leverage and currency are selected. Please note that the account currency can’t be changed later. Additionally, to euros, the trading account also can be in USD and JPY.
- Step 5: in the next step, the trading platform can now be downloaded. This is generally free of charge for IFC Markets customers. The details of the trading account are going to be sent again by email.
- Step 6: The trading account is now open and a first deposit can be made. The broker provides various transfer methods for this. Simply select the payment method and follow the individual steps.
Deposits and withdrawals at IFC Markets
In addition to credit cards and traditional bank transfers, the broker also accepts e-wallets from Skrill and Neteller for deposits. No fees are charged. With the exception of bank transfers, the deposited balance is instantly available for trading.
Payouts also can be requested free of charge via the personal customer area. A similar payment method is usually used for this as for the deposit. In our IFC Markets experience, there’s no minimum amount. If the payout amount exceeds the previous deposit amount, which was paid in by credit card or e-wallet, the remaining difference is typically only made to a bank account of the trading account holder by bank transfer.
In order to avoid delays in payment, customers should have already completed the verification process. It’s advisable to try to to this directly when registering.
IFC Markets trading platforms
IFC Markets offers two different trading platforms. The NetTradeX and MetaTrader 4 platforms are similar in terms of the foremost important functions. However, the NetTradeX trading platform contains even more features and dialogues.
This includes balance sheet trading, during which the oncoming items are algebraically added up. Every customer has the choice of making their own trading instruments, so-called PCI (Personal Composite Instrument).
A comprehensive technical analysis is easily possible with both platforms. The benefits of MetaTrader 4 include, among other things, the flexibility to implement automatic trading by installing Expert Advisors such as Keltner Pro.
Mobile trading is also possible
The broker also offers both trading platforms in a mobile version. Customers can download the apps for iOS and Android free of charge from the respective app stores.
These enable full access to interactive charts, the trading and order history and therefore the display of the current account balance via smartphone or tablet PC while on the go. In our IFC Markets experience, the operation is intuitive and doesn’t require a long training period.
The free demo account
The IFC Markets demo account is offered to customers for an infinite period of time. This makes it a decent opportunity for skilled traders to check new strategies beforehand without risk. Beginners can first approach trading with virtual money.
As the IFC Markets experience shows, the broker provides its customers with a really real trading environment with the demo account. This is a basic requirement for effective use of the test account. When trading via the demo account, all of the bottom values and features of the trading platforms may be accessed. After the brief registration, customers will receive the link and access data by email.
Training opportunities for beginners and advanced users
A large number of written guides on a good variety of topics may be found under the heading Training. Video instructions also are available for the trading platforms.
The foremost important strategies are explained in a video tutorial. One of the highlights, however, is the IFC Markets Academy. Here customers can improve their trading step by step and thus become real experts. There also are tutor courses on many topics. According with our experience, the training documents also are available in French. a real plus point with this broker.
24/7 customer service, also in French
The broker offers its customer service in 17 languages, including French. Contact to the French-speaking support is possible round the clock via live chat. Canadian customers may request a callback via email. However, there’s no telephone hotline.
Fortunately, the waiting times are very short for live chat. In our IFC Markets experience, an employee will contact you after 60 seconds at the most recent. The support itself is of top quality.
Conclusion on the IFC Markets Canada
The broker scored points in the test, among other things, with its extensive trading range. There also are excellent educational opportunities and courteous support for Canadian traders.The trading fees, on the opposite hand, aren’t too cheap, especially for Forex trading.