Best Forex brokers in Canada
easyMarkets
Blackbull Markets
Eightcap
ForTrade
Avatrade
LegacyFX
FXCC
FPmarkets
FX Choice
easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop loss back in 2001 – these tools are now industry standards. This innovation has continued with the unique easyTrade, Freeze Rate and dealCancellation tools, all intended to help new traders and keep trading transparent and straightforward . In 2018, easyMarkets won the foremost Innovative Broker 2018 at the planet Finance Markets Awards, an extra sign that they’re respected as innovators among their peers.
Trading Conditions
easyMarkets may be a market-maker broker, which suggests that trading conditions won’t be as competitive as non-market-maker brokers. That said, not selecting a broker due to their business model would be unwise, as many market-makers offer additional bonuses, platforms, analysis and support that ECN and STP brokers might not . A case in point, easyMarkets offers a 20% first deposit bonus (up to 2000 USD) to traders living outside the EU.
easyMarkets sets itself aside from competitors by the amount of currency pairs it’s to trade. While most brokers will provide between 40-60 pairs, easyMarkets offers 103. While the extra pairs are exotic pairs and not for the day trader, these currency pairs would work well for an edge trader or others holding open trades for extended periods
Account Types
easy Markets offers a demo account and two simple live accounts – a typical account and a VIP account – which are distinguished by the quantity you chose to deposit. Both account types offer you access to an account manager, platform tour, education on the fundamentals of Forex trading, access and an introduction to technical reports also as fundamental analysis. All the services are free as a neighborhood of the account.
Demo Account – Demo Accounts are yours to use as long as you’ve got your live account. for brand spanking new registrations, the demo is unlimited and can never expire. Demo accounts are suitable for beginners, but also if you would like to check easyMarket’s proprietary trading platform.
Standard Account – the quality Account has spreads as low as 3 pips and has access to an equivalent customer service and therefore the above features. This account features a minimum deposit of 100 USD, but this gets you a client manager, a tour of the platform, and access to easyMarket’s educational materials on the fundamentals of trading and technical analysis.
Premium Account – The Premium Account has spreads as low as 1.4 pips, higher leverage, express withdrawal, an on-call analyst, SMS Updates, and 24-hour phone and chat support. The minimum deposit for this account is 2,000 USD, but if you’re knowledgeable trader and can enjoy an analyst’s assistance, this is often the simplest account for you.
VIP Account – The VIP Account has all the advantages of the Premium Account but spreads are even tighter, right down to under 1 pip on the EUR/USD pair. The minimum deposit for this account is 10,000 USD, so could also be out of reach for several traders.
Spreads and Commissions
Spreads and commission vary on between the accounts, but like other brokers, the larger the account you hold with easyMarkets, the tighter the spreads will get. For accounts with higher deposits, the spreads are often as tight as 0.1 pips.
No additional commissions are charged on trades with easyMarkets and leverage for all accounts is restricted to 1:400 unless limited by your local regulation.
Deposit & Withdrawal fees
Easy Markets take deposits by credit cards and Neteller which instantly fund the accounts, while Skrill and bank transfer usually a couple of hours. Most withdrawals are executed within 24 hrs, although the system states 48hrs, and with VIP clients deposits are completed same day.
Fund transfer usually takes 1-3 business days, but in extreme cases allow up to 10 days. This length of your time is standard for these sorts of transactions and can not vary much between brokers.
Easy Markets for Beginners
With numerous awards for his or her platform and customer support, it’s no surprise that easy Markets are a favorite broker for brand spanking new traders.
Unlike many other brokers, their account offerings are specifically geared towards new traders. a coffee 100 USD minimum deposit, a simplified proprietary trading platform, and free SMS alerts offer new traders a simple entry into Forex trading.
Educational Material
- All of the easy Markets educational material are often found within the easy Markets Learn Centre and is split across six sections.
- The Getting Started section is an archive of videos on the basics of trading also as an introduction to easy Market’s features and tools.
- The Discover Series video archive goes into more depth on the various instruments available to trade on easy Market’s platform and therefore the history and ideas behind them.
- The Free eBooks section may be a repository of 10 eBooks available to easy Markets clients – topics covered include technical analysis, trading psychology, MT4 guides and vanilla options. If you’re more familiar with learning through reading this is often a useful resource.
- The knowledge domain may be a collection of articles on topics useful to new traders.
Economic Indicators is a superb interactive breakdown of the varied economic indicators (e.g. TIC data, - PMI, etc.) and their relative effect on markets.
- Finally, a trading glossary and FAQ sections also are available to support learning.
Trading Platforms
easy Markets supports MT4 and therefore the mobile suite of the MetaTrader tools, along side their propriety platform which they develop themselves.
Additionally, for traders who wish to trade from a browser, easy Markets’ web-based platform is obtainable .
The only real omission here is an choice to use MT5 – additionally, a replica trading feature would be beneficial.
MT4 – MetaTrader4
MT4 is that the hottest and customizable trading platform within the industry. If you’ve got experience with this platform, or if you’re switching broker and need to minimize setup, this might be an honest option.
With the easy Markets MT4 platform, you’ll employ sophisticated trading technologies like One Click Trading, Pre-installed Indicators and analysis tools, the power to make custom trading templates or choose between pre-designed templates, Expert Advisors, multiple order types including Market Orders and Pending Orders.
Further, the conditions on MT4 includes 80+ markets including currencies, metals, commodities, indices and cryptocurrencies, Fixed spreads for price transparency, and call when Equity / Used Margin = 70%, Deal Stop Out when Equity / Used Margin = 30%. For EU clients is: call when Equity / Used Margin = 70%
Deal Stop Out when Equity / Used Margin = 50%
The MT4 Platform has slippage on execution of orders, stop loss and take profit, but negative balance protection is guaranteed.
Easy Markets Platform
This is easy Markets’ proprietary web-based trading platform. the extra trading features that set easy Markets aside from the competition like deal Cancellation, Freeze Rate, and Inside Viewer are only available with this software. More detail on these tools below.
Trading Tools
Most of the trading tools available to easy Markets customers are only available through the easyMarkets platform – the sole exception being Trading Central indicators, which are only available through MT4.
The easyMarkets platform offers the subsequent tools:
deal Cancellation – unique to easy Markets, this is often a tool which allows clients to cancel an order within six hours of creating a trade.
Freeze Rate – another unique tool, Freeze Rate allows you to freeze a price you see for a couple of seconds. Especially useful in volatile markets.
Inside Viewer – this tool shows you what percentage of traders are buying or selling a selected instrument. a comparatively standard tool now, this was first of its kind when launched in 2009.
easyTrade
In 2018, easyMarkets launched its latest trading innovation – easyTrade. This simplified platform allows easyMarkets clients to trade without margin requirements, high leverage and features zero spreads. It also simplifies trading to only three steps – choose your maximum risk, the duration of your trade and choose whether the speed will go up and down. Simplified trading allows novice traders to trade without distractions or extra (unnecessary for his or her level of experience) functions. Experienced traders enjoy the power to put a trade quickly when markets move and use easyTrade as an efficient hedging tool.
Mobile Trading Apps
The easyMarkets mobile app has more features than the quality MT4 equivalent. It’s user-friendly, fast, easy to navigate and comes standard with all additional trading features offered on the easyMarkets desktop platform.