4 Best MT5 Brokers Canada in 2024 MetaTrader 5 Canada
MT5 offers full automation capabilities in the form of Expert Advisors (EAs), written in the MQL5 programming language which offers flexibility and enhanced execution speed, as well as a large selection of indicators. In addition to forex, you can trade CFDs across a wide range of asset classes, including +2000 shares, indices and commodities and cryptocurrencies. Interestingly, Forex.com uses a straight-through process (STP) to execute your trades when you use the Raw pricing account (the broker uses a different process for its Standard account). We liked the range of features that Forex.com provides that can help you manage and execute your trades better on the MetaTrader 5 platform. Eightcap also provides some helpful trading tools for crypto trading, such as Capitalise.ai, and FlashTrader, though you will need to use MT4 to take advantage of them. When comparing commission costs, Fusion Markets had the cheapest commissions of any MT5 broker we tested.
Best for Professional Traders
The material does not contain (and should not be construed as containing) investment advice or an investment recommendation,or, an offer of or solicitation for, a transaction in any financial instrument. The minimum deposits might range from $0 to $100 or more.Minimum deposits differ from one Canada MT5 broker to another, and are governed by Canada financial regulation and industry rules. Now with the latest version 5 the main layout is unchanged and was released in 2011. MT5 has all the feature of version 4 plus many extra and more refined tools/features. The platform supports Expert Advisors, custom indicators, scripts and libraries.
Trading On A MT5 Trading Platform Canada
We found that the broker offers access to the MetaTrader 5 and MetaTrader 4 trading platforms across multiple devices. In my own personal experience, I forex broker listing have found MetaTrader 5 to be a great platform. While there is a bit of a learning curve, there are a lot of educational videos and support available.
Can You Use a Demo Account With MT5?
If we had to pick, we highly recommend the OANDA Trade platform as it is a simplistic forex trading platform and comes with some advanced tools that cannot be found on other platforms. For a start, OANDA Trade allows you to trade directly https://forexbroker-listing.com/ from the charts and has direct access to the broker’s premium trading tools, such as AutoChartist. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today.
Analytical Tools
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. This feature enables traders to execute larger positions with a smaller capital outlay, as the remaining funds are borrowed from the broker. Non-trading fees are related to the fees charged for dormant accounts or periods of inactivity.
The broker does this through direct access to interbank quotes, with spreads as low as 0.1 pips. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular trading platforms with most forex brokers. With CIRO-regulated brokers, you can use all of MetaTrader 4’s features, including custom technical indicators and Expert Advisors for automated trading. We like OANDA because the broker gives you access to a vast range of markets and trading products, including 69 Forex pairs.
We also scored FOREX.com highly in its trading platform offering (8/10), education (9/10) and trust (7/10). Beginners may not notice any significant differences between MT4 and MT5. On the surface, they are similar in appearance and function, and MT5’s added features and advanced functionalities may not be hugely important for beginners.
By trading real money, you will gain a better experience of what it is like to have skin in the game compared with a demo account, where you can just ignore the losses as there is no risk involved. You can take advantage of OANDA’s low forex spreads on its 69 currency pair offering. What we particularly like is the ability to trade gold and silver with different currencies (up to 10 combinations for each), allowing you to trade metals that could capture more volatility in the market. However, algorithmic traders can only use the MT5 desktop version as customized indicators and algorithmic trading strategies cannot be used on the web version.
I go over everything you need to know to start out as a forex trader; you’ll learn about forex and currency trading, leverage in the forex market, how to calculate pips, and more. It’s always recommended to choose a broker that is well-regulated (preferably locally) and highly trusted. Forex trading in Canada is regulated provincially; each Canadian province is regulated by its own respective regulatory authority.
Pepperstone is set up to offer its clients intuitional grade access into the markets, and the technical infrastructure they have in place makes the most of the powerful MT5 software. The platform can be extensively customised and software updates mean coding using MQL5 is now easier. There are brokers that accept Canadian clients and those that are actually regulated by the local regulator (the CIRO). If your looking to see all of our lists then first visit our forex broker comparison homepage and then select the type of broker you looking for. The brokers you use must be registered with a Canadian Investment Regulatory Organization (CIRO), which ensures they meet strict standards to protect you should anything go wrong with the broker.
In Canada, you may be eligible to pay taxes on any profits made from forex trading. Interactive Brokers gives Canadian citizens access to a range of small-cap, mid-cap and large-cap domestic and international stocks from a single retail investor account at low brokerage fees. Whether you are a high-volume trader or a casual trader, these low commission costs will help you reduce your overall trading costs. Take it from us, FOREX.com has the largest range of over 80 currency pairs for a Canadian-regulated broker, in addition to over 2200+ stock CFDs.
AvaTrade has partnered with FCA-regulated firm Pelican Trading to launch its AvaSocial app. From the app, you can view the performance of other traders, interact with them, ask questions, and copy their trades onto your MT4 AvaTrade account. On top of this, I found that Swissquote provides third-party trading tools from Trading Central and AutoChartist, which provides access to automated technical analysis, trading ideas, and research directly from MT5.
Interactive Brokers offers a vast selection of global financial markets, from stocks and options to futures and spot forex. Traders also gain access to spot bitcoin trading (in the U.S.), spot gold, and spot bitcoin ETFs. IBKR also offers over a dozen micro futures, including for major forex pairs.
However, this account charges a commission of CAD$14 per lot round turn, which is double the industry standard for a RAW account. This not only tops our list of 40 brokers, the next best being IC Markets averaging 0.76 pips, but it smashes the industry average of 1.52 pips for the 5 most traded pairs. Some brokers may also offer other tools to support your MT5 trading such as a VPS where you can run algorithmic trading systems 24 hours a day. However, automated trading on MT5 is only available on the Windows desktop version so Mac users may need to use another service to run Windows applications.
- If you are not a Canadian resident or citizen, you must report your global income from forex trading in the country of your permanent residence.
- From our live test using the commission-free Standard Account, I found the live spread for EUR/USD averaged 1.5 pips during the London open.
- With Eightcap’s crypto range, you can trade 20 cross-currency products against USD, AUD, CAD, EUR, GBP and MXN, easily the biggest range for Canadian traders.
- Additionally, you ensure you are familiar with all the advanced tools of the trading platform by the time you start trading.
- We determine whether the broker offers the MetaTrader 5 software offered by MetaQuotes Software Corp, and we look for a number of supplementary features that can distinguish MetaTrader 5 broker offerings.
- This combination of crypto trading and low spreads opens an affordable route to trade the crypto markets as a Canadian trader.
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Trading financial products carries a high risk to your capital, particularly when engaging in leveraged transactions such as CFDs. It is important to note that between 74-89% of retail investors lose money when trading CFDs.
FOREX.com offers a solid variety of trading platforms, including MetaTrader 4, MetaTrader 5, and its own proprietary platform. We recommend the broker’s Advanced Trading platform (Desktop) for experienced traders, as it offers advanced order types and deep platform customization. I was also surprised that the fees for trading major and minor currency pairs, as well as stock indices, equities, and commodities, were also very competitive. When checking the live spread for GBP/JPY, I found that it averaged just 1.2 pips on the commission-free trading account during the London open.
The platform also gives you an unlimited number of charts and a 1-minute history, further enhancing your ability to analyse the markets. Using an STP broker is beneficial as it means the broker passes your orders directly to the market, so your trades are matched with other traders almost instantly. This makes it an ideal choice if you are algo trading or scalping on the MetaTrader 5 platform.