FXCM vs AvaTrade: In-Depth Comparison Updated 2024

Both brokers offer multiple trading platforms, but they excel in different areas. The consensus data shows average spreads like 0.44 for EUR/USD and 0.47 for USD/JPY, indicating FXCM’s advantageous position in terms of spreads. To view the types of brokers regulated by the CIRO view start from our compare forex brokers section. If you decide to trade with Admirals, you’ll have a solid selection of products and financial instruments from which to choose. While 37 forex pairs isn’t the most of any broker, it’s a respectable number that includes the major and minor pairs. You also have the option to trade six commodities, including metals and energies, as well as indices, bonds and treasuries.

Many traders see their margin wiped out incredibly quickly because of a leverage that is too high. As such, here are the top ECN forex brokers based on the above criteria. Interactive Brokers achieve low trading fees with its BestX technology, which optimizes order routing. This is achieved by getting the market prices from 17 of the world’s largest FX dealers to get the best possible pricing and execution. One of the strengths of trading with an ECN broker is the execution speed is faster than the market maker model.

  1. These low spreads are great if you automate trading with tools like Expert Advisors on the MetaTrader 4.
  2. We think this is ideal for experienced traders who seek a wide range of markets from one broker.
  3. Step 1) Go to the FXCM website at and click on ‘OPEN AN ACCOUNT’.
  4. The minimum deposit is often a deciding factor, especially for new traders or those who prefer to start with a smaller capital.
  5. The best ECN Forex Brokers Canada have offer low spreads as there is no dealing desk and use STP execution.

Beginners are encouraged to practice with a demo account before dipping their toes into the real trading pool. This ‘train-before-you-trade’ approach ensures a safer and more informed trading experience for newcomers. So be aware that in this case you could lose more then you indicial deposit… However Many brokers operate within a framework of stringent risk management measures. These are designed to protect both you, the investor, and the broker. These measures often involve issuing a margin call or automatically terminating a position to prevent the losses from exceeding the initial investment.

Broker Categories

From the moment you submit and confirm the request to withdraw money from your account the accounting department typically processed and confirms withdrawal within 2 business days. Nevertheless, allow your payment provider to add on some working days to process the transaction as well. However, this is defined according to the FXCM’s entity, likewise, UK and EU clients would need GBP300 at the start. FXCM has a partnership with renowned Canadian brand Friedberg Direct which is a member of the esteemed IIROC.

Where is FXCM Based?

We highly recommend Eightcap, especially for its 95 cryptocurrencies which you can trade using the TradingView platform. With advanced charting tools, TradingView enhances your technical analysis, speeding up your trading decisions. We tested 20 top brokers to determine which had the fastest execution speeds and found FP Markets had fast market order speeds.

So, dividing the asset amount by the margin amount gives the ratio of leverage. Leverage can sound like a very appealing aspect of trading, as winnings can be immensely multiplied. But leverage is a double-edged sword – it is important to remember that losses can also be multiplied just as easily.

Among the forex brokers from the tradingview, fxcm provides the tightest spread + they offer free pro trial for a year. I could say from my perspective that fxcm is way ahead compared to oanda. BUT, as i researched for a few hours, i discovered that fxcm was banned from the US due to executing trades against the client.

FXCM: Better Trading Platform

If you trade at least 50 million in the month, you will be eligible for discounts through the active trader program. The more you trade, the greater the cash rebate which can see as much as 15% deposited into your trading account. The second is the popular MetaTrader 4 platform with the option of premium indicator plug-ins.

The Importance of Reliable Platforms for Leverage & Margin Trading

Popular approaches to trading the Canadian dollar as the base currency often involve either the Japanese Yen or the euro (the CAD/JPY or EUR/CAD pair). These currency pairs are popular with investors in Canada (and across the world) due to their correlation to the price of oil. Canada is a major producer of oil and Japan is a major importer, thus the CAD/JPY pair can be affected by the price of oil. Similarly, the price of Canadian oil itself can be influenced by the CAD/JPY rate. Compare Canada authorised forex and CFDs brokers side by side using the
forex broker comparison tool or the summary table below.

Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. If you want to trade spot forex, then the spreads start at 0.1 pips, but you have to pay a small commission. The commission is charged in basis points instead of a fixed amount, which ranges from 0.08 bp to 0.20 bp, with a minimum of a $4 commission per lot per, round turn. What’s more, Eightcap offers incredibly low average RAW spreads, just 0.06 pips on EUR/USD, making it a cost-effective choice. The table below highlights how well FP Markets stacks up against other forex brokers in terms of execution speeds. While FP Markets’ commissions are just in line with the industry average at CAD $7, having such tight spreads keeps your trading costs low.

On their corporate website, they state that dealer members are required to be a member of the Canadian Investors Protection Fund (CIPF) established in 1969. This protects traders if the broker becomes insolvent as explained on the CIPF website. Moreover, its minimum commission is only $2.25 per lot, one of the lowest for a CIRO-regulated broker. You can significantly fxcm reduce your trading commission by up to 40% with an Active Trader account. To take advantage of the discount, however, requires substantial initial capital of $25,000 and a minimum monthly trading volume of $50m. Our experts find FXM a highly reputable broker since it’s authorized and regulated by some of the most rigorous regulators FCA and ASIC.

Their phone line is not toll-free and they may charge a withdrawal fee for bank transfers. Their website is quite well-made and provides all the relevant about their services and their customer support team can be reached quickly in case of any queries. Further, FXCM also offers Islamic account for traders of the Islamic faith and the Demo account for beginners to practice trading.

FOREX.COM: Top Choice For Range Of Forex Pairs

OANDA Trade is the award-winning flagship platform with powerful technology and features. This platform is available to all OANDA users and has a wide range of features, as listed below. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.


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