But, after over a year of trading with them every day, I find it is simply too unreliable to be a usable platform. Whether you’re into social trading or copy trading, both brokers have you covered. FXCM offers an average EUR/USD spread of just 0.7 pips, which is slightly better than AvaTrade’s 0.9 pips. Neither broker charges commissions on trades, but both have overnight fees. Comparing each broker’s RAW account commissions and spreads on the most popular currency pairs, we concluded that FXCM has lower fees.
Its MetaTrader platforms are a paradise for those who are into automated trading. The user interface is not just user-friendly; it’s trader-friendly, catering to all levels of trading experience. If you’re looking for the lowest spreads and fees, FXCM is the better choice. The difference may seem small, but it can add up quickly, especially for active traders. Interactive Brokers has some of the lowest spreads on the market for an ECN broker. The amount of commission that you pay depends on the volume of trading in any month and will decrease the more it is.
- Doubling your risk on a one-off basis could benefit a trader if they happen to get that one-off trade right.
- We have made a chart with their average spreads below to compare to other brokers.
- FXCM offers a $50 minimum for its standard account and a significant $25,000 for its ActiveTrader account.
- This point goes for every place, you should always be on the lookout for the best regulation.
On top of their competitive fees, strong customer support and trading experience they have no minimum deposit for traders making it easy to start testing the broker in a live environment. IronFX is known for its competitive spreads, diverse trading platforms, and broad range of financial instruments. With its strong emphasis on customer service and advanced trading tools, it appeals to both beginners and experienced traders.
Trading Costs
We strive to provide the best service possible, and we assure you that the quality will only improve further in the future. Our team is always striving to provide the best possible service, and we are happy fxcm to hear we’ve been successful in meeting your needs. Thank you so much for taking the time to leave us a 5-star rating, Ronald! Sanjay has always been a valuable member of our strong customer service team.
Risk is inherent to any type of trading, however, leverage can cause both magnified profits and losses. It would be prudent for traders to pay particular attention to choosing how much leverage they will use. It is very tempting to trade in a larger size than what was originally determined if you have a streak of winning trades. Novice traders should be especially careful when trading on margin. Lower leverage means traders are less likely to wipe out all of their capital if they make mistakes. It’s important for all traders to bear in mind the risks involved in leveraged trading.
How to Verify IIROC Regulation
I have tried other Forex companies but will now only trade with FXCM. I find their trading platform easy to use and have never had a bad experience. I have always been treated with respect and courtesy would recommend them 100% to new traders. Learn more about getting started as a forex trader by checking out my in-depth Forex 101 educational series.
What Makes Olymp Trade Stand Out from the Crowd? (The Reason Why It’s not Just Another Broker in the Sea)
Step 5) Set a password for your account, check the boxes to accept the terms and condition then click ‘Continue’. Next review the information you have provided and click ‘Submit’. Step 2) Provide your name and email address, choose your preferred account currency and whether you are opening a corporate or individual account, then click ‘Continue’. You can choose from 2 currencies as your account base currency on FXCM. They also implement safety practices for traders such as negative balance protection and segregation of funds. FXCM’s operations in Canada are overseen by the IIROC of Canada, which is the relevant regulatory authority in the company.
Beginner traders can count on company tool support while building their own strong trading strategy. Indeed, beginning traders face numerous challenges, yet time and even capital loss due to emotion-based trading are the main barriers to success. This account can be accessed using the MetaTrader 4 platform or the Trading Station platform.
People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. As explained via Live chat 3 days ago, the trades were auto-closed due to expiration. As requested, we also tried to reach you via phone call but was not able to get a hold of you. Kindly reply Daniel’s email to discuss about your suitable time to talk and he will definitely ring you back to clarify any doubts from you. It may be best for Canadian citizens or residents to consult a tax professional to determine any potential Canadian tax obligations. If you are not a Canadian resident or citizen, then you must report your global income from forex trading in the country of your permanent residence.
We recommend that higher volume or more advanced traders open the latter. Interactive Brokers is distinguished for its broad global market access, advanced trading platforms, and competitive pricing. Ideal for professional traders and investors, it offers unparalleled trading and research tools.
OANDA: Best CIRO RegulatedForex Broker
In addition, we like Admirals platform offering, particularly its MetaTrader upgrade, Supreme Edition, which enhances your MT4/MT5 trading experience. Overall, Friedberg Direct with FXCM is a no-dealing-desk broker that can provide top execution services if you prefer using the MetaTrader 4 platform. However, the broker’s high commission costs and steep minimum deposit requirements may put some traders off.
13 indices that cover most of the top indices, nine commodities, including wheat, oil and metals, and nine bonds, which include the major treasuries. Apart from having an intuitive user interface and being a reliable platform, one of the main attractions of MetaTrader 4 is that you can automate your trades using Expert Advisors. While a lot of brokers offer MT4, FXCM’s enhanced execution technology using MT4 can improve your platform experience. This is because you can use FXCM’s MetaTrader 4 to automate your trades, ensuring your trades are executed at the best prices. We recommend FXCM as a top ECN broker for its 30+ free trading tools that can make a big difference in your trading. The broker has low average RAW spreads at 0.3 pips on EUR/USD, allowing you to trade more cost-effectively.
FOREX.COM: Top Choice For Range Of Forex Pairs
These platforms include WebTrader, MetaTrader 4, MetaTrader 5, and AvaOptions. Available in multiple formats, this powerful platform comes with a range of different features, as listed below. A significant feature that comes with the MT4 platform is the use of Expert Advisors (EAs). They automate these trading strategies using the MQL4 programming language. If you never want to miss a market move, then you can program these EAs with your strategies. There is also an option of using some of the community strategies from pre-made EAs with back-testing of their effectiveness.
This platform has a limited range of markets, only being able to access currencies, commodities, and indices. Since CMC Markets only has one account type, it makes calculating trading costs simple. There is no commission on this account as they have already been pre-built into the spreads. We have made a chart with their average spreads below to compare to other brokers. Friedberg Direct, powered by FXCM Technology, has two different platforms to choose from. The first is ‘Trading Station’, which is an FXCM proprietary platform designed for forex and CFD trading only for FXCM clients.
Friedberg Direct powered by FXCM only offers commission-based accounts, both with competitive spreads from 0.2 pips. The commission charges, however, are expensive, unless you’re an active trader. That is why we recommend Forex.com for their RAW account with spreads from 0.0 pips, the lowest available. So, if you want the protection of CIRO with the lowest spreads from a RAW account, you should choose FOREX.com’s RAW pricing account. IronFX offers an excellent platform for leverage and margin trading with an impressive range of options and cutting-edge technology.