Forex trading now has become an increasingly popular type of online trading. Plenty of people are joining foreign exchange trading every day. Moreover, the amazing nature of online trading is not only attracting traders but also multiple brokers. With a continuously growing number of brokers, it is usually difficult to know which forex brokers are the best to choose.
While searching for the best forex brokers, you may come across the term ECN forex brokers Canada. In a forex market, some brokerages are known as ECN brokers. These brokers facilitate currency trades across multiple electronic matching networks.
Best ECN Forex Brokers To Consider in Canada
|
CAD 150 Deposit |
100% Bonus |
Visit Site FXCC Canada | |
|
CAD 200 Deposit |
0% Bonus |
Visit Site BlackBull Markets Canada | |
|
CAD 150 Deposit |
50% Bonus |
Visit Site Easy Markets Canada | |
|
CAD 150 Deposit |
$40 Bonus |
Visit Site Avatrade Canada | |
|
CAD 150 Deposit |
0% Bonus |
Visit Site FXChoice Canada |
ECN forex brokers Canada: What do you need to know?
An ECN broker is different from market makers and possesses benefits for customers.
This guide will teach you more about ECN forex brokers Canada.
So, here we go:
Understanding a ECN forex broker
ECN stands for Electronic Communication network providers. ECN brokers are brokers that facilitate their traders’ direct access to other participants on the market with interbank trading prices. It allows sellers and buyers to find their trading positions’ counterparty in the exchange.
An ECN forex broker generally makes money with:
- Its clients’ trading volume
- By charging a commission for every trading position
Using multiple liquid providers, an ECN broker can allow prices from these traders to compete in the same auction. Consequently, traders can get better rates with cheaper trading conditions with ease.
Above all, an ECN broker offers a more transparent and efficient environment for traders to trade in forex.
Advantages of ECN forex brokers
Do you want to know why you should prefer trading with ECN forex brokers in Canada? Let’s have a look at the advantages of ECN forex brokers below to know more:
Enhanced reliability
Every trader wants to invest his hard-earned money in a more reliable forex broker. Fortunately, ECN forex brokers offer a reliable platform for traders to make the most out of their trading assets. ECN forex brokers are more reliable than market leaders because:
- ECN brokers charge a commission on trading volume. Therefore, they always want their traders to win.
- These brokers utilize the latest technology to make the trade execution process quick and seamless.
- ECN brokers offer traders direct interbank market access to determine the actual price.
Above all, ECN forex brokers are more popular because of their transparency and honesty.
Better trading conditions
By displaying currency rates from different official sources, ECN brokers can offer you better trading conditions. ECN brokers also provide ease for traders to make instant trading. These brokers offer tight spreads and lower commissions and fees than other brokers. Immediate confirmations are another important benefit for instant trades.
Another important reason to prefer ECN forex brokers Canada is that it keeps you from re-quotes. Re-quotes can impact your trading performance negatively.
Limits price manipulation
Trading with an ECN forex broker can limit price manipulation. An ECN broker doesn’t quote its prices. Instead, it utilizes prices available at different liquidity providers.
An ECN broker can also let you access current market information. This will offer you more accurate price histories than other brokers.
Therefore, manipulating prices in ECN brokers is virtually impossible.
Top ECN forex brokers Canada
Different ECN forex brokers Canada are operating at present. However, we have enlisted the top ECN brokers to help you make the right choice.
So, here we go:
Quick overview:
| FP Markets | FXCC | FXTM | |
| Headquarters | Australia | Cyprus | Cyprus |
| MetaTrader 4 / MetaTrader 5 trading platforms |
Yes |
Yes
|
Yes |
| Regulated by | CySEC, ASIC | CySEC, VFSC | CySEC, FCA, FSC Mauritius, CMA |
| Year of establishment | 2005 | 2010 | 2011 |
| Minimum deposit limit | $100 | $50 | $10 |
| Custom support | 24/5 | 24/5 | 24/5 |
| Demo account | Yes | Yes | Yes |
FP Markets
FP Markets is one of the most familiar ECN forex brokers Canada. The platform is popular for its deep liquidity and incredibly thin spreads. This ECN forex broker allows you to trade CFDs on above 10,000 indices, stocks, currency pairs and commodities. Most importantly, this ECN broker supports all EAs and trading styles. Its diverse range of tradeable assets makes the broker stand out among others.
FP Markets provide Copy trading, MetaTrader 4, and MetaTrader 5 trading platforms. Moreover, the platform is regulated by CySEC and ASIC, making it more trustworthy.
Pros
- This ECN forex broker offers an extensive range of tradeable assets and multiple trading tools for assistance.
- It offers a competitive cost structure
- The broker offers leverages up to 1:500.
Cons
- FP Markets doesn’t have a multi-factor authentication feature for ensured security.
FXCC
FXCC is another amazing cost-effective ECN forex broker in Canada. With its ECN account type, the broker doesn’t cost any commission to its traders. It offers low spreads and welcomes forex traders with any trading style.
For ECN trading, you can access MetaTrader 4 and MetaTrader 5 trading platforms. Most importantly, this one of the lucrative ECN forex brokers Canada has no dealing desk intervention. Due to this, the platform supports instant executions.
This ECN broker also offers enhanced transparency. CySEC and VFSC regulate it for ensured reliability.
Pros
- It has a lower minimum deposit limit.
- The broker offers a 100% first deposit bonus to 2x your liquidity.
- It offers tighter spreads and zero commission on ECN accounts.
- This broker supports instant transactions.
Cons
- FXCC doesn’t support plenty of trading platforms.
FXTM
FXTM is an ECN forex broker established in 2011. The platform is regulated by CySEC, FSC Mauritius, FCA, and CMA for ensured reliability. This ECN broker is serving globally and has a customer base of 4 million. The average spreads of FXTM are 0.5 pips. The maximum leverage of FXTM is 1:2000.
FXTM offers a free demo account to test drive the key features of its ECN account type. It doesn’t cost any deposit fees. It also offers commission-based and commission-free accounts to offer more lucrative trading opportunities for traders.
Pros
- Allows access to upgrading MT4/MT5 trading platforms.
- Lower minimum deposit requirements and higher max leverage
- Excellent forex trading environment with enhanced transparency.
Cons
- Limited options for commodities and cryptocurrencies.
Final thoughts
So, these are the leading ECN forex brokers Canada; you can opt for this type of trading. However, it’s important to determine your forex trading goals first to choose the best broker.