Best MT5 Brokers in Canada for 2024 - TOP 5

How to choose МТ5 broker in Canada

Choosing a MetaTrader 5 (MT5) broker in Canada involves considering several important factors to ensure you have a reliable and effective trading experience. MT5 is a popular platform for trading forex, CFDs, and other financial instruments, and it's crucial to select a broker that offers stability, good service, and fair trading conditions. Here are some tips for beginners:

1. Regulatory compliance

Ensure that the broker is registered with and regulated by a reputable Canadian authority, such as the Investment Industry Regulatory Organization of Canada (IIROC). Regulation helps to ensure the broker follows certain standards for fair trading and client protection. Check if the broker is a member of the Canadian Investor Protection Fund (CIPF), which can provide insurance on your trading account in the event of the broker's insolvency.

2. Account features

Examine the types of accounts the broker offers and ensure they align with your investment goals and trading style. For instance, some might offer accounts with higher leverage, while others may have accounts with better spreads. Look at the minimum deposit requirements, commission structure, spread types (fixed or variable), and the leverage they offer.

3. Trading costs

Compare the fee structures of different MT5 brokers. Be aware of not only the spreads but also any commissions per trade, overnight financing charges (swap rates), and any other hidden fees. Consider if the broker offers a no-dealing-desk (NDD) model to avoid additional costs and potential conflicts of interest.

4. Platform stability and execution speed

Check reviews and possibly test with a demo account to see if the broker's MT5 platform is stable and reliable. Execution speed is particularly important if you plan to engage in scalping or high-frequency trading. Find out what kind of infrastructure they use. Do they have servers located near major financial hubs? This can decrease latency and improve order execution.

5. Customer service and support

Good customer support is essential, especially for beginners. Ensure that the broker has a reputation for responsive customer service. Verify if they offer support in the official languages of Canada (English and French), and check if they provide 24/5 or 24/7 support to cover the trading week.

6. Educational resources and tools

For beginners, having access to educational materials (like webinars, articles, and tutorials) can be very helpful. Look for brokers that offer additional tools such as economic calendars, analysis tools, and news feeds which can enhance your trading on the MT5 platform.

7. Trial with a demo account

Most brokers offer a demo account. Make use of this to familiarize yourself with the MT5 platform through the specific broker. It also allows you to test the broker’s execution speed, spread stability, and other trading conditions without any risk.

Are MT5 brokers legal in Canada?

MT5 brokers are legal and operational in Canada, supervised by the Investment Industry Regulatory Organization of Canada (IIROC), which enforces strict regulatory standards to protect traders and maintain a fair trading environment. Canadian traders have the freedom to use these platforms for trading a range of instruments.

With the robust regulatory framework in place, including IIROC oversight and CIPF membership for brokers, traders can confidently engage with MT5 platforms, selecting from various IIROC-licensed brokers. These brokers are often reviewed for their features and services, providing traders with information to choose a reliable broker for their trading needs in Canada.

Can Canadians use international MT5 brokers

Yes, Canadians can use international MT5 brokers; however, they must ensure these brokers accept Canadian clients and adhere to the local regulations that apply to Canadian citizens. While the Investment Industry Regulatory Organization of Canada (IIROC) regulates domestic brokers, international brokers are governed by their respective jurisdictions.

Canadian traders opting for offshore brokers should be cautious, as they might not be protected by Canadian laws or the Canadian Investor Protection Fund (CIPF). It's crucial to verify the credibility of these international brokers, understand the risk, and recognize that recourse in the event of a dispute may be limited.

When considering an international MT5 broker, Canadians should look for those regulated by reputable bodies such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). These entities enforce strict regulatory standards, providing a level of investor protection.

It's also important to consider factors such as leverage, spreads, customer service, and the availability of support in French or English. Researching broker reviews, checking their regulatory status, and testing their services with a demo account are advisable steps before committing to an international MT5 broker.

How do I get started with MT5 in Canada?

To get started with MT5 in Canada, follow these step-by-step instructions:

Step 1: Research and choose a broker

Start with researching brokers that offer MT5 and are regulated by the IIROC in Canada. Look into their reputation, fee structure, and the level of customer support they offer. Ensure they accept Canadian clients and provide sufficient protection for your investments.

Step 2: Open and fund Your account

After selecting your broker, go to their website and initiate the account opening process. This will typically require you to complete an application and submit identification documents. Once your account is set up, choose a funding method that is convenient for you, such as a bank transfer or credit card, and deposit your initial trading capital.

Step 3: Download and set up MT5

Download the MT5 platform either directly from the MetaQuotes website or through the broker's site if they offer a customized version. Install it on your preferred device, log in with your broker-provided credentials, and spend some time customizing your trading environment.

Step 4: Practice with a demo account

Before you begin trading with real money, it is advisable to practice on a demo account. This will help you get comfortable with the MT5 interface and its features without any financial risk. Once you feel confident, you can start live trading with your actual funds.

TU Expert Review for the best MT5 Brokers in Canada

Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.

His opinion as for the best MT5 Brokers in Canada is posted below.

Eightcap - TU Expert Review

Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.

FBS - TU Expert Review

The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.

FTMO - TU Expert Review

FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%. Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms and mobile app. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester. My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.

FreshForex - TU Expert Review

This company is a proven partner of the Traders Union, the broker strictly fulfills its obligations for our traders and has been consistent for years. There are no hidden payments to the company, lucrative offers, and various bonus programs are provided. However, sometimes there are failures of both the trading platform and Personal account, but this is not the crucial factor. The quality of the customer service is of a high standard, good materials on market analysis and trading information and training are provided, comfortable trading conditions - all these features can characterize FreshForex broker. This is beneficial for beginners to master the market and build a career, and experienced traders - to move up the career ladder confidently. However, FreshForex is not popular among the major investors, it is more preferred by beginner traders. There are more than a hundred tools that they have on offer. However, FreshForex will not work for the fans of cryptocurrency as it does not provide these trading instruments. You can test your strengths at FreshForex with minimal risk not only on a demo account but also at the real market, starting with a deposit of 1 US dollar. There are no minimum amount of restrictions, also, you can pre-test the effectiveness of the strategy and master the software using a demoor cent account. There are a lot of training materials on the official FreshForex website: from self-help instructions to video lessons. This Forex broker has also taken care of providing traders with analytical data by placing a set of effective market analysis tools in the corresponding section of the site. FreshForex quickly updates quotes, works only with liquidity providers having the license of the European standard - it is another positive feature that is worth mentioning regarding this broker.

IC Markets - TU Expert Review

IC Markets has many years of experience in financial markets. It was incorporated in 2007 and provides its services in strict accordance with regulatory requirements so as not to lose its licenses and client trust. The broker constantly improves its services, ensuring software technical stability, a high level of data protection, and favorable trading conditions. IC Markets has been in Traders Union's top 20 Forex brokers for many years and is a constant partner. TU can recommend IC Markets to traders with different backgrounds, who use both short- and mid-term strategies, as well as expert advisors and custom indicators. The important advantage of IC Markets over other brokers is diversity. The company offers plenty of trading instruments: 60+ currency pairs, CFDs on futures, indices, commodities, metals, 2,100+ stocks (Nvidia stock, Apple stock, Google stock, Tesla stock etc.), bonds, cryptocurrencies. A wide range of account types, and a good choice of platforms for active and social trading. Other IC Markets advantages are three regulatory licenses, membership in the Financial Commission, and participation in several compensation schemes.