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Best forex broker with low commission

AvaTrade, easyMarkets, Questrade and BlackBull Markets are four low commission online brokers in Canada. Four alone have in common that they can offer very favorable conditions. This low-cost generation of brokers is summarized under the term Neo-Broker. Soon, other providers with similar business models are able to offer their products in Canada. Nevertheless, an intensive broker comparison remains important.

Top FX brokers with low commission in Canada

Overall Rating

Broker with favorable conditions

All four brokers offer very low prices and work with lean structures. They rely less on a broad-based retail offering, multiple platforms and a good variety of services, but consider just a few products. However, they’re very well positioned in their areas of focus.

A number of the new brokers can enable forex bonus offers, such as FXChoice, which offers 15% of the sum you deposit to your trading account.

Focus of brokers in trading offer

Avatrade and easyMarkets specialise in CFDs. However, funds aren’t offered. In contrast, this is the case with free brokers and smart brokers. The latter also offers around 1,600 savings plans. Free brokers, on the other hand, don’t offer any savings plans. However, the offers of the individual providers can expand quickly.

trading offer

Most stocks are offered by eaysyMarkets and Questrade, where around 7,500 securities are tradable each. At BlackBull Markets, all stocks and CFDs of the exchanges with which the broker works may be traded. The low commission broker was able to win well-known issuers as partners for CFDs and funds.

More than 18,000 funds are tradable at BlackBull Markets. Additionally, numerous derivatives are offered on the exchanges with which the broker works. the choice of derivatives is also large at Avatrade. All four brokers thus far offer neither CFDs nor currencies. Traders who have focused on this could find an appropriate broker by comparing brokers.

Common to low fees

What all four brokers have in common are the very low fees. With Avatrade and eaysyMarkets there are not any costs for withdrawal. At Questrade just small amount of CAD 20.00 has to be paid. At BlackBull Markets, commissions are charged at $6 per lot per round trip.

Security guaranteed

The low cost brokers are well positioned when it comes to security. All accounts are held with well-known banks such as Royal Bank of Canada (RBC). The deposit protection is therefore up to maximum of $100,000. AvaTrade also features a banking license. Incidentally, this year the four low commission brokers took part in the broker selection for the first time with good results.

The four brokers are sometimes somewhat unusual when logging in and registering for a new account. The providers attach great importance to user-friendliness. However, these aspects also as the costs are only a part of the overall package that makes a good broker. In any case, a particular comparison of providers is important.

Large selection of brokers in Canada

There is now a large selection of brokers on the Canadian market. A couple of years ago, online brokers became more and more popular alongside banks and custodian banks. They specialize exclusively in brokerage. With the Neo-Brokers, a new generation of brokers with innovative offers is now coming onto the market.

Custody fees often no longer have to be paid, as many things in trading are often done online, which saves personnel and administrative costs. Traders can handle many tasks themselves via the broker’s trading platform. The trading platform is therefore a crucial aspect when choosing a new broker. Ideally, traders test the platform via a demo account.

Test trading platform

Traders should observe how they’re getting on with the technology and whether the trading platform is securely encrypted. In any case, the platform should be user-friendly and remain stable even with high traffic.

Test trading platform

Many brokers give their traders flexibility through apps and a desktop version. This is often not necessarily the case with the new brokers mentioned. Traders should therefore check whether trading only via the app or only via the web version is sufficient for them.

Reputable brokers are regulated by the financial authorities of the country during which they’re based. The same applies to the broker’s partners. Information and training materials also are important to several traders. Many brokers offer webinars, indicator packages or free real-time quotes. This has not yet been the case with the new brokers. Therefore, traders should check whether these lean structures also meet their requirements.

Conclusion: best forex broker low commission

In the last few months some brokers like Avatrade, easyMarkets, Questrade and BlackBull Markets have shown to offer very low prices due to their lean structures. The trading offer is smaller and therefore the selection of trading platforms and extra services smaller, but it can still be worthwhile to keep a watch on these providers when choosing a new broker.

A broker comparison remains important even with such low fees, because the prices aren’t the sole important thing when choosing a broker. Traders should put a provider through their paces before opening an account. Canadian traders also keep an eye fixed on factors such as customer service and therefore the trading platform. Additionally, not every broker is suitable for each trader, as every investor has different wishes and requirements.

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