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Best MT5 Brokers Canada

Updated on: July 13th, 2024

MetaTrader 5 is a web-based trading platform. It allows Forex and stock traders to automate trading through the use of trading robots, signals, and fundamental analysis. Web trading, algorithmic trading, mobile trading, and professional technical analysis are all important features.

Traders using MetaTrader 5 can forecast future market movements by conducting extensive price analysis and forecasting.

mt5 brokers canada

Users can use the application to:

  • Monitor all necessary financial instruments
  • Examine short-term price fluctuations and long-term trends.
  • Read news reports from international news agencies,
  • Analyze various economic indicators, and forecast their impact on stock prices and currency.

Furthermore, it enables traders to place pending orders and conduct comprehensive market analysis using a variety of graphical objects and technical indicators.

Compare The Top MT5 Brokers Canada

Overall Rating

MT5 brokers in Canada Reviewed

IC Markets

IC Markets is a well-known Forex CFD provider. It provides trading solutions for active day traders and scalpers, and traders new to the forex market. IC Markets provides cutting-edge trading platforms, low latency connectivity, and superior liquidity to its clients.

IC Markets is changing the face of online forex trading. Traders now have access to pricing previously only available to investment banks and high-net-worth individuals.

The mission of IC Markets is to provide the best and most transparent trading experience for retail and institutional clients. Thus allowing traders to focus more on their trading. IC Markets was created by traders for traders and is dedicated to providing superior spreads, execution, and service.

FP Markets

FP Markets (First Prudential Markets) is a contract for difference (CFD) and forex trading broker based in Australia. Its headquarters are in Sydney at Exchange House 10 Bridge, which is adjacent to the Australian Securities Exchange (ASX).

FP Markets shines as a low-cost broker for trading Forex and CFDs as long as you utilize the MetaTrader platform. The Iress platform suite has over 10,000 tradeable symbols, but it is primarily a share trading platform – and is, therefore, a much more expensive option.

FP Markets provides a versatile, affordable MetaTrader offering, but without the research and educational content offered by industry leaders.

This broker is regulated in one tier-1 and one tier-2 jurisdiction. Thus, making it a safe (medium-risk) broker for trading Forex and CFDs. It also provides the MetaTrader suite, as well as ultra-competitive spreads via its commission-free Raw ECN account.

FP Markets’ new mobile app lacks many of the features found in the best mobile trading apps.


Pepperstone is a Melbourne-based broker that facilitates market access to financial instruments such as Forex, index, share, commodity, and cryptocurrency CFDs.

This broker was established in 2010 by Owen Kerr and Joe Davenport.

Pepperstone provides a growing number of tradeable markets, high-quality research, and support for a variety of social copy trading platforms.

It provides both MetaTrader and cTrader (finishing Best in Class for MetaTrader brokers in 2023), and its extensive suite of third-party tools and plugins complements its already impressive suite of platforms.

Pepperstone is regarded as low-risk, with a Trust Score of 93 out of 99. Pepperstone is not a publicly traded company and does not run a bank. Two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator have approved it (low trust).

Pepperstone offers a variety of platform add-ons that improve the MetaTrader experience. Its research is better than the industry average, but it lags behind leaders such as IG and Saxo Bank.

When combined with its Active Trader program for high-volume traders, Pepperstone is an agency-execution broker. It offers excellent pricing on its Razor account. Meanwhile, its Standard account is less impressive and has significantly higher spreads.

There are over 1,000 different markets to trade, including Forex and CFDs.


FXCM (Forex Capital Markets) is a retail foreign exchange broker that allows customers to trade on the currency market. This broker enables people to speculate on the foreign exchange market and offers CFD trading on major indices and commodities such as gold and crude oil.

FXCM Canada is a winner for traders who value advanced trading tools and quality market research, particularly for algorithmic trading. Though its range of tradeable markets is expanding, it remains relatively limited, and FXCM’s pricing is only average.

It is considered low-risk with an overall Trust Score of 96 out of 99. The parent company of FXCM is publicly traded and does not run a bank. It is licensed by three tier-1 regulators (high trust), three tier-2 regulators (average trust), and zero tier-3 regulators (low trust). The following tier-1 regulators have approved FXCM:

  • Australian Securities & Investment Commission (ASIC)
  • Financial Conduct Authority (FCA)
  • Friedberg Direct is affiliated with the Canadian Investment Industry Regulatory Organization (IIROC).

The products available to you will be determined by which global entity within the FXCM Group houses your trading account.

FXCM offers exchange-traded securities across 43 exchanges in Europe, North America, and Asia-Pacific. In addition to a growing selection of over 300 CFDs that includes fractional shares and 44 forex pairs.

CMC Markets

CMC Markets is a financial services company based in the United Kingdom. It provides online trading in shares, spread betting, contracts for difference, and foreign exchange across global markets. CMC is based in London, with offices in Sydney and Singapore.

CMCMarkets is well-known around the world and provides a fantastic trading experience thanks to its competitive pricing and a large selection of over 12,000 tradeable instruments.

CMC Markets Canada is regarded as low-risk, with a Trust Score of 99 out of 99.

It provides over 12,000 CFDs, a wide range of currency pairs, and access to international equity markets (such as Australia). CMC Markets quotes its 158 currency pairs in both directions (not just the EUR/USD quote, but also the inverse USD/EUR quote).

This one-of-a-kind feature doubles the number of available pairs at CMC Markets, bringing the total to 316.

CMC Markets was named Best in Class in the Commissions and Fees category in our 2023 Annual Awards for its consistently low-spread offering, which is available to all customer segments and account types.


In this article, we’ve looked at the best MT5 broker in Canada Review. Hopefully, our reviews will help you gain the knowledge necessary to start investing in binary options with a new broker.

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