Best TradingView Brokers in Canada
In the fast-paced forex market, traders utilise any tool that may give them an advantage. One of the most used trading tools in the market is TradingView. This platform gives traders a plethora of analytical tools that can help predict market movement. It is packed with advanced charting tools and allows for custom scripts for a more refined user experience. As such, brokers that integrate with TradingView stand out and are a priority to many traders.
In this review, we will explore some of the best TradingView brokers in Canada. But before that, let’s cover two main things that are important.
Understanding TradingView and its Importance
TradingView has emerged as a game-changer in the world of online trading. Its user-friendly interface, advanced charting tools, and social networking features have made it a favourite among traders of all levels. From analyzing charts to sharing trading ideas, TradingView provides a comprehensive platform for traders to enhance their decision-making processes. Some brokers integrate seamlessly with TradingView allowing users to execute trades directly from the platform. This helps streamline the trading experience.
Key Considerations for Choosing a TradingView Broker in Canada
Before we dive into the best TradingView brokers available to Canadian traders, let's outline the key considerations one should keep in mind when making this important decision:
- Compatibility with TradingView - The broker should seamlessly integrate with TradingView, allowing for direct execution of trades from the charting platform.
- Regulation - Ensure the broker is regulated by top regulators in the world. Prioritize regulations from the CIRO (Formerly the IIROC) in Canada. Regulatory compliance ensures the safety of your funds and adherence to industry standards.
- Fees and Commissions - Assess the broker's fee structure, including commissions, spreads, and any additional costs. Low fees can significantly impact the profitability of your trades.
- Available Assets - Consider the variety of assets offered by the broker. A diverse range of instruments provides more trading opportunities.
- User Interface and Experience: A user-friendly interface enhances the overall trading experience. Look for brokers that offer intuitive platforms with easy navigation.
Now with that said, let’s take a look at some of the best TradingView brokers in Canada.
Forex.com is an international broker that offers a wide range of trading products. This broker is one of the most heavily regulated in the market. In Canada, the broker is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund. This shows that the broker is keen on following the financial laws within this country. Better yet, the broker has regulations from other top organizations across the world. In the USA, the broker is registered with the CFTC and is a member of the NFA. The broker also holds regulatory licenses from the FCA in the UK, the ASIC in Australia, the IIROC in Canada, and the CySEC in Cyprus.
Notably, Forex.com avails TradingView to traders as one of the trading platforms available. Here, you can trade your Forex.com account with TradingView. This means you gain access to its suite of renowned charts, exclusive trader tools, and ideas directly from its industry-favourite site. Traders do not need to leave TradingView charts to place orders. They can simply trade seamlessly on the platform.
In terms of trading platforms available, traders are spoilt for choice apart from the popular TradingView platform the company also features MT4 and MT5 trading platforms. Traders from Canada have access to CFDs on forex, commodities, indices, stocks, and cryptocurrencies.
The trading fees charged by this broker depend on the account a client chooses. There are three main accounts available for Canadian traders. These include the standard account, the raw spread account, and the DMA (direct market access) account. The standard account features spreads that start from as low as 1.0 pips for major currencies with no commissions charged. On the other hand, the raw account features spreads starting from 0.0 pips with a commission of $5 per $100,000 traded. Finally, the DMA account features spreads from 0.0 pips plus a commission depending on the volume. As an example, a trader with a trading volume of between $0M-$100M would pay a commission of $60 per $1 million traded.
77.1% of retail investor accounts lose money when trading CFDs with this provider.
Interactive Brokers is yet another broker that integrates with TradingView and operates in Canada. The partnership between Interactive Brokers and TradingView gives traders access to over 150 different market instruments. These include currencies, stocks, options, futures, bonds, funds, and crypto. It is always an advantage when a trader can invest in more than one market on the same broker site.
Interactive Brokers promises clients some of the lowest spreads in the market. When trading currency pairs, the spreads can be as low as 0.1 pips with a commission charged. The commission a trader pays depends on the trading volume per month. Any trader with a monthly trading volume of less than $1 billion pays a commission of $0.0001*the monthly trading volume.
Further, traders want to know that they are investing with a regulated broker. Luckily, Interactive Brokers holds licenses from several organizations. In Canada, Interactive Brokers is a member of the CIRO and a member of the Canadian Investor Protection Fund. It is subject to examination and supervision by the CIRO. Additionally, the broker has regulations from the FCA in the UK, the SEC and CFTC in the US, the ASIC in Australia, and the Monetary Authority of Singapore.
Oanda is a broker with a very long history in the market. It operates in many jurisdictions, including in Canada. This broker is a member of the IIRCOC (now CIRO) and a member of the Canadian Investor Protection Fund. On top of that, the broker has regulations in other jurisdictions including in the USA where they are under the regulation of the NFA and the CFTC.
Positively, traders have access to many market instruments on this broker site. These include forex and shares alongside CFDs on shares, indices, commodities, cryptocurrencies, and ETF Funds. All these instruments are tradeable on a number of market-standard platforms including TradingView. With this broker, traders can integrate seamlessly with TradingView and place orders from the charts. This broker offers traders some of the lowest spreads starting from 1.0 pips for major currencies with no commissions.
Risk warning: Trading margined products carries a high level of risk.
Other TradingView Brokers in Canada
In this section, we will cover TradingView brokers that accept Canadian traders but do not have regulations in the country. Nonetheless, we will only feature brokers that have tier-one regulations from other organisations around the world.
Saxo Bank has been operating in the forex space for well over 20 years. This experience in the market is one of the features that make this broker stand out among its peers. Moreover, it has regulations from some of the most stringent organizations. These include the FCA in the UK, the FINMA in Switzerland, and the ASIC in Australia. While not regulated in Canada, this broker has strong regulations from various other jurisdictions.
Saxo Bank’s partnership with TradingView allows Canadian traders to execute trades directly on the charting tool. This gives traders the best of the two worlds. On one hand, traders get access to TradingView charts, analysis and trading tools. On top of that, they also get Saxo’s real-time data, execution, and competitively low prices.
Further, traders get one of the deepest collections of market instruments. With this broker, people can trade forex, stocks, ETFs, bonds, mutual funds, and crypto ETPs. They can also trade CFDs on ETFs, forex, stocks, indices, bonds, commodities, and index options. In total, there are over 72,00 different financial instruments. What’s more, the prices are competitively low on this broker site. The spreads start from as low as 0.6 pips for major currencies with no commission charged.
Eightcap is another broker that accepts Canadian traders and integrates with TradingView for crypto and other asset classes. This broker allows traders to manage their accounts and place orders straight from TradingView. It allows people to trade with 15+ customizable chart types including Kagi, Renko, and Point and Figure. This is paired with Eightcap’s competitive pricing and deep collection of market instruments.
Eightcap gives traders access to more than 800 different trading instruments. On its trading platform, clients can trade CFDs on forex, commodities, indices, cryptocurrencies and shares. Other than TradingView, traders can also use MetaTrader 4 and MetaTrader 5. Additionally, traders also get access to trading tools such as Capitalise.ai and FlashTrader among others.
Finally, let’s see how this broker is regulated. Unfortunately, it does not have regulations in Canada. However, it holds regulatory licenses from two reputable organizations which include the FCA and the ASIC.
TradingView has made its name in the market by being a market leader in technical and fundamental analysis. It offers many tools for charting and a social platform with thousands of traders. Traders can share trading ideas and strategies with fellow investors across the world. As such, brokers that integrate seamlessly with TradingView are a priority for traders.
Choosing the right TradingView broker in Canada is a crucial decision for traders seeking success in the financial markets. Each of the mentioned brokers has its strengths and caters to different types of traders. By carefully considering factors such as costs, platform integration, and additional features, Canadian traders can find a broker that aligns with their trading preferences and goals.