There’s no minimum balance requirement, which means that you can start trading with as little as $1. You can only trade Canadian and U.S. stocks with Wealthsimple. While stock trades are commission-free, Wealthsimple charges a 1.5% fee for converting CAD to USD, and vice-versa. This means that buying and selling U.S. stocks will come with a 3% round trip fee. You can fund your account with a credit card, debit card, or by wire transfer.

For example, in the United Kingdom, a brokerage company doesn’t need to impose any restrictions on its client base; therefore, FXCM clients in the U.K. Can have access to and trade with spread betting and binary options. Today, as it has grown in size and fame, FXCM seems to be dealing with a newer problem. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.

Trading platforms

Scotia iTRADE offers a list of over 100 ETFs that can be bought and sold commission-free if you hold them for at least one business day. This includes index ETFs such as the iShares Core S&P 500 Index ETF (XSP) and the iShares Core MSCI EAFE ETF. It also includes sector ETFs, dividend ETFs, fixed income ETFs, and commodity ETFs. This allows you to buy and sell a wide variety of ETFs without having to worry about paying commissions on the trades. FXCM provides a RESTful API to interact with its trading platform. Among
others, it allows the retrieval of historical data as well as of
streaming data.

• If you’re a more advanced trader, then TD Direct Investing gives you access to options, bonds, mutual funds, and access to initial public offerings (IPOs).
• This includes index ETFs such as the iShares Core S&P 500 Index ETF (XSP) and the iShares Core MSCI EAFE ETF.
• You are correct that Brexit has resulted in regulatory changes not just for FXCM but all financial institutions.

Recently, FXCM has been criticized for taking its brand name and recognition for granted and as an excuse to raise its prices. Therefore, if FXCM’s expenses are of concern to you, it is advisable to check other alternatives with much better trading conditions. Back then, many of its investors had been left cheated out of their money due to FXCM’s trading policies and conditions. Even today, many in the profession would express skepticism and doubt when referring to FXCM. Whatever it may be, FXCM’s history and reputation haven’t brought the company down. From recent observations, many newcomers say that the company has learned the error of their ways and is doing its best to put their clients’ interest at priority.

A very good company in terms of service

Oanda charges a currency conversion fee of 0.5% if you make a trade for an instrument that is different from your account currency. CMC Markets, regulated by the IIROC, is a CFD and forex broker that offers over 5,000 Canadian and U.S. stock CFDs, treasuries, commodities, and indices. You can also trade over 9,400 global shares from 23 countries, along with 1,000 ETFs. National Bank Direct Brokerage’s interest rates for margin accounts depends on your debit balance. Having a debit balance of $100,000 or more gives you access to much lower interest rates. The Scotiabank StartRight program, which is a special program for newcomers to Canada, offers 10 commission-free trades when they open a new Scotia iTRADE account with at least $1,000.

In Canada, AvaTrade requires a minimum deposit of $300 CAD to open an account. This is charged daily overnight, and depends on the security. For example, U.S. stocks have an overnight interest rate of 0.0189% for buy positions and 0.0144% for sell positions. This equals to a 6.9% annual margin rate charged for buy positions, which may be higher than margin rates offered by traditional brokerages. BMO InvestorLine Self-Directed allows you to invest in stocks, bonds, options, ETFs, GICs, and mutual funds.

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FXCM’s Standard account is an Electronic Communication Network affair that allows your spreads to start at 0 pips flat. However, there is a minimum commission of $0.5 per trade – though this could increase depending on the lot size attained. That aside, FXCM accounts come in 3 types – the Mini, Standard, and V.I.P. accounts, which can differ in terms of the quality of services and commission per trade.

Another feature that Questrade offers, besides its large selection of paid market data packages, is the ability to get unlimited snap quotes. This is free real-time data for certain Canadian and American markets, including TSX, NYSE, and NASDAQ level 1 data, that is available with just one click. Questrade is a popular Canadian discount brokerage that positions itself as an alternative to the major bank brokerages.

FXCM is an investment firm that was launched in Australia in 1999 and has since extended its services to many countries around the world. In Canada, FXCM is partnered with Friedberg Direct to allow Canadians access to FXCM’s suite of products in the context of a Canadian regulatory environment. Great technical analysis research tools, rivaling even bigger brokers out there. Really appreciate how they lay out the straightforward fee structure, and not leave the trader guessing what they need to pay.

FXCM: Trading Platform & Payment Options

For a limited time, CMC Markets is offering commission-free trading for all Canadian and U.S. stock CFDs available on their platform. Margin requirements for stock trades start from 15% in Canada and 30% in the U.S. There’s no minimum account balance requirement, however, an annual administration fee of $100 is charged if your account balance is less than $20,000.

Scotia iTRADE’s commissions are similar to other bank brokerages, with their stock commission being $9.99 per trade and options at $9.99 plus $1.25 per contract. You’ll also get free access to level 2 quotes for TSX securities. For equities, Scotia iTRADE only offers stocks listed in Canada or the U.S. Wealthsimple Trade was revolutionary in bringing commission-free stock trades to Canada, a concept similar to Robinhood in the United States.

Related products

You are correct that Brexit has resulted in regulatory changes not just for FXCM but all financial institutions. We take our client support very seriously and I’m disappointed we let you down. FXCM offers friendly user platforms and a wide variety of products, recently added shares. They are always looking for innovation with new https://forex-review.net/fxcm-review/ partnerships like Zulu and TradingView! RBC’s foreign currency conversion spread starts from 200 basis points (1.60%) and can go down to 0.10% for transactions over $2 million. A spread of 1.60% makes RBC’s currency conversion fee similar to Wealthsimple, but higher than Interactive Brokers’ spread of just 0.2 basis points.

FXCM also features a Demo account for traders to enter and trade in a simulated market environment risk-free. Among so many things that FXCM offers, I use the FXCM Trading Station and I like it because it offers
Possibility of exploring multiple types of orders. And above all, you can use a demo account with the data in real time and thus train without any type of restriction. It is one of the few Brokers with which you can start trading.

Not sure about FXCM Pro?

No apologies, not explanation – just rubbish.Overall really poor experience and would avoid this broker. I’m very sorry to hear about the poor experience you recently had. We pride ourselves on client support and will reach out to you directly to resolve this issue where we dropped the ball.

You can earn interest on your cash balance, however, this is paid at Prime – 5.50% for CAD accounts. This means that the prime rate will need to be at least 5.50% before you’ll earn any interest on your cash balance with Questrade. Questrade charges a currency exchange fee of 175 basis points (1.45%) for converting between U.S. and Canadian Dollars. However, you only need to convert Canadian Dollars to USD once in order to trade U.S. stocks. At first glance of FXCM’s account deposit, one may say that its requirements are rather costly than most Forex brokers, and they wouldn’t be wrong for thinking so.