Best Day Trading Platform in Canada
Which is the best trading platform in Canada? Is the best trading platform also best for beginners and day trading?
We have reviewed a great number of online trading platforms and found the answer in the list below. A few of the best platforms that didn’t make the list were trading platforms from Tradefred, BDSwiss, Nord FX, HotForex, CMC Markets and Saxo Bank. The winner from these reviews: AvaTrade trading platform is the best trading platform in Canada.
The wonderful news for you as a trader is that all the eight trading platforms in the list below are completely free. The 5 best trading platforms in Canada are:
- AvaTrade Trading Platform
- OctaFX Trading Platform
- easyMarkets Trading Platform
- NSB Trading Platform
- BlackBull Markets Trading Platform
1. AvaTrade Trading Platform
AvaTrade supports a wide variety of trading platforms. The brokers’ proprietary client-side AvaTrader trading platform works on Windows XP, Vista and 7, and a Macintosh version is also available. Of course, all of them are very easy to download and install directly on your desktop or laptop computer.
The screenshot below shows the extensive functionality of AvaTrader, including technical and fundamental analysis, reports, tutorials and account management features.
Also, the AvaOptions Web platform and the MT4 WebTrader allow you to sign in to your AvaTrade account using any Internet browser without having to install it on your computer. Lastly, the AvaTradeGo app allows you to trade in an AvaTrade account using an iPad, iPhone or Android phone and/or tablet so you can manage and view your AvaTrade trading account while away from home.
In addition to its own AvaTrader trading platforms, AvaTrade nicely also supports the following trading platforms: Metatrader 4, Metatrader 5. DupliTrader, and ZuluTrade. For those already using MetaTrader, AvaTrade also offers their own version of this popular forex trading software to make your account installation easier.
2. OctaFX Trading Platform
OctaFX will greatly please many forex traders since it offers support for the very popular MetaTrader4 and MetaTrader 5 online trading platform and its mobile apps. In addition to trade execution and order placement, these platforms offer extensive charting, technical analysis and portfolio management features. They also allow traders to use or write Expert Advisers that can automate dealing activities.
The screenshot shown below illustrates the basic functions of the OctaFX installation of MetaTrader 4, which includes market monitoring, charts and technical analysis, on screen trade execution, trade history and account management features.
The broker also supports the increasingly popular series of desktop and mobile app trading platforms offered by cTrader, which has interesting features that MetaTrader does not offer.
3. easyMarkets Trading Platform
EasyMarkets offers a web based trading platform that allows traders to execute deals from just about any online computer in the world with a browser. In addition, the company offers an MT4 trading platform that has its usual extensive support for technical traders.
This platform gives traders access to quote for more than 200+ instruments, including forex, commodities, metals and indexes, all with online access 24/7 and without the need to download and install any software. One click trading is available from the platform’s Market Explorer, which includes advance charting options, news, technical analysis and market sentiment, all on one screen.
The screenshot below illustrates easyMarket’s trading platform that allows traders to execute deals in forex pairs, vanilla currency options, CFDs, commodities, precious metals and indices, as well as perform technical and fundamental analysis functions.
EasyMarkets’ trading platform runs on Internet Explorer’s Version 10 and above, FireFox, version 31 and above, Google Chrome version 31 and higher, Opera version 24 and above, Android version 4.1 and above, Google Chrome for Android version 37, and Safari version 7 and above. Non-supported browsers remain fully functional despite displaying some stylistic elements differently.
EasyMarkets users can unlock a third trading platform: easyTrade. easyTrade can be accessed from the EasyMarkets platform. In the top right corner, there is a Menu button. Hit that and a number of options will roll out, with easyTrade being at the bottom.
In addition to dealCancellation, the broker also offers a unique trading tool called Freeze Rate. This feature lets traders freeze the price they see, thus gaining a few seconds to place their trade. To those skilled enough, such a feature offers a great advantage.
4. NSB Trading Platform
As mentioned, platform-wise, NSBroker has kept things as simple as possible. The only trading platform it supports is MT5.
Traders can download MT5 directly from the broker’s website, free of charge. Installing it takes a few seconds and a few clicks. Opening a live account takes a bit longer. The verification process should not take longer than one hour, however.
Though the evolutionary successor of MT4, MT5 is not exactly its predecessor’s superior. It is designed to excel in other ways than MT4. One of its strengths is flexibility. MT5 works perfectly well as a web-based, no-download trading platform, as a downloadable terminal, and as a mobile trading platform.
The charting capabilities of MT5 are comparable to those of MT4. The menagerie of preinstalled technical indicators and drawing tools is also impressive. One-click trading is also part of the MT5 package.
Perhaps more importantly than all the above, MT5 is great at:
– Using automated trading.
– Producing actionable trading signals.
– Linking up with outside frameworks and administration structures.
As far as trading tools go, MT5 delivers in this regard as well. Its MetaQuotes language editor lets users create and modify technical indicators as well as automated traders.
The MT5 Agent Tester service allows for the testing of automated trading strategies. Agent creators can make their auto traders available to others for free. They can even charge a fee for their Agents, via the MQL5 Cloud Network.
Traders can also register their accounts as trading signal sources, directly though the MT5 interface.
5. BlackBull Markets Trading Platform
BlackBull Markets offers three trading platforms.
- MT4 is a fully customizable online trading environment most traders know and love. The broker has made it available in a range of versions for Windows, Mac, iOS, and Android.
BlackBull’s version of the platform offers an institutional-grade experience. It supports EAs (Expert Advisors), and together with the VPS service the broker also offers, this sets the stage for profitable algorithmic trading.
Like most of its other features, MT4’s EAs are fully customizable. You do have to be handy with MetaScript, however, if you intend to program your custom EAs.
In addition to EAs and superb charting/technical analysis tools, BlackBull’s MT4 supports multiple order types and analysis tools. Other noteworthy features/functionalities of the platform are enhanced order execution capabilities and a market watch window.
- MT5 is another popular MetaQuotes trading platform, covering slightly different needs than MT4.
MT5’s main strengths are fast order processing, support for advanced pending orders and hedging, as well as a bevy of trading tools and technical indicators.
The version available for download at the BlackBull Markets website comes equipped with more than 30 preinstalled technical indicators, covering more than 20 time frames. The platform also features an integrated economic calendar to help with fundamental analysis.
Traders looking to access MT5 need to talk with the BlackBull Markets support first and obtain permission.
- The BlackBull Markets Web Trader is a simplified version of the MT4 platform. Its trading interface is intuitive, and it offers a great selection of drawing tools and technical indicators.
According to the broker, its Web Trader delivers all the benefits of MT4, in a highly compatible no-download package.
Happy trading!
Please share all the comments you might have on these online trading platforms in the comment field below. Which is the best trading platform in Canada according to you? And would you say that the same platform is also best for beginners?
