Best trading app Canada
Which is the best trading app in Canada? Do the best sites for trading also have the best apps? Do you want to trade stock, forex or CFDs?
We reviewed a number of apps, among others, apps from Saxo Bank, Alpari International, FXPro and HotForex that didn’t make the list below. These reviews have been updated in January 2021. Based on these reviews we found that BlackBull Markets app is the best trading app in Canada. And then Forex.com and easyMarkets also got their app in the top three trading apps in the Canadian market, whereas EasyMarket also has the best trading app for beginners.
The wonderful news for you as a trader is that the three trading apps in the list below are completely free. The three best trading apps in Canada are:
- BlackBull Markets Trading App
- Forex.com Trading App
- easyMarkets Trading App
These three mobile trading apps for Canada are furthermore run by brokers that are correctly regulated and thus you can feel safe about your money. Forex.com are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). But as always with trading, never invest more than you can afford to lose. Below you can read our reviews of these top three trading apps.
1. BlackBull Markets Trading App
BlackBull Markets offers the rock-solid MetaTrader 4 trading app as their mobile platform. From hundreds of thousands of users, this app has received excellent ratings with 4.8 stars out of 5 for the iOS version and 4.6 stars out of 5 for the Android version. The app offers an impressive selection of basic and advanced features. Visit BlackBull Markets
2. Forex.com Trading App
Forex.com’s mobile trading app is stable and does not freeze during the action and the TradingView-based charting is one of its absolute strengths. However, some users have found the app unstable and its charts slow to load, likely when their connection is not the best. Visit Forex.com
3. easyMarkets Trading App.
The easyMarkets mobile trading app has accrued mostly positive reviews from its users. The charts come with a wealth of technical indicators, such as Bollinger Bands, various MAs and oscillators. Reliability comes to mind as a very strong advantage of this trading app. Visit easyMarkets
What to look for in the best trading app
The most important feature of your mobile trading app would be the possibility of cross-platform trading, i.e. you should be able to enter a trade on your desktop and close the same trade in the app. Another important aspect is how simple the app is to use. The easier the better. Furthermore, the app needs to make a wide variety of assets available for trading, to fulfill all of your trading-related needs. All the reviewed trading apps on this page offers trading in both stocks, forex and CFDs, however, the number of assets provided for trading in each asset class will vary.
Of course, you also want the app to provide both live and demo accounts. This way, you’ll be able to test the app and to practice in it before you start using it for real money trading. In-app copy trading is also a feature you will likely appreciate. And lastly, on your part, you will need a highly reliable connection to avoid potentially very costly mistakes.
BlackBull Markets Mobile Trading App
BlackBull Markets offers a good selection of trading platforms to complement its real ECN trading conditions. Unlike most other brokers, BlackBull has not developed its proprietary mobile trading platform. Instead, it uses MT4 as its “flagship” trading platform as well as its mobile option for iOS and Android devices.
MT4 is the most popular and powerful trading platform. The fact alone that a broker uses it lends that broker some degree of credibility and legitimacy. The Android version of the MT4 platform that BlackBull Markets uses has thus far been downloaded more than 10 million times from the Google PlayStore. Out of all these users, more than 610,000 rated and reviewed the platform, giving it an overall rating of 4.6 out of 5 stars. These statistics speak volumes about the capabilities and reliability of the MT4 Android platform.
For all practical purposes, the Android version of the platform replicates the full functionality of the desktop-based version.
Most of the feedback that users leave on the platform is positive. What do MT4 traders like most about the BlackBull Markets platform?
- The Android platform is the recipient of frequent updates. Most users say that the mobile platform has improved since the last time they used it.
- Some traders appreciate that once they open a trade, they do not have to wait for it to expire to lock in the profits. They can close trades manually when they want.
- Convenience is one of the top reasons so many traders have given the platform a 5-star rating.
- Despite its functionality and power, the app is surprisingly easy to use.
- Some users say that the app works outstandingly well, even through poor connections. Others, however, feel that it lags even through excellent connections.
The problem with feedback is that people who like the platform and feel satisfied with it do not feel motivated to leave a review. This explains why even the positive reviews teem with constructive criticism, recommendations, and requests.
That said, some traders genuinely dislike the MT4 mobile trading platform.
- For some traders, the app misfires by closing all the open trades at the same time. In some cases, it simply ignores the Take Profit, failing to close when it reaches it.
- In other cases, the platform does not allow the opening of Demo accounts.
- The platform may log people out and not allow them to log back in using the same credentials.
- Some traders do not like the way MetaQuotes have designed the platform.
- The mobile platform may freeze for some traders when they attempt to take profits.
- Others have complained about the way their drawings behave when they switch time frames. The trend lines seem to act out of order.
The iOS version of the MT4 platform has earned a rating of 4.8 stars out of 5. Some iOS users have complained, however, that some of the features of the app are more difficult to use than in the desktop version.
The Strengths of the BlackBull Markets App
The app offers an impressive selection of basic and advanced features. Opening an order through the app is as easy as selecting the right asset, tapping it, and then selecting the new order option. From there, traders can set the variables of the trade, such as the order type, the TP/SL, the deviation, etc. Launching the trade is as easy as clicking the Buy or Sell button.
- The app supports outstanding charting and technical analysis tools.
- It offers a multitude of order types, such as instant execution, Buy Limit, Sell Limit, Buy Stop, Sell Stop.
- It also supports a full set of trading orders.
- Traders get real-time quotes of the Forex market through the app.
- The platform offers a detailed trading history, giving traders a thorough insight into their past moves.
As mentioned, the charting features of the platform are outstanding. It covers all the technical analysis-related bases, as well as a few nice perks on the side, such as:
- Zoom and scroll options for the interactive charts
- 24 drawing tools
- Sound notifications
- Nine time-frames
- Visual representations of pending orders, Stop Losses and Take Profits on the charts
- Financial news to give a hand with fundamental analysis
- Chart-based switching between financial instruments
Given that this platform is the most popular online trading platform in the world, supporting hundreds of brokers and having tens of millions of users, we can hardly talk about features that would surprise anyone.
As far as special features go, however, we enjoyed the ring-like on-chart quick menu that makes it possible for traders to switch time frames, add shapes, and select technical indicators in the blink of an eye, without ever having to look away from the chart.
MT4 is a trading platform with a rock-solid reputation. Millions of traders use it worldwide, and the feedback they give on it is overwhelmingly positive. The charting features of the MT4 mobile platform are unparalleled. The same goes for the order types it offers.
BlackBull Markets’ ECN trading conditions are great, as are the real-time quotes the platform delivers.
MT4 mobile supports scores of tradable assets and allows traders to switch between trading instruments, directly from the chart.
Traders can perform technical- as well as fundamental analysis directly through the platform.
Forex.com Trading App
Available in Android and iOS versions, the Forex.com mobile app is a basic mobile trading platform. Some of its features are great, others less so. At any rate, it is not really above or below what other brokers offer in terms of mobile trading.
Having been around for some time, the app has accrued quite a bit of relevant user feedback. On its Google Play page, more than 1,200 traders left comments. The majority of reviewers thought the app worthy of a five-star rating. Interestingly, almost as many reviewers gave it one star out of five only.
The rating of the app is currently 3.1 out of 5, which is not impressive. The rating of the iOS app is 3.5 out of 5.
What do users like about the Forex.com mobile trading platform?
- Its TradingView-based charting is one of its strengths.
- The app is very stable and does not freeze during the action. Some people gave it high ratings because they made money with it. Strictly speaking, this is hardly the merit of the app, however.
- The app allows for quick and easy withdrawals.
- Some users have pointed out the accurate buy/sell tracking.
- The design and color scheme of the app is easy on the eyes.
- The app supports profit target trade entry for limits and it is very easy to use overall.
As mentioned, there are almost as many user complaints as reviews praising the app.
- Some users have found the app very unstable and its charts slow to load.
- On an iPhone, the layout of the charts and indicators leaves a lot of room for improvement.
- Some people have experienced issues trying to log in.
- For some users, the app stopped working as soon as they moved from a demo account to a real money one.
- Most disturbingly, some users say they were not able to log in after they had made a deposit
- Some allege that the app is buggy. They say it works well for a few days, but then it just crashes.
The iOS version of the Forex.com mobile app is 51+ MB big. The Android version, on the other hand, is just 16 MB.
The Strengths of the Forex.com Mobile App
The strengths of the app are many. But charting stands out among them. Forex.com’s mobile charting bears TradingView’s touch. It offers 14 chart types, more than 60 technical indicators, and over 50 drawing tools traders can use for their technical analysis.
Users can overlay several markets on the same chart for comparison purposes.
In addition to that, the app also covers:
- News, to help with the analysis of the fundamentals.
- An impressive range of order types, simple as well as advanced.
- High execution speeds.
- Trading tickets that provide a wealth of information on essential variables, such as projected profit/loss, pip value, required margin, etc.
- Fully customizable dashboards and watch-lists.
- Various reporting tools and full account management covering deposits and withdrawals.
How to Open a Position through the Forex.com Mobile App
To place a trade or an order through the app, tap the asset of your choice. The app then opens up the chart page, with the Buy and Sell options highly visible at the top, together with the spread. You can maximize the chart and turn your phone into landscape mode for better visibility. Even in enhanced charting mode, the Buy and Sell buttons remain available in a smaller format at the bottom of the screen.
Simply tap Buy or Sell, set the quantity of your trade, add associated trades if you want to and confirm through the Place Trade button at the bottom. Your trading ticket pops up, containing all the information about the trade you just placed. You can also place a trade directly from your watch-list, tapping on the buy/sell option there.
The procedure is the same for placing orders. In that instance, you have to provide the price as well as the quantity when filling out your order form.
Charting, with its multiple features, indicators, and attractive visuals has to be the top unique feature of the Forex.com mobile platform. If you have ever used TradingView, you will love it.
In addition to user-performed technical analysis, the platform also offers useful market analysis by the broker’s in-house team of experts.
The broker covers all the education and support one might need to become a professional trader.
Forex.com support is available 24/5 for mobile users.
The Active trader program provides users a dedicated Forex market strategist.
Forex.com’s mobile trading app is no worse than what other similar solutions offer you. It may be the inferior of MT4 –powered mobile platforms, but nothing else can convincingly trump it, thanks to its advanced charting capabilities.
That said, the performance of the app seems to hinge on the quality of your internet connection. With slower connections, charts can take a long time to load.
easyMarkets Mobile App Review
The easyMarkets mobile trading app looks good and it works as intended. The application has accrued mostly positive reviews from its users. Its Google Play score is currently 4.1 out of 5.
That said, there are some user complaints that do not seem to make a lot of sense.
- Several people have complained that the app is slow to load. We have not noticed such problems. From what we saw, the mobile platform launches just as quickly as any of its competitors.
- Others have complained about lag when opening positions. We have not experienced any lag in this regard either.
- Some do not like the visual appearance of the trading interface. While the graphics of the app are not particularly outstanding, it looks just as good as any other modern mobile trading app.
The dashboard does not include charts by default. You can, however, open the chart of an asset by clicking on it. We should also add that the chart looks great. Users can add a wide range of technical indicators to it in landscape- as well as portrait mode.
Upon its first launch, the app jumps into tutorial mode. It explains its functions and shows the user how to make the most of its capabilities.
The platform does not go into disarray after a period of inactivity. Its functions, including its charts, continue to work as intended.
What Does the EasyMarkets Mobile App Aim to Deliver?
- Decent tradable asset selection.
- A slew of interesting special features.
- Live Price notifications.
- Fixed spreads.
- Top-notch account management and support.
Asset selection takes center stage on the dashboard. All supported asset categories are displayed top center. In this regard, the app offers Forex, indices, shares, cryptos, commodities, and metals. A handy search tool makes it easy for traders to find their preferred assets.
Most trading through the app happens via CFDs.
How to Open a Position Through the EasyMarkets Mobile App?
Opening a position with easyMarkets starts with asset selection. Once you have located the asset that you want to trade, click on it. The app will give you details on the trade you are making. It lets you choose the expiry time and it shows you the potential payout in both directions.
The broker has recently added Japanese, Australian and Hong Kong-listed shares to its tradable asset selection.
As soon as you click the Buy or Sell button on this screen, your trade goes live. You can open the chart belonging to the selected asset, at the bottom of your trading screen. You can perform your technical analysis right there. Other shortcuts next to your chart button let you analyze the fundamentals as well.
You can monitor the status of your open positions through the Positions button at the bottom of your easyMarkets dashboard.
The My Account feature will give you a detailed picture of your account. It covers your balances, margins, and your current Profit/Loss situation.
Special Features of the easyMarkets Mobile App
The Demo version of the app is fully-featured. It offers all the functions of the real money version. The only difference is that you will not risk any real money through it.
As mentioned, once you click on the tradable asset of your choice, the app opens a trading screen. At the bottom of this screen, there are features that should fulfill all of your technical- and fundamental analysis needs.
- The chart comes with a wealth of technical indicators. You will find everything here from the Bollinger Bands to various MAs and oscillators. You can also change the chart type and the time frame. The chart supports 11 time frames, from one minute to one month.
- Next to the chart, there is a Trading Signals button. This section provides you with trading signals that are detailed and easy to apply.
- The News button gives you a peek into the fundamentals that drive the price.
- The Financial Calendar highlights future events likely to impact price evolution.
- You can re-launch the tutorial feature at any time if you need extra information.
- Sensitive to user feedback, the easymarkets team has recently implemented a feature which is truly exceptional, albeit not unique. This feature is called dealCancellation and it allows traders to undo their trades in exchange for a small fee. If you do not like a losing trade you just had, you can undo it in 1,3 or 6 hours. Through cancellation you can recover your lost funds, minus the mentioned dealCancellation fee. Be aware that you have to activate the dealCancellation feature and pick the timeframe before you launch your trade.
- The iOS version of the app supports dealCancellation as well. This version is now also available in German and Japanese.
As mentioned, most users are happy with what the easyMarkets mobile app offers them.
Some of the user complaints are related to withdrawal issues and the alleged mishandling of funds. Such issues have little to do with the app itself. Start trading with the easyMarkets Trading App now.
For further reading, you can see our reviews of the overall best trading platforms for the Canadian traders here.
Please share all the comments you might have on these trading apps in the comment field below. Which is the best trading app in Canada according to you? And do you feel that the best trading app for beginners would be the same app?