Fxtm Vs Plus500: A Detailed Comparison For Canadian Traders

When comparing trading costs for Canadian traders, FXTM generally offers more competitive pricing, especially on its ECN account with spreads from 0.0 pips and a small commission. For example, on EUR/USD, FXTM's standard account spreads average around 1.2 pips, while Plus500's fixed spreads are often 0.6 pips but can be higher on less liquid pairs. For high-volume traders, FXTM's variable spreads can lead to significant savings. Plus500's simplicity with fixed spreads may appeal to those who prefer predictable costs, but the overall cost structure favors FXTM for active Canadian traders.

FXTM offers the powerful MetaTrader 4 and MetaTrader 5 platforms, which are highly customizable with advanced charting tools, expert advisors (EAs), and automated trading capabilities—ideal for Canadian traders who need in-depth analysis. Plus500 provides its proprietary web-based platform, which is user-friendly and requires no download, but lacks the advanced features of MT4/MT5. For Canadian traders who value flexibility and automation, FXTM is the stronger choice.

FXTM provides fast execution with no requotes on its ECN accounts, using a No Dealing Desk (NDD) model. Plus500 uses a market maker model, which can lead to occasional slippage during volatile markets. For Canadian traders who prioritize speed and transparency, FXTM's execution is superior.

Both FXTM and Plus500 are regulated by IIROC, providing Canadian traders with protection under local securities laws. This means your funds are held in segregated accounts, and you have access to dispute resolution through the Canadian Investor Protection Fund (CIPF). FXTM also holds additional licenses from CySEC and FCA, while Plus500 is regulated in multiple jurisdictions including the FCA and ASIC. For Canadian traders, IIROC oversight ensures a high standard of safety and transparency.

Canadian traders can fund their accounts at both FXTM and Plus500 using Bank Transfer, Interac, and Credit Card. FXTM supports Interac deposits that are instant and free, with a minimum of $10 CAD, while Plus500 processes Interac within one business day. Credit card deposits are instant at both brokers, but FXTM does not charge fees, whereas Plus500 may impose a small fee. Bank transfers take 1-3 business days and are free at FXTM, but Plus500 charges a $10 CAD fee. Withdrawals are processed within 1-2 business days at FXTM and 2-5 business days at Plus500, with no fees at FXTM for most methods.

Both FXTM and Plus500 offer Islamic (swap-free) accounts for Canadian Muslim traders who require Sharia-compliant trading. FXTM provides swap-free accounts on request for all account types, with no additional fees. Plus500 automatically applies swap-free status to accounts flagged as Islamic. However, FXTM's flexibility with account types and lower spreads may be more advantageous for active Islamic traders in Canada.

FXTM offers 24/5 customer support via live chat, email, and phone, with a dedicated team for Canadian clients. Plus500 provides 24/7 live chat and email support, but phone support is limited. FXTM's support is generally more responsive and personalized, which is beneficial for Canadian traders needing quick assistance.