Friedberg Direct in Canada
Summary
Enjoy competitive spreads and a low mark-up on a number of forex products with this trusted online forex trading platform.
Friedberg Direct has partnered with global brand FXCM to give Canadian investors the chance to trade in foreign currencies and contracts for difference (including indices and commodities). It works primarily with its proprietary “Trading Station” platform as well as the ever-popular MetaTrader 4 platform.
Find out how you can start trading with Friedberg Direct, and open your account today with a simple online registration.
Pros
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Easy application. It's easy to sign up for an account online by filling out some basic personal and financial information.
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Functional software. This trading platform offers a seamless user experience on both the desktop interface and mobile app.
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Low forex fees. You'll pay a low mark-up on the foreign exchange spread for most currency pairs.
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Low commissions. You'll pay very low commissions for executing trades, especially if you have an active trader account.
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Diverse technical tools. You'll be able to use research tools like market data and charting software to pick the best trades.
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Demo account available. You can sign up for a demo account to make trades without having to put any real money on the line.
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Many trading platforms. You can choose from a number of different trading platforms, including FXCM's proprietary "Trading Station" platform.
Cons
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Potential for financial losses. You risk losing money on your trades, especially if your risk appetite is high.
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Powered by technology. You'll need to know how to make your way around online if you want to take full advantage of the platform and software.
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Difficult to understand. It can be difficult for beginners to navigate the risks involved with trading on this type of platform (such as high volatility for CFD trades).
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Limited customer support hours. You'll need to wait until customer service and trading desk lines are open to get help with your account.
The background behind FXCM and Friedberg Direct
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.
Friedberg Direct is a well-established investment firm that has been around since 1971. The company manages over $2 billion in assets for both retail and institutional investors. It’s a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF).
What types of accounts does Friedberg Direct offer?
Friedberg Direct lets you make self-directed forex and CFD trades using a number of different types of accounts. These include the following:
- Standard account. You can choose to sign up for a standard account, which offers competitive spreads and low commissions on a number of financial products. You’ll need to invest a minimum of $5,000 to start trading on this type of account. This is a good fit for beginner traders or for those who don’t make many trades per month.
- Demo account. You can also sign up for a demo account if you want to try out FXCM’s software without investing any real money.
- Active trader account. You can also sign up for an active trader account if you make a high volume of trades (between $50M and $150M per month). This type of account requires a minimum balance of $25,000. In return, it offers discounted pricing on spread costs along with other benefits such as dedicated support and access to advanced research tools.
What investments does Friedberg Direct offer?
Friedberg Direct offers a number of different trading options, depending on what you’re interested in.
- Foreign exchange. Take advantage of fluctuations in global exchange rates and make money on the spread.
- Contracts for difference. Speculate on price movements for a number of CFDs without having to invest in actual assets.
What types of CFD trades can I make?
- Equities. Place bets on the rise and fall of company stocks and their derivatives to link your trades to the performance of physical entities.
- Indices. Speculate on price changes in stock indices (which are baskets of individual company shares).
- Commodities. Anticipate price movements for consumer goods like coffee, cacao and mined products like gold or oil.
How much will I have to pay?
Friedberg Direct charges a mark-up on the foreign currency spread as well as a small commission for each trade. Commissions are based on instrument and trade size, and they start at as little as $0.07 per 1K lot.
Pip costs may vary depending on the account denomination and the notional value of a currency pair which fluctuates on a daily basis. Current pip costs can be found on the trading platform you decide to use.
You’ll also save up to 60% on your trading costs if you have an active trader account (with spreads as low as 0.1 pips). Commission-based pricing is also available for these accounts so that you won’t need to worry about calculating the spread.
How many currency pairs are available to trade?
There are several currency pairs that you can trade using FXCM’s online platforms:
- Major currency pairs. Friedberg Direct offers low-commission trading for major currency pairs. These include USD/CAD, EUR/USD, GBP/USD, USD/JPY and USD/CHF.
- Secondary currency pairs. You’ll pay a slightly higher price to trade secondary currency pairs. You can check out a full list of these currencies under “Commission Schedule 2”.
What trading platforms are available?
There are a number of trading platforms that you can use to execute trades with FXCM:
- Trading Station. This is FXCM’s proprietary platform allowing you to trade on your desktop, online and through a mobile application.
- MetaTrader 4. This is one of the most popular trading platforms in the world. It allows you to buy and sell currencies and contracts for difference with one-click trading.
- NinjaTrader. NinjaTrader is well-suited to active traders and offers advanced features for trading foreign exchange, commodities and stocks.
- Specialty platforms. FXCM also offers a range of specialty platforms designed for specific trading needs.
What makes FXCM’s “Trading Station” platform so popular?
FXCM is best known for offering its proprietary “Trading Station” software. This platform has a clean and modern look with an intuitive interface. It’s easy to see buy and sell prices for your trades, and you’ll be able to execute your orders with a couple of clicks of your mouse.
This platform also offers a wealth of different research tools to help you make the best trades possible. These include trading analytics, platform charts, up-to-the-minute news, custom indicators, strategy optimization and strategy backtesting.
What support is available with FXCM?
Friedberg Direct operates an extensive online help section through its website where you can find the answers to frequently asked questions. You can also find general trade information in its dedicated education section featuring webinars, video tutorials and a range of trading guides. You can also sign up for FXCM University, a free online course offering trading tips and knowledge.
Is Friedberg Direct safe to use?
Friedberg Direct is as safe to use as any other online forex trading platform. The company is a licensed dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC). It’s also a member of the Canadian Investor Protection Fund (CIPF). This means your investments are regulated in Canada and protected up to a million dollars.
How does Friedberg Direct keep my money safe?
Friedberg Direct has rigorous privacy and data control policies in place to protect your personal and financial information. This means that you don’t need to worry about your personal information or investment history falling into the wrong hands.
How do I sign up?
If you think you meet all the eligibility criteria and you’re ready to start investing with Friedberg Direct, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and load funds into your account to start trading.
- Set up a demo account if you want to get used to the software before you dive into the deep end.
How do I contact Friedberg Direct support?
You can contact Friedberg Direct by calling its customer service line at 888-296-5012 or by sending a question through its online chat. You can also send an email to info@fxcm.ca or visit its physical location in Toronto.
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