Top Forex Brokers in Canada
These currencies are usually paired with the US dollar, which is by far the most traded currency in the world. If you are already trading with a reliable broker, it does not make any significant impact by moving to a broker based in Canada, as the CIPF compensation is only available for Canadian citizens. Most brokers, at least the most popular ones have developed, usually, more than one mobile trading platform in order to cater to the needs of owners of different mobile devices, most notably iOS and Android. The main responsibilities this agency has are to collect and analyze facts and problems as the Canadian market, as well as to prevent money laundering, to provide and deprive the Canadian Forex brokers with licenses and etc. The limitations we are now talking about are due to the national laws in the countries.
Choose the Right Broker
Next, check the spreads of each of the top Canadian Forex brokers to compare their offerings and determine where you'll pay the least commission. You'll also want to check each Canadian broker's policy about swaps, rollovers a leverage, all of which will ensure that your trades will be executed exactly how you want them, and that your Canadian Forex experience will be as pleasant and hopefully profitable as possible.
While trading conditions are certainly a vital part of the Forex trading experience, we believe that the most important parts of the trading experience are related to the reliability, professionalism and security of each Canadian Forex broker.
There are several ways to participate in online trading in Canada: You can choose a broker that is regulated outside of Canada but that serves Canadian Forex traders. These brokers may be regulated in multiple jurisdictions which is a strong sign that they are reliable and that your money will be secure even if you're doing the online trading from Canada, and not within their country of licensing.
Lastly, you can opt for an unregulated broker. These brokers accept brokers everywhere, but will not guarantee safety of funds in a reliable way. We have researched Forex trading in Canada extensively to bring you reviews and recommendations of the top Canadian brokers.
Some of them may be exclusively available to Canadian traders, whereas other are international payment methods, like popular e-Wallets or major credit or debit cards. It is important to check whether the forex broker that you like to trade with charges any extra fees on deposits and withdrawals. Furthermore, it is also important whether payments are processed quickly or not. Forex trading is a serious business, it is far from and it is always wise to prepare yourself as much as you can, and learn as many useful things as possible.
Brokers usually offer learning materials, including recorded videos, charts, analytics data, e-books, articles and some even organize special webinars that teach traders about forex. The more informative and detailed their teaching material is, the better chance you have of becoming better at trading forex. If you encounter any problems regarding trading, or your account, you would surely want to resolve them as quickly as possible. That can usually be done either via email, phone, or live chat.
The legal status of forex trading in Canada is quite clear, Canadians are legally allowed to trade forex. The IIROC is overlooked and monitored by Canadian Securities Administrators CSA an umbrella organization which provides support to a range of federal and provincial organizations and its aim is to coordinate and harmonize the regulation of the financial markets of Canada. It is sufficient to know that every broker that wants to offer services in Canada needs to go through the legal filter provided by the organizations named above.
It depends on the broker and the offer in question. Sometimes the bonus is awarded automatically, to every trader who meets the criteria, whereas at other times traders might be required to opt in in order to receive a bonus. Is it more favourable for Canadian traders to trade currency pairs that include the Canadian dollar?
There is no restriction in terms of what currencies you can trade. Canadians are also allowed to trade other currencies. On the other hand, it is wise to consider trading pairs which include the Canadian dollar as you probably know more about it, compared to other currencies. Am I allowed to open an account at more than one broker? Yes, there is no limit in terms of the amount of brokers you can be registered with. As long as the broker accepts Canadian traders and you provide the correct requested information, you can register multiple accounts.
Should I trade with high leverage? IIROC warns potential traders that trading with leverage is highly dangerous. There are suggestions that traders should not immediately start trading with high leverage.
Forex brokers might be distinguished in many ways, but the main criterion is usually their residence. Even though in most cases, the location of the firm we are clients of is not that important, here in financial trading, things are completely different.
The residence of the broker does affect not the broker, itself only, but only on the customers, who have the possibility to join it. This location limit is usually drastic and significant, so we have decided to make a statement over it, as well. For this purpose, today, we will strictly talk about the best Canada Forex brokers.
Canadian Forex websites are by all means not few, but numerous, so it is our duty to put some light over their specifications, too. It is not a secret to anybody that there is a big chance for many traders to find difficulties to find a decent broker to register and trade in. This is not very common, but you can find it as a trend for many different trader types. Indeed, brokers are quite many, but depending on your nationality, you might not be able to join some of them.
To be more specific, USA and Canadian customers are those traders, who might be out of reach to some specific brokers , including Canada Forex brokers. The limitations we are now talking about are due to the national laws in the countries. Canadian laws as to financial trading, as well as gambling in general, might limit your choice.