Top 10 Canadian Forex Brokers by TradersAsset
Lastly, you can opt for an unregulated broker. Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are. Learn more about what you need to take in consideration when comparing forex brokers.
Top 10 Canadian Forex Brokers
While some brokers charge a commission, many advertise no commissions, earning money in the bid-ask spread — the difference between the price a broker or dealer is paying for the currency the bid and the price at which a broker or dealer is selling a currency the ask.
Brokers essentially roll their fees into that spread, widening it and pocketing the excess. Another is that there are a variety of brokers out there, many of them unregulated or only regulated in countries outside of the U.
For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.
Thinking you want to dive out instead? All of these brokers offer free demo accounts so you can test the market with virtual dollars. Dip a toe in with some play money before you dive in with your own cash.
These brokers combine reasonable costs with strong trading platforms and a large selection of currency pairs. None Get started Commission: Spread markup Maximum leverage: Each broker offers multiple trading platforms, including the popular MetaTrader 4. The brokers also offer Sunday-to-Friday customer support, with Forex. In many respects OandA and Forex. Its recent addition of commission pricing should be more customer-friendly, too. On its side, Forex. These brokers stand out for their educational resources and trader support.
Most forex brokers offer hour trader support five days a week, Sunday at 5 p. Eastern time through Friday at 5 p. Costs may be slightly higher here — Forex. Ally uses a spread markup, and its spreads were consistently above those of Forex. TD Ameritrade offers a choice of high-quality trade platforms and advanced tools. TD Ameritrade is hard to beat with its much-loved thinkorswim trading platform, which allows users to trade not just currency, but also a range of other investment products.
The platform is professional-level, with advanced technical analysis capabilities and the ability to create custom forex pairs, and TD Ameritrade has an equally robust mobile app, Mobile Trader. S regulatory authorities in order to minimize the losses that US traders make from trading forex.
For forex brokers in Canada, they have more leeway than brokers in the U. This is why some Canadian based brokers are able to offer leverage as high as 1: Micro or Mini trading accounts typically have the lowest minimum deposit requirements and are geared towards beginner traders.
These types of trading accounts allow traders to trade in less than a standard lot of , units of currency. For traders who are more experienced, they usually go for the standard trading account which allows them to access more trading features as well as assets to be traded. For traders who demand more from their brokers, they have the choice of the VIP trading account. This type of trading account typically requires a minimum investment which runs into tens of thousands of dollars.
Finally if you are a Muslim forex trader, you might want to consider trading with a swap free trading account as there is no interest or commission applicable on trades making this type of trading account compliant with Shariah law. On top of the trading account types, always make a point to check the terms and conditions for withdrawals which are attached to the different types of trading account.
Of course with all the different factors to consider, it is easy for a person to overlook customer support. Nevertheless, customer support is as important as all the other factors which a trader must not overlook. Regardless of how experienced a trader you may be, there will always be an occasion that you will need help from customer support.
You need to be sure that whenever you need assistance, help is always nearby, as there is nothing more frustrating than not being able to reach customer support when you are in difficulty.
Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are. In addition, check what methods are available for communicating with the support staff. The best forex brokers are those which provide their traders with different methods of contacting the support team hence ensuring that you can communicate with the broker with minimum hassles. In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services.
These services are often offered as a further incentive for traders to sign up with the broker offering them. Furthermore these value added services also serve to help the broker differentiate their products and services from other brokers in the industry.
Examples of these value added services include VPN service, one to one training, pattern charting, social trading and signal trading services. In order to help our readers make an informed decision, we have reviewed some of the key brokers that offer trading to the area and are able to meet the trading needs of Canadian forex traders and recommend our readers to check them out. These forex brokers are all strictly evaluated on the same criteria that we have mentioned above in this guide.
Best Forex Brokers in Canada This page may not include all available products, all companies or all services. How to Choose a Forex Broker as a Canadian Trader Despite being a major developed economy, Canada is one of a handful of countries around the world that does not have a specific national regulatory agency monitoring the financial services industries. Here you should look for: Download platform — which usually has the most functionality Web Trader — which can be accessed from any computer with internet connection using a login.
Mobile trader- for trading on the go Regardless of how many types of trading platforms are available, the most important thing is to see if the platform suits your trading needs and style.
Check and see if the trading platform is also able to provide the following features such as: Generic Platforms More and more brokers are building their own high spec platforms to match the needs of their clients. Leverage As forex brokers in Canada are subjected to different regulatory requirements from the US, the leverage ratio which forex brokers in Canada are able to offer to their traders are significantly higher than what forex traders in the US are receiving from their brokers.
A micro or mini trading account Micro or Mini trading accounts typically have the lowest minimum deposit requirements and are geared towards beginner traders. A standard trading account For traders who are more experienced, they usually go for the standard trading account which allows them to access more trading features as well as assets to be traded.
Islamic Account Finally if you are a Muslim forex trader, you might want to consider trading with a swap free trading account as there is no interest or commission applicable on trades making this type of trading account compliant with Shariah law. Customer Service Of course with all the different factors to consider, it is easy for a person to overlook customer support. Usually you will be able to contact support staff by: Phone Email Live Chat Address Fax Additional Services In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services.
Conclusion In order to help our readers make an informed decision, we have reviewed some of the key brokers that offer trading to the area and are able to meet the trading needs of Canadian forex traders and recommend our readers to check them out.
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