Forex Trading in Canada
You will need to change you browser's compatibility mode as per the following link. The specific transactional details of each Transaction, including the currencies to be exchanged and the amount of the transaction, will be agreed separately when you book the Transactions; they will constitute separate agreements in their own right, but will incorporate these terms and conditions.
Canada: Facts and Figures
The customer rate consists of the market rate plus a margin added by a foreign exchange provider. While the banks may have inflated margins and transfer fees, at OFX, we keep our margins modest to offer competitive customer rates, which can save you money. We accept bill payment, electronic transfers from your bank account or you can apply to set up a direct debit.
No cash, credit card, checks or bank drafts. Transfers to most countries take business days. Track your transfer online or with our mobile app. When the market reaches a rate that you find favourable , simply log into your OFX account and book the transfer with us to get the currency at a low customer rate the market rate, plus our small margin. We will send you an email confirming your customer rate, leaving you to send us the money locally via your bank.
Learn more about what you need to take in consideration when comparing forex brokers. Having historical ties to the British Commonwealth has its advantages, too.
The same is true for many financial professionals from the New York area, as well, so Canadians can count on a sound foundation for trading within the country. This history does not imply that all brokers are the same. There are good and bad in all markets, and your due diligence should include independent reviews and recommendations from other traders.
International commerce is a strong component of the Canadian economy, driven primarily by the export of oil and gas from the second largest known reserves in the world next to Saudi Arabia. The regulatory infrastructure is active also and has been patterned to mirror similar versions in the U. Safety and security are key selection criteria when choosing a forex broker. The first guiding step when making your decision should involve validating that the broker is in good standing with the local regulatory body if there is one and that the firm is appropriately funded and capitalized to handle the risks involved.
Until recently, there was light oversight on the activities of forex brokers. Canada corrected this in February with the implementation of a new framework for derivatives regulation, designed to cover the burgeoning activities of Canadian forex brokers. Each state has its own regulatory bodies, but the CSA is the main body of financial oversight in the nation.