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Forex Brokers in Canada

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In Canada, forex brokers are overseen by the Investment Industry Regulatory Organization of Canada (IIROC). Unlike many other countries, IIROC is the industry's self-regulatory organization. The organization is recognized by the separate financial regulators that exist in Canadian provinces, such as the British Columbia Securities Commission and the Ontario Securities Commission.

Regarding the strict financial regulations by the Canadian government, many international forex brokers refuse to accept Canadian residents as their clients. Most of the Canadian traders are forced to sign up with a Canada-based forex broker. Therefore, many international forex brokers choose to set up a local presence with legal business entities registered in Canada, in order to serve the local Canadian traders better.


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Score Broker Country Regulation Min Deposit Max Leverage

If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.



FAQ

Finding the best forex broker in Canada is not much different from choosing the right broker in general. Aside from making sure that the forex broker is available for client registration from Canada, you need to check its regulation, minimum deposit, spread, leverage, payment methods, and other trading-related aspects that may affect your strategy. Furthermore, make sure that the broker has a good credibility and reliable customer support.

The list in this page can be a good reference if you look to trade with in Canada. We have sorted specific forex brokers that accept clients from Canada, so you can choose one of the brokers by comparing their minimum deposit, regulation, leverage, and rating. If you are interested to learn further about a certain broker, feel free to click the review button.

If you are a beginner and looking for the right broker to trade forex in Canada, some aspects that you need to pay attention to are the low minimum deposit, demo account, and educational features. Apart from that, it's also better to make sure that the broker has good customer service because as a beginner, you may need to consult about broker services that still seem incomprehensible to you.

Additional FAQ

A good forex broker must offer at least major forex pairings, such as EUR/USD, GBP/USD, etc. These are the most common pairs to trade and great choices for all types of traders, so this is one of the standard qualities to be considered in a broker. If you're interested in other assets aside from forex, go for multi-asset brokers. Stocks and metals are pretty common among brokers these days, but the more assets they offer, the better.

It is worth noting that while a big number of tradable instruments can be a nice feature to offer, keep in mind that this aspect does not guarantee the broker's success. The reason is that not all clients are particularly searching for brokers with loads of varieties. Some of them might even find it a bit overwhelming. This is why there are brokers that remain popular among traders despite their limited choices of assets or currency pairs.

Continue Reading at 5 Things to Rate in Forex Brokers Quality

If a broker is "registered", that means that the broker's registered as a company in a certain country and has one or more offices in that country. In this category, the broker does not necessarily have a license to operate as a broker and is usually not actively monitored by the country's regulatory body. The company's operations are also not always centered on the main office address but it could be outsourced to other areas.

Continue Reading at Forex Regulation Insights: Defining Your Broker's Status

Essentially, there are four types of brokers based on their execution model, namely Market Makers, Electronic Communication Network (ECN), Direct Market Access (DMA), and Straight Through Processing (STP). Market Makers are called Dealing Desk brokers, while ECN, DMA, and STP are called No Dealing Desk (NDD) brokers. Using a Dealing Desk or NDD broker can affect the trader's trading cost.

There is no such thing as a "bad" execution model, but not all models are suitable for everyone. For beginners, STP brokers are highly recommended. These brokers act as a middleman, typically offers variable spreads, and don't charge commissions. Other benefits of trading with an STP broker are faster-filling orders, the freedom to avoid price quotes, less risk compared to other types of brokers, and the availability of live market trends.

Continue Reading at 5 Things to Rate in Forex Brokers Quality

Trading conditions are a great way to start because they are basically the foundation of the broker service itself. This includes the amount of trading spreads and commissions, leverages, and more. Trading conditions can directly impact the trader's overall trading cost, making it a critical aspect of any broker's selling value. Great pricing must be one of the top priorities to offer to potential clients, especially with the cut-throat competition between brokers these days.

Moreover, since standard regulations are starting to take effect, regulated brokers can no longer offer fantastic bonuses or exaggerated promises of high returns. Instead, they can offer low fees to reduce the trader's cost, combined with a transparent trading ecosystem and no hidden fees.

Continue Reading at 5 Things to Rate in Forex Brokers Quality


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