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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

Not all forex brokers can offer a wide range of trading instruments apart from currency pairs. Therefore, this can be a great opportunity for brokers to stand out in the market and attract traders who are looking to expand their investment portfolio. Some top brokers can offer hundreds, even thousands of tradable instruments, including stocks, index CFDs, commodities, precious metals, etc. A few of them even go beyond traditional instruments and offer cryptocurrencies which are undoubtedly in demand these days.

Continue Reading at 5 Things to Rate in Forex Brokers Quality

A good broker must be able to ensure the safety of the client's funds. Aside from obtaining licenses from trusted authorities, it's also important to have preventive measures that could save traders from doom. One of the easiest examples is negative balance protection, which ensures that traders are never in debt with their broker. In other words, the trader's balance will never be negative. This is why it's an important aspect that every good broker must have.

Some traders may not find this feature that significant, but it's something that many people would be grateful for. The truth is that there have been many cases where traders ended up owing money to their brokers. To prevent a repetition of similar events, the availability of negative balance protection can be very helpful.

Continue Reading at 5 Things to Rate in Forex Brokers Quality

In general, compared to scam brokers, honest brokers are more clear and straightforward in most aspects of their facilities. Other than that, some of the more specific characteristics in an honest broker are:

  • Clear regulations and office addresses.
  • Responsive customer support, at least in the working days.
  • The trading facilities provided are transparent and synchronous.
  • The website is well-maintained, updated, and equipped with a disclaimer that the profit in forex trading is proportional to the risk.
  • The broker is recommended by other traders or trusted sources. For example, the regulation can be cross-checked, the name often quoted by famous news agencies or positive reviews from clients.
  • Withdrawals are processed with minimum or no difficulties.

Continue Reading at 4 Common Types of Forex Broker Frauds

Even though reviews are completely subjective, but it can be useful to learn about a broker's overall performance.

Continue Reading at How to Avoid Fake Broker Reviews


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