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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

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

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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