3 “Best” Canadian Forex Brokers

Every trader participating in the Forex market uses a broker of some sort . In order to trade on the Forex market, Canadian investors will need to seek out a licensed Canadian Forex broker. This guide will help investors choose the best Forex broker in Canada, as well as explaining what best time to trade eur aud traders should know before beginning Forex trading. It’s used by everyday investors, day traders, financial institutions, and large banks alike. Usually not, but some forex brokers do charge an inactivity fee after 3 consecutive months of non-use and every successive inactivity period.

Is a popular online broker that facilitates trading in Forex currency pairs, CFDs, stocks, bonds, ETFs, mutual funds, and much more – all in one place. In fact, Interactive Brokers even allows users to deposit funds in multiple currencies, and trade instruments denominated in various world currencies. If you’d prefer to keep several financial services in one place, you may wish to seek out a broker that offers a variety of services. For instance, some Forex brokers also offer trading of stocks and mutual funds or even cryptocurrencies like bitcoin. Some also have a banking branch for standard checking and savings accounts. Firstly, the best Forex brokers in Canada for beginners and advanced traders are those that are properly regulated.

FXScouts has been the UK’s most trusted Forex broker review site since 2019. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. Their platforms – web, and mobile – perform and function exceptionally well, which is what you really need from a broker when every second count. Telephone, email, and live chat are all available when contacting customer care and responses from the support team are swift. This is a Federal regulatory body, this regulations oversees deals in all Canadian provinces. Volatility or variability refers to the changes in price quotes for a currency pair over a time period.

CMC Markets have emerged as a market leader by the growing user base for different news trading style. These brokers in Canada are also listed on the London stock exchange, and the site has maintained a good long track record of user accounts. The regulatory environment body is reputed around the world, with its features like negative balance protection, which serves as a testament to the site’s reliability. Several strategies could work for you, depending on your level of expertise in the market. The strategies listed below have shown positive results for retail forex traders whether they’re trading from Canada or anywhere else in the world. What sets this company apart are its multiple trading platforms from the popular Metatrader 4 to Forextrader Pro and Web Trading.

These pairs have much less liquidity and higher spreads – but can often provide excellent opportunities for profits. Again, due to the volatile nature of these pairs, beginners should probably steer clear until they have more experience in the market. FXCM employs a variable spread structure, meaning that spreads will fluctuate depending on liquidity levels and market conditions. According to their website, the average spread for EUR/USD is 1.3 pips – slightly higher than some other options on our list but still relatively inexpensive. Notably, FXCM offers a selection of 39 pairs to trade, including the majors, minors, and some exotics. Similar to other brokers, Forex.com incorporate their fee into the spread.

Choosing the best Forex brokers in Canada

Here you will find a list of brokers that either chose to open an office in this country, were founded here, or are regulated or registered with IIROC, FINTRAC, or OBSI. Canadian Forex brokers are open to residents of almost every country in the world. Similarly to discount brokers, forex brokers have mobile apps, which make it convenient to trade on the go, and tools to aid in market research. You can contact customer service via email, telephone, or live chat.

It has an inbuilt trading platform that can be directly accessed from the website or the mobile app. The trading accounts are multifunctional and straightforward to use. Established in 1995, Oanda Corp is one of the registered forex brokers in Canada and is a dealer and futures commission merchant. CMC markets charge highly competitive stock index CFD indices and low trading fees.

AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders. Launched in 2010, FXCC is a popular trading service provider for Canadian traders, thanks to raw commission-free spreads in its ECN XL account and a substantial 100% bonus on your first deposit with them. FXCC built its brokerage unit on ECN/STP execution and has the added advantage of no dealing desk intervention.

Accordingly, forex traders use leverage to take advantage of small fluctuations in price movements. Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K. Again, when compared with the US as well as some other countries, where it is illegal for a trader to send funds internationally, this works in the traders favour. In addition, due to national security, traders are bound to strict regulations when sending payments internationally; this can make it difficult for traders in the US to move funds. Regulators in Canada must ensure that financial companies register and comply with regulations that protect consumers money before they can open any operations in Canada.

Our editorial content is independent and unbiased; here’s how we make money. There are people who have been using these websites for some time and they can tell you the best how it is working out for them. Go on discussion forums and review websites to see what others have to say about the broker. If most reviews are positive, it is probably a good option, but if there are many negative reviews, you might want to reconsider opening an account on the platform.

Brokers By Platforms

The buyers and sellers, meaning that the broker actually serves as a middle-man, and profits off the difference between the buy and sell price of a given currency. Customer service is good and available 24/5 a week and the service team can be contacted via live chat, email, phone, and WhatsApp. FXCM has a great track record in Forex since they were established in 1999 and is regulated by top financial authorities like the UK FCA, the Australian ASIC, and of course, the Canadian IIROC. You can visit Questrade directly to get started or for any more information you may need. Find a Forex broker with good execution speeds to make certain you get the best prices when executing your trades.

When it comes to investing in Canada, the Toronto Stock Exchange is most often cited because it is the 11th largest in the world, with more than $3 trillion in total assets. In most cases, Canadians also have easy access to trading securities on both the NYSE and NASDAQ exchanges in the United States, which are the largest and second largest in the world, respectively. Scams are not uncommon in the world of Forex and there are quite a few Forex traders in Canada could fall for as well. The Ontario Securities Commission has a Warning List, that contains the names of companies and individuals that might be engaged in fraudulent activities.

IIROC & How to Check Whether a Broker is Regulated

If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority . The StockBrokers.com best online brokers 2022 review, our 12th annual, took three months to complete and produced over 40,000 words of research.

You might have gathered by this article that yes, forex trading is legal in Canada. However, unlike other countries, like the US, who has one central regulatory etoro broker review authority, Candian brokers are regulated depending on the jurisdiction they’re in. There are also no restrictions on forex trading, making it fully legal.

Even though there are several benefits, there is no central regulatory authority to oversee the market insights. The market is divided into several jurisdictions, so the market volatility and the risk involved should be in mind to avoid losing money rapidly. Responsibility, so don’t lose money when trading, and you must also know how the CFDs work.

With this in mind, choosing a top forex broker that is regulated in Canada makes sense for Canadian citizens. Saxo Bank offers a powerful platform, first-grade research, and plenty of benefits – but only if you can afford their elite services. Most traders will know TD Ameritrade unless you’ve been living under a rock.

Canada’s Best Online Brokers 2022

※ The content of this website abides with local laws and regulations. Forex trading demands a strong knowledge of the market, a most traded currencies disciplined approach, and a well-planned trading plan. If you fit all of those conditions, wherever you reside does not matter.

Clients will value their extraordinary customer support service, yet may need to stand by now and then. They also offer really low Forex costs which make this trader very attractive to all types of traders. Social media, telephone, email, and the web are the channels that are accessible for unprecedented customer support. This list is not on a basis of the ranking of brokers but a comprehensive list of the top brokers to choose from when trading from Canada.

And now, let’s see the top forex brokers for beginners in 2022 one by one, starting with the winner, CMC Markets. If you’re a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. If you don’t know how forex trading works, take a look at our forex education articles. Fees, minimum deposit requirements, withdrawal, account opening, research tools and more.

By choosing brokers that are policed by regulators, investors can ensure that they are using a trustworthy firm. Forex trading in Canada is popular and the industry is well-organised, though regulation is strict and it could be easier to get started. Derivative products are leveraged products and can result in losses that exceed initial deposits. User support is offered in multiple languages, 24/5 a week, and provides great assistance with resolving user technical issues. The Investment Industry Regulatory Organization of Canada is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

Gambling Top List

A wide selection of platforms for every type of trader including MT4/MT5. Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services.

The average spread is reduced by 0.1 for platinum accounts and a further 0.1 for VIP accounts. The company falls on its customer service with a more standard offering in comparison with some competitors, and the brokerage lacks access to fundamental data. For a more exhaustive list of Forex.com pros and cons, check out our in-depth FOREX.com review. So, why consider a forex broker in Canada when some other countries offer traders world renowned brokers that adhere to strict regulation?

We use over 50,000 data points and a consistent, fact-based methodology. Mobile app availability – While every online brokerage offers a mobile app in the U.S., in Canada not every broker does, and the quality can be dramatically different as far as features go. Several of the largest Canadian banks, including HSBC and National Bank, do not offer clients a separate downloadable app for mobile trading at all. You can go on the CSA’s website and check out the National Registration Search functionality. You can type in the name of the company you are interested in and its regulatory status should show up.

Sponsored Brokers

Although the desktop platform is exceedingly customizable and powerful, with almost 350 technical indicators, it is also hard to navigate for beginners. Thankfully, the web-based platform is much lighter and places a greater emphasis on usability. The brokerage also offers plenty of research materials – with over 20 third-party sources, as well as a blog that hosts content from IBKR’s in-house team of researchers. All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. IIROC cooperates with one of the world-leading organizations Canadian Investor Protection Fund which compensate investors in case of the broker’s insolvency issue.

Many brokers offer “VIP” accounts for customers with high deposit levels. Aside from getting the best trading conditions in the form of execution speed and spreads, VIP accounts normally come with a dedicated account manager to handle the trader’s requests. Before starting Canada forex trading and opening online trading accounts to avoid a high risk of losing money.

Opening an account is easy enough but the confirmation process is lengthy. Forex.com offers their best customer support over the telephone with additional channels on email and live chat. Traders from all levels of experience have been enjoying a great trading experience with Forex.com since 2001.

It is up to them to submit the forms to the relevant institution and to follow the dates and rules. If costs are a substantial factor for you, this is probably not the best option. Also, some Forex products, like CFDs, are complex instruments that are often misunderstood. This means that even a relatively small amount of volatility in the wrong direction can cause substantial losses.