It is still advisable, though, to work with Canadian-based Forex brokers as these make the most trusted Forex brokers in Canada.

3 Best Forex Brokers in Canada for • Pros, Cons & More • Benzinga

The above Forex brokers do not have a license from Canadian regulators, but other reputable regulators from around the world regulate them. In the next section, though, you shall see why they may still not be the best option to go with if you are a Canadian resident, and it all comes down to the regulatory perks.

Before we even get to the topic question, it is important to first define the regulatory environment in Canada. There are several financial regulatory bodies in Canada, but the main financial regulator is the Canadian Securities Administrators CSA , which covers the main financial markets. The IIROC was created in around the time of the financial crisis to respond to the various problems in the Forex market.

The best forex brokers in Canada

IIROC regulations have not been as restrictive as those observed in the US, fortunately, and they allow great freedom to traders. For example, there has never been a limit on leverage as the NFA did in the US — placing a limit on leverage. This fund is set aside for all the best Canadian Forex brokers that have a license from IIROC for a refund to their clients in case the company goes bust.

Many Forex brokerages have, in the past, experienced problems that led to their downfall. We have looked at how the financial environment is in Canada and the advantages to dealing with locally regulated brokers. There are other factors to consider as well, most important of which being the financial instruments made available to the traders. If you want to trade the Forex market, you are obviously going to need a wide variety of currency pairs. The average number of currency pairs is usually about 30, but the best brokers should offer more than 50 currency pairs. With this huge variety, you get the flexibility to try new opportunities and make even more profits.

Additionally, you should also look for those brokers offering other trading instruments beyond Forex.

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The best Canadian CFD brokers should provide other instruments in the form of derivatives. For example, stocks, indices and commodities can all be provided in the form of derivatives in order to expand your portfolio. More recently, cryptocurrencies have become all the rage, and there are already some IIROC cryptocurrency brokers.

Even though cryptocurrencies have not been legalized in Canada, these brokers treat them as over-the-counter derivatives. Under the label, they are allowed to offer cryptocurrencies like bitcoin, Ethereum, Litecoin, etc. In case you had an interest in cryptocurrencies, you will now have the opportunity to trade them through your Forex broker. Finally, check other offerings by the broker before making the final decision.

Lot sizes come in the following categories:. Similar to a tick in stocks and futures, a pip is the smallest denomination of movement in a forex pair. As you might expect, the major countries of the world are the major currencies traded including:. Like stock trading, the forex market uses some basic orders for buying and selling:.

While investing and trading in stocks involves risk of loss as well as risks associated with ownership of a company, forex trading involves some different risks. Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U. Part of this is due to what many see as excessively complicated guidelines and fragmented authorities between provinces.

However, the brokers that are available happen to be top notch. Take a look at the forex brokers that made the list for the best brokers in Canada with a forex platform. What sets this company apart are its multiple trading platforms from the popular Metatrader 4 to Forextrader Pro and Web Trading. Users can take advantage of the platform that best suits their needs, as well as incorporates automated trading for the more advanced programmers.

Couple that with their solid mobile applications , and Forex. The company takes it a step further with their plethora of research and insights. While the research and tools may be different from platform to platform, most offer economic analysis, real-time news, and advanced data analysis. Interactive Brokers is based in the U. A single account with Interactive Brokers will allow you to trade not only forex but also stocks, options, futures and bonds. Its FXTrader platform supports over 20 order types.

You can trade forex in 24 currencies worldwide. Interactive Brokers brings a smart order router and stays on top of changes in market conditions to re-route all or parts of your order. Interactive Brokers serves institutional and active traders, but it continues to introduce new products for beginning traders. Try its full suite of products with a free trial. HYCM is known to be more expensive than competitors, but it connect you to the MetaTrader 4 platform to trade 5 asset classes from your 1 account. HYCM forex trading is regulated in 2 tier-1 jurisdictions and 2 tier-2 jurisdictions.

Choose from fixed, variable and raw spread models to find a trading option to match your style. Get started with a free demo account. It offers free trading courses, software tutorials, trading books and learning videos. AvaTrade deals mainly with forex and CFDs on stocks, commodities, indexes and cryptocurrencies.

Best and most trusted forex brokers in Canada April 2021

Support is available in 14 language, and it offers trading platforms in 20 languages. There is also a demo account available for you to test the platform before you commit. However, what they give up they get back in the substantial protection offered by the Canadian Investor Protection Fund. Forex Trading Accounts Flexible account types to suit your trading style.

Top 5 Brokers in Canada

Standard Account. MetaTrader 4. For serious traders who demand deep liquidity and control to take advantage of rapid price opportunities.

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Open an account in as little as 5 minutes Tell us about yourself Provide your info and trading experience. Start trading Once you're approved, you can trade on web and mobile. Ready to learn about trading? No matter your skill level, we have videos and guides to help you take the next step.