The company falls around areas of customization and analytics that more advanced traders might appreciate. Launched in , Forex. Today, Forex. This range of platforms makes the firm suitable to a wide audience depending on your trading style and needs from beginners to automated trading for more advanced traders.

The majority of Forex. The standard account charges spreads and no commission, but spreads can start from around pips for more popular currencies. The company falls on its customer service with a more standard offering in comparison with some competitors, like CMC Markets. For a more exhaustive list of Forex.

The firm is a big fish in the banking industry and plays a big part in forex, too. TD Ameritrade scores high with its customer service , offering helpful, efficient guidance at all times. The friendly team offers help on the Mobile Trader app, and its Ast Ted bot offers quick answers to hard questions. The company gets a top score because of the range of methods to contact them, as well as their quickness and helpfulness in responding.

Although CMC Markets and others mentioned offer good spreads, City Index just about wins for the lowest fees and spreads. That said CMC Markets, perhaps due to it being a sister company, the offering is just about the same. City Index is a CFD, forex and spread better broker founded in While the firm started its journey by prioritizing spread betting, it now offers a wide range of financial products to its clients, as well as multiple trading platforms, and is a world renowned broker trading in over 12, markets.

The company has a full pricing schedule on its website. The choice is yours. The broker does not need to be licenced with the concerned regulatory body in Canada to do so, which is rare for a developed nation. In this sense, Canadian laws are less strict than that of other developed nations. While this has been put in place to increase consumer choice and thus offer customers better fees and account options etc.

It can also have negative consequences for Canadian investors, because regulators in Canada do not have any control over brokers outside of Canada. This means that forex investors in Canada must be on their guard, as it increases their chances of exposure to fraudulent brokers or scammers. Therefore, it is advised that if you are a Canadian citizen, you stick to Canadian FX brokers to ensure you have the protection needed when trading in the forex market. 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.

In order to do this efficiently, the Canadian financial market is broken up into separate divisions that are regulated by multiple regulatory authorities, enforcing individual regulations. Each regulatory agency has a different responsibility in terms of regulating firms. Here are some of the main Canadian regulatory bodies responsible for enforcing FX regulation in Canada:. As you might have just gathered, Canada has a massive amount of regulatory bodies. In fact, it has the biggest number in the world because there is no one authority that oversees registration or regulation.

In the future, these regulatory bodies might all be unified under one roof.

The Canadian Government is in the process of conducting case studies and seeking advice from experts on how best to create a regulatory body that oversees all financial firms in the country. Currently, though, Forex brokers in Canada are regulated depending on where their operations are based in Canada. This authority, creates, monitors and enforces financial rules over the Canadian Forex market. Its aim, as stated on its site, is to: Protect investors and support healthy Canadian Capital Markets. To find out if a broker is a member firm of the IIROC, first you must get the registered name which is usually located at the bottom of its website homepage.

For example, CMC Markets key disclosure states:. This is kind of like qualifying as a professional trader in Europe because you will have to meet one or more of the following conditions:. The Forex Market is highly susceptible to extreme volatility during times of economic turbulence.

In the Financial Crisis, for example, we saw the effects rip through the globe like a tsunami, causing a loss of about 8. The Central Bank responded to this by cutting interest rates to a historical low, in an attempt to begin to repair the damage caused, which resulted in carry trades and strategies of the same thread performing differently post crisis. In the current Forex market, the Canadian dollar weakened , along with other currencies, against the USD Dollar, as investors grew more concerned about the economic impact of the coronavirus crisis.

Top 10 Forex Brokers Canada Listing for 2021

The Federal Reserve took additional steps to ease the economic blow , which helped the Canadian dollar regain some strength. The Bank of Canada has also shown signs of potentially cutting interest rates more, in a bid to help. Pressure has been mounting on the oil industry the past few weeks due to the increased demand from the coronavirus.

This has caused a ruthless price war between Russia and Saudi Arabia, which could have very serious consequences. With jobs already being lost at a high rate, experts are predicting a potential loss of 37 million jobs. In comparison to the 8.

With all of this information, you might be wondering why exactly some notable forex brokers stay away from Canada? Legally, Forex Brokers can enlist investors in Canada without requiring a regulatory licence from that country. With that in mind, leverage is higher for major currencies and lower for minor and exotic pairs due to their increased volatility. The CIPF is a non-profit program launched by the regulators across all provinces and territories of the country.

It should be mentioned that this policy protects you only in case your broker files for bankruptcy. This compensation is not applicable if clients lose their funds through trading or because of fraud.

To ensure your chosen broker is a member of the scheme, you can directly call the CIPF or talk to your investment advisor. Speaking of fraud, scams are uncommon at reliable Canada-friendly trading websites because brokerages that violate the regulatory framework risk heavy penalization and license revocation. While this may not sound like a great comfort for the affected parties, such penalizations aim at preventing brokerages from cheating their customers in the first place. Lastly, each prospective customer is expected to meet the minimum-income, net worth, and assets thresholds as stipulated by their provincial regulatory body.

This makes it difficult for some clients to enter the Forex markets because they do not have sufficient capital. As previously mentioned, there are a total of fifteen regulatory bodies to oversee Forex trading activities in Canada. It controls the brokers and all trading activities on the equity and derivatives markets across the country. As the main watchdog, the IIROC has the right to fine brokers or suspend their licenses if they violate its regulatory framework. The regulator conducts adequate oversight to ensure all Canada-friendly brokerages operate in full compliance with its framework and high standards.

Other than that, each province has its own regulator. In British Colombia, Forex trading contracts are regulated as securities and fall under the jurisdiction of the British Colombia Security Commission. Canada-friendly brokerages provide their customers with various trading instruments including foreign exchange trading, indices, stocks, commodities, cryptocurrencies, and exchange-traded funds ETFs. However, before you can start trading for real money, you will have to fund your live account.

Each brokerage has its own recommendations as to the minimum starting capital customers need to begin their trading experience. The good news is Canadian brokers give their clients a choice from many different methods of payment. Debit and credit cards by Maestro, Visa, and Mastercard are broadly available across all reputable Canada-friendly providers of Forex trading.

This is the preferred method of many traders from the Great White North due to its convenience and time-efficiency. Wire transfers are significantly slower than card payments as they take between two and five business days.

Checks are also readily accepted by Canada brokers. However, they rank among the slowest payment methods because they require between five and ten business days. Many websites support electronic funds transfers, commonly known as EFTs. This method enables you to move funds directly from your online banking balance to the bank account of the brokerage. Needless to say, the bank account should be in your name for you to initiate an EFT transaction.

Digital wallets like Skrill and Neteller are also commonly accepted. Canada customers can register their live accounts in CAD as the base currency to avoid conversion charges.

Available trading software and tools can differ significantly between Canada-friendly brokerages, although many prefer to use the independently developed platforms of MetaQuotes Software. The latter has designed two trading platforms, each one serving a different purpose. The first option is the MetaTrader 4 MT4 software which has acquired the status of a gold standard among traders worldwide. It is available for retail trading through specific Canada-friendly brokers. The platform is optimized for trading on the Forex markets. Setup in 3 minutes.

Totally hands-free, from anywhere. Integrated with the forex best brokers. Your capital is protected by the brokers. Test with a risk-free practice account. Up to 60 trades per month. Automatic trades on average every 12 hours. You have full control of your broker account. Fast execution of trades.

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No commissions, no management fees. Automatic risk-management with low trading exposure of your capital 0. Portfolio with 40 different automatic strategies. Trading results directly on our dashboard. Optional free forex signals.