Can you count the number of colleagues around you who are not aware of trading? Rarely any! But yeah, many of them will just be having regular information about trading. They don’t know the different types and models. This blog addresses Canadians who are interested in making investments in the forex market. This trading type has grown so popular in Canada. What is the basic definition of this earning method? This is simply exchanging currencies and earning profits. Forex brokers in Canada are all authorized by IIROC – which establishes the rules and regulations that must be followed by all brokers.
Are you interested in browsing the top 4 forex brokers in Canada? The brokers listed on this blog are picked after thorough research including exploring reviews. Scroll down to explore the different features of the brokers briefly.
Looking up for stepping in the forex? First, choose the best broker and then move ahead. Prior to choosing a broker, you measure your financial goals, but while choosing the broker, inquire whether it meets your requirements or not. It will allow you to earn maximum profit in the shortest term.
It holds the top rank as being the best forex broker Canada. It is authorized by IIROC and was established in 1977. Forex trading is safe and offers least-risk trading conditions. Furthermore, you may locate them physically in Canada. On registration of the account, you will be provided with a demo account to practice trading. It supports around twenty-two basic currencies. Trading fees are low which makes it an attractive option for investors. The user may find interesting educational content and research tools. The platform offers premium trading services to its valuable customers.
Oanda is another regulated forex broker operational since 1996. Any trader – novice to experts can sign up on the platform and can avail of the services. The platform is developed to assist any trader irrespective of the experience level. Like Interactive brokers, it provides access to learning courses. It is also authorized by regulatory authorities including IIROC. You may also locate them physically in Canada. The account registration process is so easy and fast. Research tools available are advanced. Same like Interactive brokers, this forex broker offers a demo account upon completing the registration. Fortunately, you are not charged for funding the account or for withdrawing the profits. Customer service is rated the highest. You may download applications on your PC or Android, as it makes the working easy.
Founded back in 2006, and regulated by IIROC, it is among the top forex brokers in Canada. Same as Interactive traders and Oanda, it has a physical office in the region. When you remain inactive on the platform for longer, you will not be charged. It is a good decision by the company. Moreover, you will not be charged if you deposit or withdraw the funds. Trading fees are affordable. If you want to practice trading before funding the account, try the demo account. Also, it is why it is considered the best-suited platform for novice traders. The demo account is fully functional and lets you test the features.
It holds 4th rank in the list of the best forex brokers in Canada. It has been operational since 1999 and is regulated by multiple finance-regulatory authorities including IIROC. Moreover, it is a member of CIPF, which adds to its credibility. Unlike other brokers on the list, it has several offices throughout the state. Forex traders in Canada trust this platform the most. Customer service is highly rated. It doesn’t charge you an inactivity fee or withdrawal fee. After you have completed the registration, you first have access to the demo account until you deposit the funds.
The brokers listed in the blog have their pros and cons. It is your choice which broker will work for you. You should have your SMART goals list and then you can make a wise choice. No one can afford losses, so research and then choose, but finalize the one that satisfies you.
You can’t use a platform properly until you deposit funds. For forex trading in Canada, you have to deposit funds through your bank account. Hence, it is crucial to choose a broker supporting regional banks. Moreover, the above brokers support big and famous banks in Canada. So, consider reviewing if the bank is supported or not.
Canadian financial organizations are striving to introduce reforms in the sector to attract investors. It is why as yet IIROC is not as effective as it should be, so you may find fewer local brokers in the region. Now, here you should understand that the best forex broker is regulated by multiple authorities.