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These three offer a safe and optimal trading environment for Canada-based forex traders. Many of the best forex brokers in Canada will also offer full support for MT4 and MT5. These platforms are popular with FX traders worldwide thanks to the ability to build custom indicators and even use forex robots.

In the last few years, this best forex broker has established several offices across the globe, and it is regulated in Canada, Australia, Cyprus, etc. Founded in 1999, Forex.com is one of the best brokers for trading in Canada and provides services in Fx for retail investors. It is regulated by NFA, CFTC, FCA, CySEC, Investment Industry Regulatory Organization of Canada IIROC regulation in Canada, ASIC , and many more. 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. One other way via which brokers make money is through actual trading.

Full support for MT4 and MT5 is provided, alongside Avatrade’s proprietary online trading platform. This ensures forex traders have an option that suits them and their needs. In terms of deposits, Avatrade allows a minimum deposit of only $100 , which users can complete via credit card or wire transfer. Notably, these deposits are totally free to make – and no withdrawal fees are charged either.

canadian forex brokers

The low trading fees offered by these online brokers are highly competitive spreads and straightforward. It does not offer a deposit bonus when the user signs up with their platform. The user should constantly check the official website to see if there are any changes in the roll-over rates or financing charges. CMC Markets review to learn more about this online platform, the financial services, and its features that benefit Canadian traders.

Have some experience?

Get all the features & tools with real time pricing on thousands of markets including Forex, Shares, Indices and more. For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not IIROC regulated. In fact, when a broker is not IIROC regulated, each regional regulation has the power to decide whether or not a broker should be allowed to offer its services within the area. Although Forex.com operates in Canada, the broker does not allow accounts to be opened in CAD.

canadian forex brokers

All these factors will make your trading experience a very interesting and satisfying one. As you can see from the list above, there are numerous forex brokers to choose from, each having its own unique selling point and fee structure. Selecting a trustworthy and low-cost broker to trade with can be crucial to your trading success, as it safeguards you from unauthorised access to your capital and allows you to save money on fees and commissions. This is designed in order to provide the Canadian citizens with freedom to trade in the FX market anywhere, not only with Forex brokers in Canada. This, in theory, could also stimulate the trend of retail investors as more Canadian traders are engaged in international trading platforms.

Risk Warning – Trading CFDS, FX and Cryptocurrencies involves a high degree of risk. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the risk of losing your money.

By using this guide, you’ll be able to narrow down the options and choose a suitable broker that will allow you to trade the forex market safely and optimally. A broker that offers a range of forex tools is another vital thing to look out for. If you are an advanced trader, you might even want to keep an eye out for brokers that offer minors and exotics to trade.

Compared to other countries, Canada has an extensive range of trading instruments and account management systems; this can be used to deposit funds, money , or directly use online payment. The broker’s fixed canadian forex brokers spread is more comprehensive when compared with standard spreads and does not have any commissions involved. Fortrade does not charge commissions, but instead, they add costs hidden into the tight spreads.

Choosing the Best Canadian Forex Broker

We have a more in-depth ECN forex broker comparison for Canadian traders. When signing up with Fusion Markets, if you are outside Ontario, you can choose to sign up with either Fusion Markets or Fusion Markets. Both entities offer exactly https://forex-reviews.org/ the same product, but choosing Fusion Markets means you can choose CAD as your account base currency. Having CAD as your account base currency will save you on costs, as you can prevent currency conversion charges when trading.

  • The list below showcases the top ten brokers for forex traders in Canada, helping you make an effective broker choice.
  • At the same time, CMC Markets offers access to the well-known MetaTrader 4 trading platform.
  • Forex.com does not charge any commissions on this account; however, you will have to pay a transaction fee if you open a commission or an STP pro account.
  • Questrade Inc is one of the top Canadian brokers and provides an in-depth, one-stop solution for trading forex.
  • Pricing data is provided by an independent third party,FXC Intelligence Ltd.

Finally, it’s crucial to analyse the deposit methods that your chosen forex broker accepts. These days, forex brokers ensure they accept a wide range of payment methods from traders, and it’s not uncommon for some brokers to accept e-wallets such as PayPal and Skrill. When a Forex broker accepting Canadian clients is not required to have a verified license before engaging Canadian investors, it increases the risks. As a result, Canadian Forex traders can lose the money they have invested with different FX brokers around the world if the broker goes bankrupt as local authorities can’t protect them. The authorities have relaxed the regulations about Forex trading in Canada, to provide a flexible situation for local traders and brokers alike.

Which forex broker offers the most currency pairs?

An order box will now appear, similar to the one in the image below. You can now enter your lot size/how much you’d like to trade, choose a take profit level, and set your stop loss. Once you are happy with everything, click the ‘Buy’ or ‘Sell’ button to finalise the position.

canadian forex brokers

The comparison savings are based on a single transfer of CAD$20,000 to USD. Savings are calculated by comparing the exchange rate including margins and fees provided by each bank and OFX on the same day . Pricing data is provided by an independent third party,FXC Intelligence Ltd. The comparison savings provided is true only for the example given and may not include all fees and charges. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings.

Review

As a general rule, trading platforms and software should not be a top reason for choosing a particular broker. Both accounts offer ECN pricing and execution, the main consideration is trading costs. We recommend Raw for more experienced traders while the Standard account is for beginners just starting out. Established in Australia, Eightcap is an online Forex and CFD broker and is unique in offering the best range of cryptocurrency markets for Canadian clients. This is because a lot of brokers regulated by IIROC don’t offer crypto products. Eightcap, on the other hand, is not regulated by the Canadian regulator, instead, by an offshore regulator, SCB in the Bahamas.

Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital.

What is the IIROC?

The broker segregates all client monies with Westpac for peace of mind. The interest rates charged by the trading of top regulated forex brokers for stock trading might differ from the market news you got due to the prices or charges added by the exchange prices. Canadian forex brokers often charge reasonable rates from forex traders. For Canadian traders, Canada is not the best option for Forex broker regulation because of recent developments. Traders are now only allowed to use regulated brokers in Canada when engaging in foreign exchange or other over-the-counter derivatives transactions. The level of independence required to trade the Forex markets is severely constrained by the International Organization of Securities Commission’s rules for foreign exchange trading.