The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. IIROC warns potential traders that trading with leverage is highly dangerous.
Top 10 Canadian Forex Brokers
If the leverage is Some countries and their respective regulators have set limits on the amounts of leverage that brokers can offer. In Canada that is not the case and Canadians will be able to trade with leverage rates as high as Trading with leverage requires a high level of caution and you need to be fully aware of the associated risks and dangers.
Forex trading takes place through a platform. Most brokers nowadays offer a web-based trading platform, a website, where you can register and log in without having to download any software.
However, most brokers also offer a download version which you can download for free and then install on your computer. For some traders, that is a more convenient option. Moreover, as we live in an age when we use are smartphones and tablets more often than ever, brokers wanted to make sure that people who are constantly on the move will also be able to trade forex. Most brokers, at least the most popular ones have developed, usually, more than one mobile trading platform in order to cater to the needs of owners of different mobile devices, most notably iOS and Android.
Some traders who are new to forex are looking for simpler and less complicated solutions, whereas long-time traders are looking for options and features that will allow them to make them most of their trade. That is why many brokers offer platforms with different degrees of complexity and integration. For example, the so called MetaTrader platform gives traders a chance to analyze price movements, see important information as charts and graphs and even use automated trading mechanisms.
Brokers are aware that even the best spreads are sometimes not enough to motivate many new traders. That is why they offer a bonus, sometimes even more than one. Generally, we can distinguish between:. A No Deposit Bonus is usually paid out to new traders, and, as the name suggests they are not even required to make a deposit first. The Deposit Bonus is usually a percentage match e. Other promotions may include tournaments, where the winner can earn a pretty hefty amount of money.
Other things should also be taken into consideration. For example, most brokers accept at least a few different payment methods.
Some of them may be exclusively available to Canadian traders, whereas other are international payment methods, like popular e-Wallets or major credit or debit cards.
It is important to check whether the forex broker that you like to trade with charges any extra fees on deposits and withdrawals. They have to be able to show they are qualified to be futures traders. Additionally, portfolio managers working in Canadian Forex brokers have to be appropriately qualified. Paper qualifications are a vital requirement.
Nevertheless, it seems a number of Canadian Forex traders are choosing to trade with offshore brokers. Basically, the new rules and regulations have been put in place not just to ensure maximum security for clients funds, but also to make sure it is only those with the money and thirst for such a risky investment that are able to trade in the Forex market. A number of Canadian Forex brokers have already made the necessary adjustments and a select few have created new IIROC registered companies which operate independently of the parent company and are specifically designed with Canadian Forex traders in mind.
It is possible to perform due diligence as it provides a central registry with all the most important information regarding registration, approval, and disciplinary history. It is now possible for anyone intending to trade Forex with an IIROC registered firm to feel confident they are making the right choice of broker.
Was the information useful? Get the latest Forex updates now! Canadian laws as to financial trading, as well as gambling in general, might limit your choice. For instance, many traditional platforms — mostly those that are based in European territory — announce it directly on their home page that Canadian citizens are not allowed. So what Canadians can do then? Are they entirely restricted from the Forex market?
Canadians traders are allowed to trade, but at particular Forex brokers Canada — e. Still, if you are a trader based in Canada, you are free to join any Canada Forex broker. The Canadian brokers are specific for their own regulation body, which provides the safety for each trading website, as well as the safety for the customers, themselves.
Canada is famous for its high level of security, when it comes to make any kind of financial transactions in the web in general. Meanwhile, this country is very precise as to the personal data safety. All of these lead to the conclusion that Forex brokers Canada are actually the top regulated websites. See which agencies are in charge for this:. The main responsibilities this agency has are to collect and analyze facts and problems as the Canadian market, as well as to prevent money laundering, to provide and deprive the Canadian Forex brokers with licenses and etc.