Top Canadian Forex Brokers

Canada is one of the lead countries in the Forex market. The Forex brokers in Canada try to keep up with the Forex trends, and competing to attract clients; they offer numerous possibilities to traders.
What is specific for Canadian Forex companies is that they do not need to be run directly from Canada but can be located elsewhere in the world.
To ensure the integrity of the market, Canadian brokers have to rely on regulatory agencies and organizations to keep their services in line with the highest industry standards.

Who Watches Over the Best Canadian Forex Brokers?

best-canadian-forex-brokersThe most prominent regulatory body in Canada is the CSA or the Canadian Securities Administrators. As one of the best regulators, they go hand in hand with the UK FCA and other widely known and prominent market “keepers”.
The CSA keeps a list of all CSA registered brokers and their activities.
This means that you can check on every broker company under the CSA supervision. You can also contact them personally to make inquiries about a particular broker.
Canada’s governmental structure sometimes seems complex, but the CSA managed to harmonize the laws on financial markets in all of the ten provinces. The CSA also issues warnings on scammers and fraudsters in the business.
Canadian CSA regulated brokers are trustworthy business partners since they offer legal protection to traders in case of any dispute.

How to Find the Best Forex Canadian Brokers?

First of all, as we’ve already established, Canada is a well-regulated country in general, which means that the Forex market is also better regulated. Therefore, Canada represents a secure base for the majority of Forex traders. Still, beginners should be careful in choosing a broker, because the market is very decentralized and even in Canada, one or the other scammer can be found.
To find the best Forex brokers of Canada you have to do a thorough research on Canadian Forex brokers to see what each of them has to offer.
These are the features that top brokers offer:

Top Canadian Forex Brokers Offer Different Trading Platforms

Top Canadian Forex brokers have a platform or platforms that suit the needs of clients. The platforms should be easy to use and offer an oversight of the currency pairs, the graphic charts, trader’s history and newsfeeds. Platforms come in three varieties: they can be downloaded to your desktop, they can be online browser platforms, and apps for mobile devices.
Mobile trading has become extremely popular given that the apps are convenient and have an attractive interface (most of them).

Different Accounts for Different Users

canadian-fx-broker-usersMost of the Canadian broker companies offer a free Demo account. This is a widely used strategy in the world to attract clients. You can get a taste of the market by registering with a Demo account free of charge with no strings attached.
Some brokers charge a small fee on the demo account, but mostly it is free.
Standard accounts represent the second stage and require a minimum deposit. The deposit can vary from $1 to $1,000 or more. This level of account usually offers all the regular features, while the VIP account includes some extra perks, like greater bonuses, higher investments return rates, more currency pairs, narrower spreads, etc.
The only disadvantage of the VIP accounts is that minimum deposits are very high. Hence, it is no surprise that this account is designed for professionals and big investors with a lot of money.
The platforms are usually accompanied by options like Stop Loss or Take Profit which reduces the risk of loss.

Spreads and Commissions

Forex companies can be divided into two groups: the ones that charge a fee or commission (on deposits, withdrawals, etc.), and the ones that do not charge fees but simply live off the spread difference. The spread refers to the difference between the values of two currencies paired together.
Most people prefer the free of charge brokers, but this does not necessarily mean that they are better.
The top Canadian Forex brokers will offer major currency pairs (USD/EUR, GBP/USD, etc.) with narrow spreads. You should stick to narrow spreads, especially if you are a beginner, given that it reduces the risk of loss. Also, start slowly, for example, with two or three currency pairs.
Most of the Canadian Forex brokers offer leverages varying from 1:200 to 1:500. For VIP account users the leverage may be higher by the double or triple.

Best Canadian Forex Brokers: Banking & Withdrawals

Top Forex brokers of Canada know that fast payment is the key in the business.
When it comes to payouts, people generally tend to be more inclined towards the quick payers. The best Forex brokers of Canada cover that aspect as well.
They require clients to submit a withdrawal request which they usually process in one business day or 24 hours, and the money reaches your account either the next day or somewhat later. This depends on your payment methods.
Bank transfers usually take the longest with a waiting time up to 7 days. No delays and no excuses is the motto of top Forex brokers in Canada.

Customer Support

This is the kind of business where clients need someone around the clock to help them out once in a while. The Forex business is an online business and traders need an address to turn to. The customer support is the first line of defense.
Top Canadian Forex brokers know that their Customer Support needs to handle every request and inquiry by the client. They make a great effort to maintain a reputable customer support. Their employees have to be available 24/7 and reply quickly to customers.
Besides being nice to customers, competence is the key characteristic. The employees have to know exactly how the system runs (trading accounts, policies on payments, market rules, options, variety of currency pairs, etc.).

Conclusion: Only Trade With Top Forex Brokers in Canada

top-forex-brokers-in-canadaCanada, in general, represents a safe Forex business environment. Still, this does not mean that you can trust every broker just because they are from Canada. Research of brokers is inevitable, and you will have to do the task if you want to find a decent broker.
This article displays core values you should look for in a broker and provides basic instructions.
Rule no.1 is to look for Canadian brokers that are registered (ideally with the CSA) to avoid falling a victim to scammers and fraudsters. Half of your job is done with a good broker. Other criteria you should consider refer to the multiple options of the brokers, and you can pick one according to your own preferences.
The Forex market is indeed made for everyone and can be accessed by anyone, anytime from anywhere. Use that chance to sign up with safe brokers around the world, maybe even with a Canadian one!

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