You can visit IIROC’s website directly where it will list which Forex brokers in Canada they cover – this is the best way to verify that the information provided by the Forex broker in Canada is correct. The IIROC and provincial regulators classify Forex as a security or derivative. The Canadian Investor Protection Fund (CIPF) offers protection of up to C$1,000,000 per taxable account, plus an additional C$1M per RRSP/RRIF account and RESP account for total coverage of C$3M.
- Our research team evaluates and monitors dozens of the top regulators in the forex industry.
- Like the other brokers listed here, XTB prides itself on providing advanced trading technology and good customer service while also relying heavily on trust.
- Making use of mobile platforms allows you to conduct technical analysis, monitor positions and execute orders without being tied to a desk.
- Aside from fees, Interactive Brokers also offer a good selection of trading platforms that will appeal to advanced traders.
For the service of providing access to Forex markets and essentially lending money to traders, Forex brokers charge account fees, commissions and spread fees in order to make a profit. I always recommend choosing a CIRO broker but more advanced traders may want a lower spread broker or higher leverage in which https://broker-review.org/ case the broker needs to have ‘tier 1’ regulation such as ASIC, FCA, or FMA. They ensure strict standards are met and trader protections exist Finally, the trading platform needs to be popular and match your style. Whether it’s MetaTrader 4 for Forex or MetaTrader 5 for CFDs, choose what works for you.
How do I Start Trading Forex in Canada?
If you never want to miss a market move, then you can program these EAs with your strategies. There is also an option of using some of the community canadian forex brokers strategies from pre-made EAs with back-testing of their effectiveness. But arguably the greatest place to test your learning is on a demo account.
Tools & Features
Another useful MT4 add-on Eightcap offers is Capitalise.ai, which allows you to write your own algorithms without any knowledge of coding. Please note, that Eightcap is regulated by the Vanuatu Financial Services Commission (VFSC), not IIROC, but still accepts Canadian clients. Should you wish to automate your trading or use social trading, Forex.com will allow you to utilise a 3rd party provider and integrate with MT4. This involves Canadian regulators highlighting all financial malpractices to keep investors updated. Impressively, the Government also welcomes and encourages citizens to put forward any recommendations or concerns they have to help the concerned authority take the necessary action.
What is the IIROC?
When you open an account with OANDA you can choose between three excellent trading platforms. We liked that each platform is sufficiently different from the other making them suitable for different types of traders. This is why we gave OANDA a solid score of 7/10 for its trading platforms.
CMC Markets provides an excellent trading platform encouraging the use of Guaranteed Stop Loss Orders. If you are a beginner, then this type of stop loss will certainly help you out. When you pair up the risk management services with the competitive costs, we recommend CMC Markets as a good broker with risk management tools. Overall, FOREX.com delivers many forex pairs, exceeding most Canadian brokers. The extensive range of exotic crosses sets them apart if you seek higher volatility trading opportunities. With FOREX.com’s competitive spreads and improved MT4 tools, FOREX.com provides you with excellent resources to trade the markets in Canada.
What should Canadian traders look for in a forex broker?
FOREX.com is owned by Gain Capital (GCAP), which trades on the New York Stock Exchange. What sets this company apart are its multiple trading platforms from MetaTrader 4 to Forextrader Pro and Web Trading. Support is available in 14 languages, and it offers trading platforms in 20 languages.
Options trading is a way of trading instruments that give you the right to buy or sell at a specific date and price. Interactive Brokers only offer one choice of platform, but it comes in multiple forms, including web browser, desktop application, mobile app, and FIX API. We have listed a few of the features of Trader Workstation which is their proprietary platform. Other trading products include hard and soft commodities with corn, soy and wheat being options not found with many other CIRO regulated brokers. The second is the popular MetaTrader 4 platform with the option of premium indicator plug-ins.
How To Check Broker Is CIRO Regulated
The Canadian dollar is the 6th most traded currency and forms 2% of the global currency reserves held by banks. The biggest influence on the CAD is the domestic economy, which is driven largely by oil, gas, and mining export operations. With that in mind, forex traders should pay particular attention to the price of crude oil and gold, which directly impact the value of the CAD. Forex investors in Canada usually sign up to brokerages that offer the Canadian dollar (CAD) as a currency. Together with these basic features, this Canadian-Only broker has a decent educational offering and a number of unique and insightful tools when it comes to research. These include access to the third-party Market Intelligence tool helping you gather as much data as possible on your potential trades.
If, on the other hand, you’re a more experienced trader or interested in scalping and hedging, the RAW account may better fit your needs. As the name implies, this account offers you access to RAW spreads, sometimes as tight as 0.0 pips, with FP Markets charging a commission of CAD 7.00 to execute the trade. As with the Standard account, the broker’s fees exceed those of its peers, but the consistently lower spreads, thanks to deep liquidity, mean you stand a good chance of coming out ahead. OANDA has spread-only pricing meaning, meaning there are no commission fees.
AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders. AvaTrade’s educational content and availability of copy trading make it a strong choice for those newer to forex trading. It also offers numerous trading platforms, including both MetaTrader 4 and 5. A broker that offers a range of forex tools is another vital thing to look out for.
FXCC is a truly international forex trading platform, featuring multilingual support options and dozens of translation options for the site. And you have the ability to choose your preferred language when setting up a forex trading account. The bulk of Canadian retail Forex trading volume occurs via international brokers, but many have restrictions on accepting Canadian-resident clients.
Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative. The minimum deposit at Forex.com is only $100 (123 CAD) and can be made via credit/debit card, bank transfer, or various e-wallets. Deposits and withdrawals are entirely free to make, regardless of which method you choose. Forex.com also do not charge a monthly account fee – although they do charge a small inactivity fee after one year of no trading. FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. However, what they give up they get back in the substantial protection offered by the Canadian Investor Protection Fund.
