Major interest in online forex trading in the last years have increased the demand for local forex brokers. Today currency exchange is available to any of the interested parties, whether you live in Canada, United Kingdom, South Africa or USA. Residents of almost all countries can take advantage of online fx trading and participate in world most vast market, open almost every single day, 24 hours non stop.
Canadian dollar, or as traders call it, the loonie, is one of the most favored currency. You might be surprised to know that this is a fact not just in Canada, but all over the globe, due to the stability of the currency and reputation of the political and economic systems.
Canadian forex broker must be registered with Investment Industry Regulatory Organization of Canada (IIROC) is required to be regulated by CIPF, aka Canadian Investor Protection Fund, which basically makes sure that in case your trading account experiences losses to to mischief of the broker itself, your lost funds will be refunded.
Extra regulations might be imposed on registered brokers in specific provinces such as Quebec and Ontatio, however, unlike UK forex brokers, Canadian brokerage allows the use of hedging, maximum leverage amount is not restricted and there is no need to close a previous position in order to open a new one for a specific currency pair.
Despite the perks, there aren't that much Canada - based forex brokers, since Canadian citizens are not limited to trade only with their local brokers, but can trade with any off-shore company they wish to. That being said, if you still wish to seek a Canadian one, there are major brokers who do have representative offices in the country to be able to serve Canadian customers better.
Canada is definitely one of the attractive destinations to set a brokerage company in, due to not so strict regulation. We have collected a comprehensive list of brokers which have a local office center in the country. Canadian Forex brokers open their doors to clients all over the world, not necessary only for the locals.
Top Forex Brokers in Canada
|Oinvest||8||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||200||Skrill, Neteller, Credit Cards|
|LiteForex||7||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||10||credit cards, wire transfer, litecoin, bitcoin, skrill, neteller, perfect money, ok pay, qiwi, wallet one|
|XM||7||yes||1:888||$30 no deposit||MetaTrader 4, Metatrader 5, XM Webtrader||5||Credit Card (Visa, Visa Electron, MasterCard, Switch, and Solo), Neteller, Skrill, Wire Transfer, Western Union, MoneyGram, WebMoney, China UnionPay, Local Bank Transfer, SOFORT, iDEAL, paysafe card, QIWI, CASHU, ABAOOS, MONETA, giro pay,Przelewy24,l Astro Pay Card, FasaPay|
|AvaTrade||5||yes||1:400||100%||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||100||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney|
|FXCM||5||yes||1:200||-||Trading Station II, MetaTrader 4, Active Trader, Forex System Selector||250||Credit/Debit card, Online Check, Bank Wire, Paper Check|
|Pepperstone||5||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|Forex.com||4||yes||1:200||-||ForexTrader platform (in-house), MetaTrader 4||50||wire transfer, Credit/Debit Card, Check|
|Oanda||3||yes||1:50||Metatrader 4, FXtrade||1||check, Credit cards, PayPal, Wire transfer|
|eToro||1||yes||1:400; 1:1 for Crypto Currencies||-||eToro Platform||200||Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer|
|LMFX||1||yes||1:1,000||100% match bonus, 15% recovery||Metatrader 4, Webtrader||50||credit cards, Fasapay, neteller, okpay, skrill, wire transfer|
|ForexMart||0||yes||1:1,000||$150 no deposit needed||Metatrader 4||1||credit cards, neteller, skrill, paypal, paxum|
How To Choose a Forex Brokerage if you are Canadian trader
You have to decide on your currency pairs and trading style. Practice with demo account before you invest any real money into the game. Keep in mind that Metatrader 4 platform is one of the popular and safest out there and is available for either download and web-based including mobile versions.
Whether a complete newbie or experienced trader, check out terms and conditions of each broker you have selected to trade with. Little hidden fees, high spreads, limitations on trading styles can be a huge disadvantage for your investing career.
What you need to look out for the most:
- Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
- Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
- Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
- Respected regulation authority such as DFSA, FCA UK, Cysec
- Segregated accounts for your trading funds (meaning that your money is kept separately from the company's finances)
- Satisfactory reviews from real forex traders from Kenya and around the globe
- Various payment methods with fast deposit and withdrawal options
- Low spreads and outstanding trading features
- Reputable trading platform such as Metatrader 4
- High quality customer support via chat email and phone
How do we rank and review?
Our team consists of traders with more than 15 years experience in forex. We have collected, reviewed, ranked and test driven more than 300 online international forex brokers and have created a full 2020 Forex Broker Review guide for our visitors.