They therefore trade the CAD/JPY pair, but Forex traders should keep an open mind and explore all possibilities since the US Dollar is the default oil quote currency. 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. Eightcap International features MT4, MT5, Capitalise AI, Crypto Crusher, and TradingView. Algorithmic traders can qualify for free VPS hosting, and beginners get quality research and education, making Eightcap an excellent choice for Canadian-resident Forex traders. According to Glassdoor, the average salary of a forex trader in Canada is $55,749.
Alvexo market data is updated twice a day, plus to the breaking news or trading opportunities and is provided for free to all customers. Alvexo is a highly regulated broker with a good reputation that provides flexible trading conditions, a variety of platforms, and pricing built into a spread or commission charge. Alvexo is a Cyprus based Forex trading Broker that specializes in financial markets trading with availability to trade currencies and CFDs on Indices, Cryptocurrencies and Commodities.
CIRO is recognized by the Canadian Securities Administrators (CSA), which encompasses regulatory bodies from all Canadian provinces. This recognition underscores CIRO’s expertise and authority in the Canadian market. As well as the CIRO, other top-tier global regulators include ASIC of Australia, the FCA of the UK, and the CFTC of the USA. Whether you decide to use a broker regulated by CIRO or not, it’s important to remember that choosing a regulated broker is the best way to ensure your protection as a Forex trader. CIRO is one of the world’s top regulators, and we consider brokers who have been licenced by CIRO to be trustworthy for Canadian traders. Commodities including gold, silver, platinum, crude oil, and other energy commodities are offered for trading as CFDs.
- If you are looking for a broker that offers the best currency trading platform in Canada for your trading needs, all the trading platforms offered globally are available from Forex brokers in Canada.
- EToro is regulated in Cyprus, the U.K., Australia, and the United States although its U.S. offering is firmly differentiated from its offering to the rest of the world.
- The biggest influence on the CAD is the domestic economy, which is driven largely by oil, gas, and mining export operations.
We like the 80 technical indicators and drawing tools that come with TradingView charts which allow you to create your custom templates. When it comes to the Forex industry CIRO is responsible for creating and enforcing regulations to protect Forex traders. CIRO ensures the funds with traders are safe and that brokers are fairly delivering their services. If you desire a higher level of risk management beyond the standard stop losses, AvaTrade offers AvaProtect™. If you are using AvaTradeGo, for a small premium, you can buy time to reverse your trade.
How to choose a Forex broker?
For the top 5 most traded currency pairs, FP Markets’ RAW account averages spreads of 0.22 pips against the industry average of 0.45 pips. FP Market’s Standard account, was also competitive for the major forex pairs, averaging spreads of 1.30 pips against canadian forex review the industry average of 1.52 pips. TD Ameritrade is a leading forex broker in Canada, offering a user-friendly platform and competitive spreads. They provide access to a wide range of financial instruments, including forex, stocks, options, and more.
Best Forex Brokers Canada 2021
Accordingly, forex traders use leverage to take advantage of small fluctuations in price movements. Canada is somewhat limited in the number of forex brokers that can be used relative to other areas of the globe like the U.K. For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not CIRO regulated.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms. When forex trading in Canada, look out for brokers regulated by the IIROC or the CSA. These two entities provide excellent protection for forex traders – so if your chosen broker is covered by one (or both) of them, then you’re onto a winner.
How to Choose the Right Forex Broker for You
Secondly, the best Forex brokers in Canada will have multiple Forex trading platforms available to its traders so you can choose the trading platform that suits your style of trading. Thirdly, you want to make sure that you can open an account type that has the leverage and margin you need. Different rules apply to Forex brokers in Canada compared to Forex brokers in the US. For example, there are different leverage and margin rules between Forex brokers in Canada versus the US. Also, many Forex brokers in the US will not accept accounts from Canadian residents. If you are looking for a broker that offers the best currency trading platform in Canada for your trading needs, all the trading platforms offered globally are available from Forex brokers in Canada.
These pairs have much less liquidity and higher spreads – but can often provide excellent opportunities for profits. Again, due to the volatile nature of these pairs, beginners should probably steer clear until they have more experience in the market. If you are active in the market, FXCM will allow you to claim back some of the money you spend on spreads. The amount you are entitled to depends on how active you are and how large your position sizes are – the more active you are, the more money you can claim back. Finally, FXCM offers a fantastic selection of educational materials, including daily market coverage through in-depth videos and guides for forex trading beginners. The list below showcases the top ten brokers for forex traders in Canada, helping you make an effective broker choice.
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support. Overall, Interactive Brokers is a broker we recommend for more experienced traders, with low online trading costs for active traders, an unparalleled library of products and advanced trading platforms. FP Markets offers both a commission-based (Standard) and spread-based (RAW) account.
In fact, Seychelles is a beautiful offshore zone that does not implement strict regulatory restrictions towards financial firms, therefore solely can be trusted. However, since Alvexo is authorized by the member regulatory from the EU, it means its operations are set to strict guidelines maintained by MiFID. 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. Like TMGM, this is because Eightcap is a no-dealing desk broker, meaning it has STP or ECN ‘like’ pricing.
USD/JPY Price Challenges 146.5 as Risk Remains Sour
We also scored Eightcap highly for its diverse range of platforms (8/10), good range of products (7/10) and useful educational resources (9/10). By joining the Elite Trader Program you can earn spread rebates from your trading costs. If you are a high-volume trading, this feature does give OANDA a point of difference over its competitors. TradingView is one of the world’s top charting platforms with 15 chart types, over 100 pre-built technical indicators and 90+ smart drawing tools. Given charting is such an important aspect of trading from our experience, having the option of TradingView enhanced our platform experience with OANDA. When we tested the platform, we found the UI was well designed, presenting extensive charts and 100+ trading indicators without appearing cluttered.
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. Due to Avatrade’s strict regulation, new customers must perform some KYC checks and verify themselves. Luckily, this is super easy to do – it’s simply a case of providing the personal details that Avatrade require and uploading some verification documents. Avatrade will require proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill). Aside from the actual methods that are accepted, it’s important to double-check whether your broker charges a deposit (or withdrawal) fee.