Plus if you are new to the works of Forex trading then their online and free to access trading guides will come in very handy. You might be surprised by the advantages that the country offers to investors, which can in turn lure traders into depositing their trading capital with Forex Brokers Canada. For some traders, that is a more convenient option.
Top Rated Forex Brokers and Platforms
You can the brokers platforms for a test drive before committing to depositing real funds. In forex, trading costs can be in the form of commissions or spreads levied on each trade that the traders make. In terms of spreads, they can be fixed or variable. Fixed spreads although are typically higher than variable lets a trader knows his trading cost prior to his trade execution. Variable spreads on the other hand are usually lower than fixed spreads but are susceptible to spikes due to changes in market volatility.
For professional traders who deal with larger trading volumes than the average retail trader, this type of broker is the most cost effective. As forex brokers in Canada are subjected to different regulatory requirements from the US, the leverage ratio which forex brokers in Canada are able to offer to their traders are significantly higher than what forex traders in the US are receiving from their brokers.
S, forex brokers are only permitted to offer a maximum of 1: In addition, no hedging is permitted eg. These are put in place by the U. S regulatory authorities in order to minimize the losses that US traders make from trading forex. For forex brokers in Canada, they have more leeway than brokers in the U.
This is why some Canadian based brokers are able to offer leverage as high as 1: Micro or Mini trading accounts typically have the lowest minimum deposit requirements and are geared towards beginner traders.
These types of trading accounts allow traders to trade in less than a standard lot of , units of currency. For traders who are more experienced, they usually go for the standard trading account which allows them to access more trading features as well as assets to be traded.
For traders who demand more from their brokers, they have the choice of the VIP trading account. This type of trading account typically requires a minimum investment which runs into tens of thousands of dollars. Finally if you are a Muslim forex trader, you might want to consider trading with a swap free trading account as there is no interest or commission applicable on trades making this type of trading account compliant with Shariah law.
On top of the trading account types, always make a point to check the terms and conditions for withdrawals which are attached to the different types of trading account. Of course with all the different factors to consider, it is easy for a person to overlook customer support. Nevertheless, customer support is as important as all the other factors which a trader must not overlook.
Regardless of how experienced a trader you may be, there will always be an occasion that you will need help from customer support.
You need to be sure that whenever you need assistance, help is always nearby, as there is nothing more frustrating than not being able to reach customer support when you are in difficulty. Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are. In addition, check what methods are available for communicating with the support staff.
The best forex brokers are those which provide their traders with different methods of contacting the support team hence ensuring that you can communicate with the broker with minimum hassles. In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services. These services are often offered as a further incentive for traders to sign up with the broker offering them.
Furthermore these value added services also serve to help the broker differentiate their products and services from other brokers in the industry. Examples of these value added services include VPN service, one to one training, pattern charting, social trading and signal trading services.
In order to help our readers make an informed decision, we have reviewed some of the key brokers that offer trading to the area and are able to meet the trading needs of Canadian forex traders and recommend our readers to check them out.
These forex brokers are all strictly evaluated on the same criteria that we have mentioned above in this guide. Best Forex Brokers in Canada This page may not include all available products, all companies or all services. How to Choose a Forex Broker as a Canadian Trader Despite being a major developed economy, Canada is one of a handful of countries around the world that does not have a specific national regulatory agency monitoring the financial services industries.
Here you should look for: Download platform — which usually has the most functionality Web Trader — which can be accessed from any computer with internet connection using a login. Mobile trader- for trading on the go Regardless of how many types of trading platforms are available, the most important thing is to see if the platform suits your trading needs and style.
Check and see if the trading platform is also able to provide the following features such as: Generic Platforms More and more brokers are building their own high spec platforms to match the needs of their clients. Leverage As forex brokers in Canada are subjected to different regulatory requirements from the US, the leverage ratio which forex brokers in Canada are able to offer to their traders are significantly higher than what forex traders in the US are receiving from their brokers.
As you are going to be able to open up a no obligation demo trading account at each of the Forex Brokers listed above you will be able to experience firsthand but in a no risk trading environment how each of those Brokers respective trading platforms work and operate, so do consider opening up such an account as soon as you can do. Whilst you will of course find lots of different Forex Brokers available to you online, you do ideally need to select one that specifically caters for traders.
By doing so you will discover a range of additional benefits that other Brokers may not have on offer, and below are some of those benefits which can Broker you sign up to should be offering you as Forex trader. On Time Cash Outs — As soon as you have placed any number of winning Forex trades you will of course want to get access to those gains as quickly as is possible, all of our featured and top rated Forex Brokers have been chosen for several different reasons and one of those reasons is that they always payout traders gains quickly and by a method of their own choosing.
Multiple Platforms — We can highly recommend to you any of the above Forex Brokers and if you make the wise decision of signing up to any of them you will be able to use a mobile trading platform allows you to instantly be able to place your Forex trades wherever you are quickly and very easily, however they do all have of course their own highly advanced online trading platforms too, and as such you can use a web browser based trading platform if you prefer.
Trader Support — If at any time when using the trading platforms at any of our featured and highly recommended Broker, you have any question or are unsure about the way the trading platforms work or operate then simply contact the customer care team at those respective sites.
You will find that the customer care teams are available around the clock and they will soon be able to get the answers you are seeking to you, however very helpful and informative question and answer type guides are available to view on all of their websites so do check them out when you can as most if not all questions you may have will be answered in those guides. Top 10 Forex Brokers and Platforms by TradersBible Lots of our website visitors and as such we do know and understand all of those website visitors will be looking for information regarding where and how they can place all manner of different Forex trades online or via their mobile devices.
There are NO Forex Brokers who hold a valid license to operate in the country. We will notify you if the situation changes. Close Window Loading, Please Wait!