serve to help the broker differentiate their products and services from other brokers in the industry. The mandate of the OSC is to provide protection to investors from unfair, improper and fraudulent practices, as well as to foster fair and efficient capital markets and confidence in capital markets. As a result, Canadian forex traders run the risk of losing their money to these unscrupulous brokers. . These are put in place by the.S regulatory authorities in order to minimize the losses that US traders make from trading forex. You can easily sign up for a demo account at the majority of brokers in order to try before you buy.
They also normally come with a dedicated account manager to handle the traders requests. The typical minimum deposit for the standard account usually starts from 500 to a few thousand dollars. Usually you will be able to contact support staff by: Phone Email Live Chat Address Fax Additional Services In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services. A leverage of 400:1 is offered along with fantastic account management. The Canadian brokers are specific for their own regulation body, which provides the safety for each trading website, as well as the safety for the customers, themselves. But lets discus these things in details, because they seem to form any Canadian traders choice for opening an account in a certain broker based in Canada. Web Trader which can be accessed from any computer with internet connection using a login. General Regulation Canadas Regulation, although there is no national regulatory framework to regulate the activities of financial services providers in Canada, financial services providers are still being regulated at the provincial and territorial level through multiple regulatory agencies.
If this sounds like a lot of work, youre in luck as weve done the hard work for you. . If youre still unsure about using them, we suggest that you open a free demo account and check out the platform fro yourself. The Ontario Securities Commission administers and enforces securities law in the province of Ontario. For brokers who offer Electronic Communication Network (ECN) access to interbank rates, (eg. This means that in the future, Canada may very well have its own central financial regulatory agency just the Financial Conduct Authority (FCA) in the. It is not a secret to anybody that there is a big chance for many traders to find difficulties to find a decent broker to register and trade. The Investment Industry Regulatory Organization of Canada (iiroc). For professional traders who deal with larger trading volumes than the average retail trader, this type of broker is the most cost effective. There are several ways to participate in online trading in Canada: you can choose a broker that is regulated in Canada only. EToro eToro is a unique broker as they bring traditional trading up-to-date by offering a Social Trading experience. Those brokers who pass on the trades directly to the liquidity providers through the electronic network rather then taking the other side of the trade there will usually be a small commission charge on top of the raw spreads which traders get from the liquidity. Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are.
Even though in most cases, the location of the firm we are clients of is not that important, here in financial trading, things are completely different. Mobile trader- for trading on the. Still, if you are a trader based in Canada, you are free to join any Canada Forex broker. Currently, this commission has 10 commissioners, who are in charge to protect the personal data, the finances and the brokers from different cases of scams or frauds. If you continue to use this site we will assume that you are happy with. So, lets talk about the best Forex brokers in Canada now! In terms of spreads, they can be fixed or variable. This is not very common, but you can find it as a trend for many different trader types.