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Here, tradingcritique.com suggests the Best Forex trading platforms for the people of Canada considering its Regulations and License from the institutions like IIROC (Investment Industry Regulatory Organization of Canada), AMF (Authorities Marches Financiers), BCSC (British Columbia Securities Commission) and OSC (Ontario Securities Commissions).
The IIROC is an active public authority where you can check the companies’ information through their official website – www.iiroc.ca, and if you follow them on Twitter @IIROCinfo you will get their updates, warnings or fines.
There are also unregulated broker platforms available in the market. You should not indulge in trading on such platforms as you may be cheated and can lose all your invested money. In regulated broker platforms, your investments are safe as various regulatory bodies take the responsibility.
Choosing the right broker is the first step to become a successful trader. In this article, tradingcritique.com listed the top 3 forex brokers in Canada. The top 3 Forex brokers are selected considering various factors such as Regulations, Platforms, Fees, Margin, etc.
This ranking has been prepared by tradingcritque.com experts after researching all the available Forex brokers accepting Canadian clients. The personal reviews of the traders are considered as the main criteria for ranking.
Website link: FOREX.com Canada
Regulations: IIROC, CFTC, FSA, FCA, CIMA, ASIC, SFC and MAS.
Minimum Deposit: $100
Forex pairs: 80 Currency pairs
Trading Platforms: MT4, MT5, Automated trading and Forex.com Trading Platform.
Fees: Spread costs, Commissions, Overnight financing costs and Inactivity fees.
Guaranteed Negative Protection: No
Guaranteed Stop Loss: No
Demo Account: Yes with $10000
Deposit Methods: Visa, Master card and Bank Transfer.
Monthly visitors in Canada: 39K (3.9% from total visitors)
FOREX.com, a part of GAIN Capital, was founded by Glenn Stevens in 2001 providing market access and trade execution services in Forex, CFDs to Retail traders and also for Institutional investors. It offers white label solutions for a greater number of forex trading companies that serve the global market.
FOREX.com primarily focuses on securing customers’ funds by enforcing robust bank review and monitoring guidelines that are set by the Risk Committee of StoneX Group Inc. (NASDAQ: SNEX)
Website link: Interactive Brokers Canada
Regulations: IIROC, CFTC, FCA, SEC, CSSF, CBI, MNB and MAS
Minimum Deposit: $0
Forex pairs: 105 Currency pairs
Trading Platforms: Interactive Brokers Trading Platform
Fees: Commissions and Inactivity fees.
Guaranteed Negative Protection: No
Guaranteed Stop Loss: No
Demo Account: Yes with $100000
Deposit Methods: Bank Transfer, Check, Online Bill Payment, Check, ACH, EFT, Bpay, Direct Rollover and Trustee-to-Trustee
Monthly visitors in Canada: 817.96K (16.07% from total visitors)
Interactive Brokers LLC is an American multinational brokerage firm founded by Chairman Thomas Peterffy in 1994 as an electronic brokerage. Before this company was created by Thomas Peterffy, he was an individual market maker owning a company named T.P & Co which was renamed Timber Hill Inc in 1982.
Peterffy developed algorithms to find the best prices for options and use those on the trading floor, as this company became the first to use daily printed fair value pricing sheets. He was the first to use handheld computers for trading which was not allowed by a lot of exchanges in earlier days. In 1987 Peterffy created the first fully algorithmic trading system, to create and submit orders in a market.
Interactive Brokers is the first online broker to offer direct access to IEX, a private forum for trading securities. Interactive brokers can connect to any electronic exchanges globally which allow investors to trade equities, futures and options around the globe.
Website link: Oanda Canada
Regulations: IIROC, CFTC, FCA, MAS and ASIC.
Minimum Deposit: $0
Forex pairs: 38 Currency pairs
Trading Platforms: MT4, Social+Copy Trading, Automated Trading & Oanda Trading Platform.
Fees: Commissions, Spreads, Overnight Financing Cost, Inactivity fees and Withdrawal fees (only bank transfer).
Guaranteed Negative Protection: Yes
Guaranteed Stop Loss: Yes
Demo Account: Yes with $100000
Deposit Methods: Visa, Master card, Skrill, Neteller and Bank Transfer.
Monthly visitors in Canada: 169.50K (3.39% from total visitors)
Oanda Corporation is a financial service provider founded in 1995 by Michael Stumm (A professor of computer engineering at the University of Toronto) and Richard Olsen (The Olsen Ltd, a top economic research and development firm). It is the first company to offer exchange rate information on the internet for free of charge.
Oanda launched a trading platform in 2001 that helps in the development of internet-based currency trading around the globe, which enables Forex investors to trade the markets with as little as $1.
Oanda is now serving clients all over the world, with 9 offices in 9 countries.
tradingcritique.com ranks the brokers based on various features and mainly concentrates on user reviews. We show you the right direction but choosing the right broker is the most important thing based on your personal needs. Consider your requirements into account along with our advice.
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