In Canada, there is a wide variety of Forex brokers offering favorable terms. But many beginners wonder which one to choose. You will find an answer to this question in the article below along with detailed instructions. Besides, we will recommend several reliable and loyal companies to you with experienced traders.
First, let’s clarify the regulatory issues. In this country, dealers are supervised by the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. It is therefore advisable to work with these companies, which are members of these organizations. Obviously, a broker must also have a license.
When you are sure that the chosen service is legal, you can move on to analyze and compare all other aspects. So, to choose the best trading platform in Canada, pay attention to details such as a selection of available assets, offered trading instruments, speed of execution, minimum deposit limits, commissions, fees and penalties. If you are a beginner, it is recommended that you focus on sources that offer copy trading and automated trading functions, as well as a good supply of educational content. Certainly, it is a must to check the reviews left by other customers on independent websites. This will allow you to get a true idea of the quality of the service. In addition, it is advisable to test each platform via a demo account.
Read also: Best American Forex Brokers: How To Find Them?
And now let’s name a few services that we have carefully checked and can safely recommend to you. They are Interactive Brokers, Qtrade, RBC Direct, CMC Markets, Questrade, Forex.com. By the way, if you have a limited budget so far, choose one of the first four platforms, they ask for lower initial deposits.