Most fx Canada brokers on the market conduct their business from abroad and only have a branch in Canada. There are good reasons to choose one of the few forex brokers from Canada: The regulatory environment is reliable and the deposit insurance also covers claims from open transactions to a certain extent. Canadian Forex providers are completely subject to supervision by the Federal Financial Supervisory Authority (IIROC). Many foreign brokers with branches in Canada also list IIROC. The authority is then not responsible for the “critical” part of supervision, but rather exaggeratedly only checks the postal address for correctness.
Interesting facts about Canadian Forex brokers
- Canadian brokers guarantee optimal protection of customer funds in the event of bankruptcy
- IIROC takes over the regulation
- Withholding tax is paid directly by the company to the tax office
- Brokers based in the EU are generally to be regarded as reputable
Recognizing a Canadian broker is not always easy
Sometimes traders have to look closely to be able to distinguish Canada Forex brokers from foreign competitors . Even a look at the imprint of the homepage does not always help immediately if the address of the Canadian branch is noted there. Formulations such as “established in Canada” and “ regulated by IIROC” do not necessarily help either, because a legally largely non-binding branch may be subject to IIROC control in non-critical areas.
It is not always easy for traders to see whether they are actually dealing with a Canadian forex broker. Even the reference to the fact that the broker is regulated by IIROC and has a seat in Canada is no guarantee that the company is from Canada. Foreign brokers who are located in the EU and have to comply with certain transnational guidelines are to be regarded as reputable as far as possible.
There are a variety of forex brokers that offer online brokerage. Making a good decision is not always easy. Anyone looking for a forex broker from Canada has at least limited the selection a little. Three Canadian providers are particularly recommended : Avatrade, easyMarkets Canada and FXChoice received top marks in our test in the areas of offer, performance, conditions and service. There are only small differences between the three brokers, especially in terms of the conditions. Which provider you choose depends in detail on the demands you place on a forex broker.
- Three top brokers from Canada in comparison
- All of them score with excellent service and support
- Most currency pairs are tradable at easyMarkets
- Spreads from 0.6 pips
- Convincing trading technology with MetaTrader for everyone
The performance and services of the three brokers in comparison
In terms of services, the differences between the three brokers are not particularly great: The offer includes forex trading plus other online brokerage transactions such as stocks, CFDs, commodities or indices. Anyone who wants to test the offer before deciding on a provider has the opportunity to do so in any case: A free demo account is offered for all of them , which can be used for at least 30 days or unlimited. The demo account has all the relevant functions of the trading platform and simulates the forex market very realistically. A demo account is a good choice not only as a test, but also as a training opportunity!
The mobile trading via App is also possible for all three brokers. Since there are three forex brokers from Canada, it is clear that the service and support is offered in English and Canadian French. But other languages such as English or French are also part of the repertoire of the internal brokers. Advice over the phone is available at least on weekdays.
Trading Platforms: Which Are Best?
Another crucial criterion for finding a broker is the question of the trading platform. What do our three favorites in this area offer? Who has the best offer here?
A good trading platform is a prerequisite for trading successfully on the Forex market. Various platforms are made available at Online forex trading site, including MetaTrader 4, a well-known and widely used trading platform . In addition to placing and stopping orders, MetaTrader offers extensive analysis options. These tools help in forecasting market developments. From our point of view, MetaTrader is highly recommended for Forex trading.
Conclusion: Forex Broker Canada
While all three brokers deliver a very convincing picture of performance, service and support , all offer the possibility of a free demo account and all provide good trading technologies, differences are more likely to be seen in the area of conditions. However, easyMarkets is just as convincing as the other two brokers : No minimum deposit is required and the leverage of 400: 1 is not too low either. Only with regard to the trading offer, IG cannot quite keep up with 75 offered currency pairs. The winner in the area of tradable currency pairs is easyMarkets with over 100 currency pairs.