Do you want to try Forex trading in Canada but have no idea where to start from? Then, our guide is a must-read for you. Here, we will tell you how to easily choose a broker serving the local market and will provide a few company names that are safe to turn to.
First of all, let us clear out the issues connected with regulation. In this country, brokers are monitored by the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. So, it is advisable to work with those companies, which are the members of these organizations. Obviously, a broker must also have a license.
When you are sure that the service chosen works within the law, you can move to analyzing and comparing all the other aspects. So, to choose the best trading platform Canada, pay attention to such details as a selection of available assets, trading instruments on offer, execution speed, minimum deposit limits, commissions, fees, and penalties. In case you are a beginner, it is recommended to give preference to those sources, which offer copy trading and automated trading functions, and a good supply of educational content. Certainly, checking reviews left by other customers on independent websites is a must. That will allow you to get a true-to-life idea of the quality of service. In addition, it is advisable to test every platform via a demo account.
And, now, let us name a few services we have thoroughly checked and can safely recommend to you. These 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 request lower initial deposits.