Canadian Forex Brokers

Choosing The Right Canadian Forex Broker

There are many factors to consider. It must have a trading platform that traders can use. A trading platform is a software that completes the process of buying and selling currencies. It must also have diverse currency pairs, extraordinary customer service, and assorted types of accounts. Most importantly, it should have regulatory compliance. Regulation of Forex brokers is assigned according to the country where it operates. Canadian Forex brokers are no different.

Can Canadians trade in any Forex Broker they want?

In the Forex market, buyers and sellers of foreign currencies are literally miles apart. To bring them together, Forex brokers are needed. At the same time, a Forex broker acts as a middleman between the FX market and traders. In order for anyone to be able to trade in the Foreign exchange market, an FX broker must be hired.

In Canada, to enable a Forex broker to represent Canadian traders in the Forex market, they must be regulated by several government-assigned financial institutions including the following:

Financial Transactions and Reports Analysis Centre of Canada

FTRACC, or the Financial Transactions and Reports Analysis Centre of Canada, is the official agency that regulates Canadian Forex brokers. Its main responsibilities are to evaluate FX brokers and assign licenses to them. It also analyzes and collects information that can identify and solve problems within the Canadian financial market. It is also a governing body that prevents money laundering and various suspicious financial transactions within the country.

Ontario Securities Commission

OSC, or the Ontario Securities Commission, is a non-national government agency that regulates FX brokers from the province of Ontario. Ontario FX brokers, in addition to getting a FTRACC license, must secure an OSC certification.

The OSC works the same way as FTRACC, except that it focuses on a local level. It provides protection for brokers and traders against improper, unfair financial practices in Ontario. It also promotes and regulates transaction within the province’s capital markets.

British Columbia Securities Commission

BCSC, or the British Columbia Securities Commission, is also an agency independent of the national government, which regulates brokers from the province of British Columbia. BCSC-certified brokers must also be licensed by the FTRACC.

For traders wanting to initiate FX transactions in Canada, they should be seeking brokers regulated by these agencies. Here are some of the best-regulated brokers that accept traders from Canada:

XTrade

Opening an account with XTrade costs a minimum of $100. It offers mobility with a mobile-friendly version of its trading platform. Aside from FX, it also offers trading instruments including indices, commodities, and shares. XTrade is owned by Cyprus-based XTB Limits.

XM

A minimum deposit of only $5 is required to open a Micro account with XM. Like XTrade, XM also offers mobility. It also offers equity indices, precious metals, energies and commodities as trading instruments aside from FX. XM is operated by Trading Point of Financial Instruments.

HYCM

Although it is named HYCM due to its full name, Henyep Capital Markets (also the owner), this broker is referred to as HY Markets by its traders. It requires a $50 deposit for a start-up account and offers more than 50 trading instruments.

Opening a Forex Trading Account

Traders in Canada should remember to consider the availability of a trading platform, a number of currency pairs, and financial institution regulations when looking for Canadian Forex brokers to open a trading account.

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