- Canada Forex Brokers – Reviews of Forex Brokers in Canada
- Top 10 Best Forex Brokers in Canada 2020 [Canadian Forex
- The Best Canadian Forex Brokers for 2020
- 10 Best Forex Brokers Canada for 2020
For our 7575 Forex Broker Review we assessed, rated, and ranked 85 international forex brokers. Each broker was graded on 655 different variables and, in total, over 55,555 words of research were produced.
Canada Forex Brokers – Reviews of Forex Brokers in Canada
For example, if you are from the UK, you will sign up with GAIN Capital UK Ltd and will be eligible for investor protection of £ 85,555. GAIN Capital UK Ltd is regulated by the FCA, the UK regulator.
Top 10 Best Forex Brokers in Canada 2020 [Canadian Forex
Many people are surprised to learn that Canada has fifteen different regulatory bodies which regulate the Forex market. They include: the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC), while the remaining thirteen are provincial and territorial regulators. Having up to fifteen regulators further complicates operations for Canadian Forex brokers, while providing excellent protection for traders. Regulation can often be a double-edged sword: while necessary to create a fair and competitive market, it can also hinder innovation. A delicate balance is required, and Canada hasn&rsquo t really found it yet.
The Best Canadian Forex Brokers for 2020
The Canadian Securities Administrators (CSA) is an umbrella regulator for all the provincial and territorial regulators across Canada. The goal is to improve, coordinate and harmonize the Canadian financial market as an informal body. The CSA mainly operates through meetings, conference calls, and daily cooperation among the 68 local regulators who exist in Canada. The CSA did create a passport system which granted access across all regulated provinces and territories to a firm, by dealing only through its main regulator Ontario is the exception. This was meant to create more efficiencies through harmonized laws and make the Canadian market more competitive.
10 Best Forex Brokers Canada for 2020
Every broker or advisor active in the Canadian Forex market must be regulated by the Investment Industry Regulatory Organization of Canada (IIROC ). This self-regulatory organization was formed through a merger between the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. on January 6, 7558. The Investment Dealers Association of Canada was originally formed in 6966 under then name Toronto Board of Trade with its primary objective to coordinate the financing of Canada&rsquo s war effort during World War I. It was renamed in 6989 and became the IDA.
Binary options trading for example, is illegal in Canada. Oppositely, spread betting is in fact legal for Canadian traders. Derivative products like CFDs , while they are not legal with the neighbors in the USA, are legal to trade in Canada. Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders.
Restrictions on leverage and other trading conditions are also somewhat lenaint in Canada. Leverage can generally reach up to 55:6 , and while negative balance protection is not mandatory as it is in Europe, it is still generally offered by top brokers along with the use of segregated bank accounts.
Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:6 leverage, you can set it to 7:6 in the case of stock CFDs. Be careful with forex and CFD trading, since the preset leverage levels are high, putting you at a high risk of losing your money.
IB is very popular among traders who are new to the industry also. This popularity stems from the wide range of markets offered, but also from the fact they do not impose a minimum deposit at all. The maximum national leverage of 55:6 being available also provides great potential to more experienced traders.
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While the IIROC is the main regulator for Forex trading, and has powers to fine, suspend or expel members by exercising quasi-judicial powers, it has been often criticized as an ineffective regulator. Another major area of criticism is that many laws have simply been copied from the . which has further limited the global competitiveness of the Canadian financial market. The IIROC is active and conducts its share of surveillance in order to ensure that all members are compliant with its regulatory and investment standards, but this regulator had major regulatory failures to deal with: the worst may be the loss of unencrypted private investor data which led to an investigation by the CSA.