Canada is a large country with a very vibrant forex trading scene. The millions of forex traders on forex markets hoping to make a profit make for a fertile ground for forex brokers. Forex trading in Canada is also quite interesting, and a little bit different from that elsewhere in the world. First, there is no central regulatory authority in Canada to oversee forex brokerage and trading operations. Each province has its own regulatory authorities. It, therefore, follows that most of the forex brokers in Canada are available in select provinces, where they’ve been able to obtain trading certificates.
So, what is the best forex broker Canada? Do you understand how to choose the best forex broker?
There are a couple of forex brokers that have been able to penetrate throughout the Canadian market though. We’ve had our chances to interact with a good number of the best forex brokers for Canada clients, and we found some that offered very interesting forex trading prospects. Our aim here is to ensure you get the best broker for forex trading, if you are trading from Canada.
Based on our own experience, we have to problem recommending the forex brokers listed in the comparison table below.
|Broker||Minimum deposit||Minimum spread||Currency Pairs|
|Forex.com||$50||0.97 pips||50||1st Choice|
|eToro||$50||0.6 pips||47||2nd Choice|
We are going to explore these two forex brokers in a bit of detail, and find out what they have in store for Canadian traders. Tag along and let’s find the best forex broker in Canada.
Forex.com is a forex broker from the USA, but it’s not surprising that it is one of the best and most successful forex brokers Canada. Given USA and Canada are close neighbors; it is easy to understand why any broker who does well in the USA would do well in Canada as well. Forex.com is not your everyday mediocre forex broker though. We’ll explore what makes it a great forex broker in the sections that follow below.
Forex.com Trading Accounts
Just like with any other forex broker, the first thing a trader tends to investigate is the trading accounts. You need to ensure that your forex broker provides a trading platform that gives you as much chances as possible to get something out of your trading troubles.
Forex.com does not fall any short when it comes to trading accounts. It is known to have a very simple trading account structure. It has a bit of variety to ensure every type of trader is taken care of. Trading accounts on forex.com are divided into two major categories. They can either be standard or commission accounts.
What is the difference between the two? You might ask.
On standard accounts, you will be trading with fixed spreads or commissions, while the spreads on the commission accounts vary. The fixed spreads are mean to make it easy for you to mitigate the risks you are taking while trading. In that sense, we could view standard accounts as trading accounts for beginners.
On the other hands, the varying spreads on commission accounts will allow trader to play around with their position, while the trade is live, in a bid to maximize their profit. This has a higher risk level to it though. In that regard, you could refer to commission accounts as accounts for seasoned forex traders.
There is no restriction with regard to which account you can use though. You are free to use whichever trading account you feel comfortable with.
Forex.com goes a step further to categorize its trading accounts according to their ownership structure. Here are the various trading accounts on forex.com.
One interesting thing about trading on forex.com is that these accounts are quite similar. To begin with, they all have the same minimum deposit. You’ll only need to deposit $50 if you want to start trading on froex.com. Also, the trading tools and layouts in each of these account are quite similar. Forex.com is one of the best forex brokers with low minimum deposit 2019.
The individual account is to be held by a single person, while the joint account allows traders to trade as a group. The corporate account is more like the joint account, but it is registered under a legal entity. The most unique trading account on forex.com is the Sharia account.
Forex.com is arguably the only forex broker that takes into account the needs of every type of trader. The Sharia account is for Muslims. There are certain Islamic ideals that do not allow Muslim forex traders to trade like other traders. The Sharia account allows Muslims traders to trade without going against their religious teachings and ideals.
Before we close the discussion of trading account, we have to mention the Forex.com demo account. It is one of the best forex brokers with demo accounts 2019. It’s going to be a while before you find a more impressive demo account than that provided by forex.com. The demo account on forex.com is like real trading account. The only difference is the fact that you are not trading with real money. The forex.com will give you are very nice head start into forex trading, and put you a step closer to trading forex profitably. The demo account makes forex.com one of the best forex brokers for beginners 2019.
There are many other issues that we could discuss about forex.com, but we’ll cap this review by taking a look at its regulation and trust issues. Regulation is a very important aspect of any forex broker, and it counts for quite a significant portion of the trust a broker has.
Before we even talk of forex.com’s regulation, it is worth mentioning that forex.com is a highly trusted and reputable forex broker. We have not come across any complaints with regard to the effectiveness or legitimacy of forex.com.
Forex.com, being from the USA, is regulated by the CFTC (Commodities Futures Trading Commission). CFTC is the main regulatory authority in the US. For its operations in Canada, forex.com has to be certified by the relevant authority in each province. Whether you are trading from Canada, or anywhere else in the world, you can rest assured that forex.com is a trustworthy forex broker that will never have you worrying about any aspect of your trading.
There is one more impressive option for Canadian traders. In as much as forex.com is a wholesome forex broker, there is another option that’s just as impressive as it is. That’s eToro. Take a look at the brief review below.
eToro is also a great option for Canadian forex traders. It is available all over Canada, and it offers a very unique trading experience. eToro is a social trading broker. We’ll discuss about social trading in a bit, but first, there is a brief overview about eToro.
eToro is from Cyprus, and it has been offering forex brokerage services for more than a decade now. Its operations begun in 2007, and it has risen over the years to become one of the biggest forex brokers in the world. There are a lot of exciting things about trading eToro.
In the short review below, we’ll outline our reasons for picking it as one of the top forex brokers for Canadian traders.
The Social Trading Platform
We’ve mentioned that eToro is a social trading platform. That means that traders on eToro can copy trade.
What does that mean?
It means that traders are allowed to interact with each other, and observe how other traders are trading in real time. That means that traders can copy trades from another. Note that copying trades is not special to eToro. Copy trading is available in many other brokers. eToro distinguishes itself from the rest of the copy trading platforms with its social trading platform.
eToro’s is designed like a social media planform. Not only does it make it easy for traders to communicate and share ideas with each other, it also makes it easy for traders to follow their favorites traders and copy their trading techniques when they need to. On the social platform, each trader has a profile that displays their trading progress. It is easy to find the top traders on the platform and copy from them.
Spoiler alert! Copy trading on eToro does not mean that you will be counting profits all day long. No single forex trader wins 100% of their trades. You never know whether the time you are copying a particular is the time they are on a losing streak.
It is important to note that copy trading is not the only option on eToro. eToro is a forex broker like any other and you have everything you need to explore the market charts, analyze them, employ your trading strategies, and trade without copying anyone.
To cap off the discussion, it is paramount that we mention that eToro is a broker that you can fully trust, regardless of where you are trading from. As we had indicated earlier, the fact that it is available all over Canada, means that it is regulated by every regulatory authority in the various provinces of Canada. Apart from that eToro is regulated by CySec (Cyprus Securities and Exchange Commission). CySec is a respected regulatory authority that presides over the operations of forex brokers in Cyprus.
In conclusion, the two brokers we’ve reviewed above are great brokers not only in Canada, but in many other places in the world. These are renowned brokers who have established their place on the market as some of the best.