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Best Forex Broker Canada 2022: Top Canadian FX Brokers!


Forex trading, also known as foreign exchange broking, refers to the process of swapping national currencies from registered exchanges or brokers. Forex can be used to exchange national currencies for any particular purpose of the user including personal use, travel, investment objectives etc. Forex broker Canada especially saw a rise after the introduction of digitized platforms by the best forex brokers which further increases investment opportunities for standard and swing traders.

Registered Canada forex brokers should adhere to regulations to operate in conjunction with the investment and trade industry. Regulatory organizations are more reliable for forex trading and Canadian traders should always go with reputed platforms desktop platform or others which proven to have a smooth flow of exchange through their forex trading accounts.

About Forex Broker Canada

Canada is the second largest country located in North America. This country is thinly populated and offers a great environment to trade forex. A forex broker Canada is a middle part or a currency exchange authorized to deal and trade with various currency pair and provide customers with currencies of foreign nations in exchange for local or other countries currencies, based on the international exchange rate of the selected currencies.

The interest rates charged by the trading of top regulated forex brokers for stock trading might differ from the market due to the prices or charges added by the exchange prices. Canadian forex brokers often charge reasonable rates from forex traders. The forex market is a highly volatile domain where the exchange price quotes for two currencies might not be the same for them with other currencies.

Many forex brokers in Canada offer limited foreign exchange trading capabilities, making it challenging to find a broker that provides the right traits, account types, and minimum deposit. Our review process is carried by our team of industry professionals has compiled a list of the best Canadian forex brokers that are all regulated by IIROC and designed to suit various trading strategies, goals, and suited for all account type of traders.

List of the Best Forex Broker Canada

  1. CMC Markets:- Best for Range of Offerings
  2. Interactive Brokers:- Best for Both Institutional and Professional Traders
  3. Best for Beginners, Automated Traders, and Advanced Professionals
  4. OANDA:- Best for Forex Traders in Canada
  5. Fortrade:- Best for Educational Resources and Strategies Along With Market Analysis
  6. Questrade:- Best Suited for Self-directed Investors and Traders
  7. Friedberg Direct:- Best for the Overall Trading Experience
  8. City Index:- Best Research and Educational Tools and Low Forex prices

Best Forex Brokers Canada List

We provide a long list of best Canadian forex brokers in Canada for Canadian traders to choose from. While the preference and usage of traders might lead to a different platforms for everyone, some of the more reputed and leading platforms for trading FX are listed below:-

CMC Markets

CMC is among the leading platforms and adheres to regulations when it comes to safety and security, a notion that is common throughout various providers in the domain. Its markets are regulated by FCA (U.K.) and the site has been able to maintain a good track record of user accounts. The regulatory body is reputed around the world, which serves as a testament to the reliability of the site.

Regulated By IIROC, FCA (U.K.), MAS, ASIC
Best For Best for Range of Offerings
Year Founded 1989
Minimum Deposit $0
Maximum Leverage It Is Generally 30:1, Which Comes from Margin Costs of 3.3%. However, the Leverage Ratio for Forex Pairs and Cryptocurrency Pairs Can Differ Greatly.
Tradable Assets Forex, CFDs, Spread betting, Commodities, Stocks, Treasuries, Custom indices

The clients can expect a reliable and safe environment for the trading strategy with minimal leverage risk to their information and funds. It has emerged as a market leader by the growing user base for different news trading style. Most traders should be aware that cryptocurrencies involve liquidity risk and price swings as well and they should be careful when they are trading. These markets are among the market leaders for FX trading and have been regarded as the leading forex brokers in Canada that can be recommended to all traders for various account types of trading tools and trading styles.

CMC assets cover various categories of trades and the traders can choose from a variety of forex assets to trade using their trading account. There is no minimum deposit value that is fixed by CMC and the traders from Canada can invest as little money as they want to risk or trade. The company has a greater list of tradable assets than leading forex brokers in Canada and the accounts can be used for 12 crypto and 2 indices.

CMC Markets - Best FX BrokerCMC markets has also received a few rewards for having lucrative options and positive impact for retail investor accounts. It has the largest catalogues and offerings of currency pairs in the Canadian forex market. However, check out our CMC Markets review to know more about the platform. Although, there is also a provision for dealing with cryptocurrencies, something which is not commonly seen among trading platforms.

The major difference between transacting with cryptocurrencies and dealing with forex pairs is that cryptocurrencies work in conjunction with volatility; beginners should have a thorough understanding before charting into new waters through the website, even if the broker is regulated. The cryptocurrency market works distinctly from the market but the flow of the platform is considered to be one of the better ones. Also if the customer has any doubts they can check its FAQ section to solve it and earn huge profit in the process.

Why Choose CMC Markets?

Benefits & Drawbacks of CMC Markets

Benefits Drawbacks

Fee Structure

CMC markets charge highly competitive stock index CFD and its fees. It does not charge for deposits and withdrawals, but the fees are a bit higher for stock and trading CFDs. CMC markets also charge £10 as inactivity account fees if the account is inactive for a period of one year.

Interactive Brokers

Founded in 1978, It is a well-known and industry-leading broker in Canada. It has several licences and adheres to regulations in tier-1 jurisdictions and has more than $170 billion in equities. Interactive Brokers LLC has several entities operating under its parent organization. It is regulated by the SEC (the US Securities and Exchange Commission) commodity futures trading commission (CFTC).

Regulated By IIROC, SEC (US), CFTC
Best For Both Institutional and…

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