zooguillem.ga is a trading name of GAIN Capital - zooguillem.ga Canada Limited, US Hwy /, Bedminster, NJ , USA is a member of the Investment Industry Regulatory Organization of Canada and Member of the Canadian Investor Protection Fund.
How to Choose a Forex Broker (as a Canadian Trader)
When choosing which broker to work with, it is also important to see what kind of trading platforms are provided by the broker. Some brokers merely focus on providing their traders with a single type of trading platform whereas other brokers may go through the effort of providing their clients with several choices of trading platforms.
Regardless of how many types of trading platforms are available, the most important thing is to see if the platform suits your trading needs and style. Check and see if the trading platform is also able to provide the following features such as:.
More and more brokers are building their own high spec platforms to match the needs of their clients. This is always a good sign to look for in a broker as it shows a level of seriousness. Some traders like using proprietary platforms as they are quite customizable and often user friendly and tailored to all levels of trader. The majority of Forex traders today are using the MetaTrader4 platform that is provided by most brokers. This is a generic platform which features the brokers logo on it.
You can the brokers platforms for a test drive before committing to depositing real funds. In forex, trading costs can be in the form of commissions or spreads levied on each trade that the traders make. In terms of spreads, they can be fixed or variable. Fixed spreads although are typically higher than variable lets a trader knows his trading cost prior to his trade execution. Variable spreads on the other hand are usually lower than fixed spreads but are susceptible to spikes due to changes in market volatility.
For professional traders who deal with larger trading volumes than the average retail trader, this type of broker is the most cost effective. As forex brokers in Canada are subjected to different regulatory requirements from the US, the leverage ratio which forex brokers in Canada are able to offer to their traders are significantly higher than what forex traders in the US are receiving from their brokers.
S, forex brokers are only permitted to offer a maximum of 1: In addition, no hedging is permitted eg. These are put in place by the U. S regulatory authorities in order to minimize the losses that US traders make from trading forex. For forex brokers in Canada, they have more leeway than brokers in the U.
This is why some Canadian based brokers are able to offer leverage as high as 1: Micro or Mini trading accounts typically have the lowest minimum deposit requirements and are geared towards beginner traders. These types of trading accounts allow traders to trade in less than a standard lot of , units of currency.
For traders who are more experienced, they usually go for the standard trading account which allows them to access more trading features as well as assets to be traded. For traders who demand more from their brokers, they have the choice of the VIP trading account. This type of trading account typically requires a minimum investment which runs into tens of thousands of dollars.
Finally if you are a Muslim forex trader, you might want to consider trading with a swap free trading account as there is no interest or commission applicable on trades making this type of trading account compliant with Shariah law. On top of the trading account types, always make a point to check the terms and conditions for withdrawals which are attached to the different types of trading account. Of course with all the different factors to consider, it is easy for a person to overlook customer support.
Nevertheless, customer support is as important as all the other factors which a trader must not overlook. Regardless of how experienced a trader you may be, there will always be an occasion that you will need help from customer support. You need to be sure that whenever you need assistance, help is always nearby, as there is nothing more frustrating than not being able to reach customer support when you are in difficulty.
Hence check if the customer support is available 24 hours a day or only during office hours and how efficient they are. In addition, check what methods are available for communicating with the support staff.
The best forex brokers are those which provide their traders with different methods of contacting the support team hence ensuring that you can communicate with the broker with minimum hassles.
In addition to the normal trading services offered by forex brokers, some brokers go further by providing their clients with additional value added services. These services are often offered as a further incentive for traders to sign up with the broker offering them. Furthermore these value added services also serve to help the broker differentiate their products and services from other brokers in the industry. Examples of these value added services include VPN service, one to one training, pattern charting, social trading and signal trading services.
In order to help our readers make an informed decision, we have reviewed some of the key brokers that offer trading to the area and are able to meet the trading needs of Canadian forex traders and recommend our readers to check them out. These forex brokers are all strictly evaluated on the same criteria that we have mentioned above in this guide. All information on ForexBrokerz. We do not present any guarantees for the accuracy and reliability of this information.
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Why traders choose FOREX.com
Top Forex Brokers in Canada for Forex Trading. There is more than one reason why online forex trading is so popular in the last years. Firstly, trading forex is a form of investment, unlike many ways of earning money online, which have more to do with being lucky, than . Top 10 Canadian Forex Brokers by TradersAsset. The “bricks and mortar” Canadian finance sector is very well regulated. In fact, there are three Regulatory Commissions and Trade Association that many financial companies must belong to. Choices for the retail forex trader to make among a host of reputable firms. Find the best forex brokers for Canada.