Best FOREX Brokers in Canada 2023
New FOREX brokers come on the scene all the time. With competition so rife, brokerage firms are trying harder to keep their clients satisfied as a way to protect their market share. FOREX traders, for their part, are concerned about the dangers of trading FOREX with the wrong broker. Because of this, they need the guidance of a qualified voice to stay away from dodgy brokerage firms. For this reason, we will be listing the best FOREX brokers in Canada today. This list is the result of a detailed review process carried out by Arincen. We will share our review methodology so traders can understand why we chose the companies we did.
Best FOREX Brokers in Canada in 2023
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
FXDD |
$450 | USA | ||
ICM Capital |
500$ | United Arab Emirates | ||
XTB |
500$ | UK | ||
IG |
500$ | UK |
| Company name | FXDD |
| Regulations | |
| Minimum deposit | $450 |
| Main branch | USA |
| Company name | ICM Capital |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | United Arab Emirates |
| Company name | XTB |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
| Company name | IG |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
Top Tips for Selecting the Best FOREX Brokers in Canada
In Canada, the FOREX market is populated with first-rate brokers offering top-of-the-line services. To ensure the security and potential growth of your investments, it's critical to engage with a broker with a well-established track record of success in this nuanced financial sector. Conducting meticulous research is fundamental to making an informed selection. As you navigate the process of choosing a FOREX broker in Canada, keep the following essential considerations in mind:
• Regulatory compliance is a must; the broker should be monitored by a credible regulatory agency, such as the Investment Industry Regulatory Organization of Canada (IIROC) or another internationally acclaimed regulator.
• Assess the broker's fee arrangement to confirm that it is both competitive and transparent, thereby optimizing your investment value.
• Choose a broker that offers a comprehensive suite of tradable financial assets to foster a diversified investment strategy.
• Uncompromising customer service is critical; opt for a broker whose support team is highly responsive and adept at resolving any questions or issues that may arise.
• A broad selection of research tools and educational materials should be at your disposal, serving to elevate your trading acumen and market understanding.
• Assess the broker's fee arrangement to confirm that it is both competitive and transparent, thereby optimizing your investment value.
• Choose a broker that offers a comprehensive suite of tradable financial assets to foster a diversified investment strategy.
• Uncompromising customer service is critical; opt for a broker whose support team is highly responsive and adept at resolving any questions or issues that may arise.
• A broad selection of research tools and educational materials should be at your disposal, serving to elevate your trading acumen and market understanding.
Best 7 FOREX Brokers and Trading Platform In Canada
Take a look at our expert’s top 11 FOREX brokers in Canada for 2023
- FXDD 92.15 - Best Overall Broker
- ICM Capital 91.10 - Best Deposit and Withdrawal Broker
- XTB 85.55 - Best Customer Service Broker
- IG 85.45 - Best Regulations Broker plus Convenient Platform
- Saxobank 80.09 - Excellent Private Trading Platform
- CMC Markets 80.07 - More than 9,000 Assets
- Think Markets 80.05 - Aimed at the Audience of Traders
FXDD Broker
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
| Broker Evaluation | 7.22 |
| Regulatory Bodies | |
| Minimum Deposit | $450 |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United States of America |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Established in 2002.
-
Segregated client funds.
-
Low minimum deposits.
-
No commissions on the Standard Account.
-
A choice of two account jurisdictions.
-
Multiple platform support and comprehensive market data and analysis.
-
A good range of currency pairs and other assets to trade.
Cons
-
Not available to traders in the US.
-
Relatively limited range of instruments.
-
EU-client leverage restricted to 1:30.
ICM capital Broker
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
| Broker Evaluation | 8.11 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Segregated client funds.
-
Regulated by the UK’s FCA.
-
Established in 2009.
-
More than 10,000 ICM Capital users and traders.
-
Reasonable minimum deposit from $500.
-
Decent funding options.
-
No swaps.
-
MetaTrader4 (MT4) desktop and mobile download.
Cons
-
Does not allow scalping.
-
Not ASIC-regulated.
-
Relatively limited range of instruments.
-
Slow live-chat service.
-
Relatively high trading fees.
-
Limited range of trading tools and resources
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 -Web Platform |
Pros
-
Long history of operation.
-
Globally recognized, having won multiple awards.
-
Some of the lowest FOREX spreads in the market.
-
Regulated by the FCA (UK).
-
Offers protection for client accounts.
-
Emphasis on customer service.
-
Excellent support, learning and research tools.
Cons
-
Does not accept US clients.
-
Non-FOREX spread costs are relatively high.
-
No GSLO.
-
No back-testing or automated trading capabilities.
-
Conditions vary according to regulation and entity.
ig markets Broker
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
| Broker Evaluation | 7.54 |
| Regulatory Bodies | |
| Minimum Deposit | 250$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Easy-to-navigate platform that is simple for beginners to master.
-
Margin rates are easy to understand and affordable.
-
Mobile and tablet platforms offer full functionality of the desktop version.
-
Accepts US clients.
-
Access to more than 100 currency pairs
-
Emphasis on education and research.
-
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
-
Offers protection for UK/EU client accounts.
Cons
-
US traders can currently only trade FOREX.
-
No GSLO for US-based traders.
-
No account protection for US clients.
-
Relatively high share-CFD fees.
-
No copy trading or back-testing integration on IG platform.
SAXO BANK Broker
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
| Broker Evaluation | 6.09 |
| Regulatory Bodies | |
| Minimum Deposit | 10000$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card |
| Main Branch | Copenhagen, Denmark |
| Customer Service | 24/5 |
| Demo account | No |
| Trading Platforms | SaxoTrader |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK) and other top regulators.
-
Great trading platform.
-
Among the industry’s best research.
-
Superior user interface.
-
Offers protection for client accounts.
Cons
-
High bond, options and futures fees.
-
Lack of emphasis on customer service.
-
Confusing instrument fee structures.
-
High minimum deposit.
-
Does not accept US clients.
-
No MT4.
-
Lacks live chat.
CMC MARKETS Broker
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
| Broker Evaluation | 7.07 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK).
-
Low FOREX fees.
-
Emphasis on education and customer service.
-
Great Web and mobile platforms.
-
Offers protection for client accounts.
-
Research amenities are industry leading.
Cons
-
Does not accept US clients.
-
Limited product portfolio.
-
High stock CFD fees.
-
High CFD spreads for certain indices.
-
Differences between Next Generation and MT4.
-
Complicated account verification.
-
No back-testing or automated trading capabilities.
think markets Broker
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
| Broker Evaluation | 8.05 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | Australia |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -Web platform-mt4- mt5 |
Pros
-
Beginner assistance offered through 24/6 channels.
-
Spreads are as low as 0.0 pips.
-
24/7 expert customer service.
-
CFD shares and indices come at no extra fee.
-
Zero broker fees for FOREX trading.
-
Technical analysis and quality market information.
-
Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
-
Direct share trading is on a separate platform.
-
No binary options offered.
-
Commissions charged for two account types.
-
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
-
No US, Canada or Japan clients allowed.
What is FOREX and Why Do We Need a Broker to Trade?
The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except international holidays. The FOREX market is the largest financial market in the world, with some six trillion dollars changing hands daily. Brokerage firms play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in Web and mobile format.
How Do I Choose the Best FOREX Broker in Canada?
Canada is a major global economy that often features in the top 10 lists in the world for GDP as well as income per capita. With a population of some 39 million people, it has a large and diverse pool of traders living on its shores. It is a well-resourced nation that is run along the idea that every participant in each area of business must follow the rules for the betterment of the whole country.
In keeping with this ethos, Canadian authorities have a firm hand on the financial markets in the country and how they are run. To operate as a business that offers institutional brokerage securities services, corporate finance, registered professional trading and market making, firms must be registered with the Canadian Securities Exchange (CSE).
Further, firms must also be in good standing with the Investment Industry Regulatory Organization of Canada (IIROC), which is the primary financial regulator in Canada, whose powers even supersede those of the CSE, even though its relationship is more complimentary than hierarchical. To become registered by the IIROC, firms must be formed under Canadian federal, provincial, or territorial law. A firm outside Canada would need to create a Canadian entity that would apply for IIROC membership. Be aware also that, depending on the province in which the broker is situated, it may be subject to additional provincial regulation.
FOREX Regulations in Canada
The IIROC is a powerful investment industry regulatory organization. This premier regulator enforces rules regarding the proficiency, business and financial conduct of firms operating in its ambit. At the time of writing, the regulator indicated that it oversaw the affairs of approximately 174 Canadian investment firms and the more than 31,000 registered individuals.
All FOREX brokers are subject to rigorous, comprehensive training and monitoring. IIROC teams continually conduct reviews and work with firms to ensure they meet high standards of business and trading supervision while providing advice that appropriately reflects their clients’ needs
The IIROC has surveillance teams based in Montreal, Toronto, and Vancouver. The regulator’s enforcement staff ensure timely identification, investigation, and prosecution of regulatory misconduct. Where evidence of wrongdoing is established, the regulator can institute fines, suspensions, as well as permanent bans of individuals and companies.
Commissions and Fees in Canada
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX broker. Good companies typically offer a EUR-USD spread of three basis points.
As for commissions, FOREX trading brokers can be placed in three categories. The first offer fixed spreads, while the second tender variable spreads, with a third category of companies offering low-cost spreads but that come with a (relatively high) fixed commission.
Tradable Assets and Instruments
Traders in Canada can get access to all types of asset classes, including cryptocurrencies, stocks, mutual funds, bonds, commodities, and exchange traded funds (ETF), and especially FOREX. There are very few asset types that are not allowed, as the regulators are satisfied that with the extreme level of oversight they demand, traders will not be taken advantage of.
Payments, Deposits and Withdrawals in Canada
With Canada an open and technologically advanced economy, all types of deposit and withdrawal tools are permitted. These include the most common methods, such as bank wire transfers, credit and debit cards, and online wallets. Indeed, as a diverse and wealthy economy, most of the well-known and trusted payment carriers operate in Canada. Traders will find it is easy to conduct business here.
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you of having to worry about problems down the road.
Technical Aspects of the Broker’s Website
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site).
To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed, where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX brokers usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, whenever looking for a new FOREX broker, users must ensure its Website is fast, modern and user-friendly.
Best FOREX Trading Platforms in Canada, Tools and Features
Canadian brokers commonly provide all the necessary tools and features for traders to be active and competitive in an evolving FOREX marketplace. Certain brokers have their own proprietary platforms, while others are well served by known industry giants, such as MT4, MT5, and cTrader. Professional traders will find no hurdles to trading on high-speed networks underpinned by safe and secure technology.
Ask Other Traders on Our Network
Arincen has gone to great trouble to foster a collaborative trading space where investors from all backgrounds and levels of training can enjoy being part of a vibrant and prosperous trading environment. When all is said and done, Arincen’s ambition is and always will be to simplify the world of trading for the benefit of all types of traders. Our Website offers a quality spread of tools, such as our proprietary signals, breaking news, and an energetic community where traders of all experience levels can learn and profit from each other.
Which FOREX broker has the best FOREX trading platform in Canada?
Many traders find they cannot go wrong with MetaTrader’s powerful and robust MT4 platform. It is well-loved for good reason. Common features include powerful charting tools and insightful analytical packages. However, if you want to try something new, you can try a proprietary platform. If you go this way, Saxo Bank offers advanced trading features and high-performing tools with unrivaled market analysis.
Which FOREX broker charges the lowest fees and spreads?
We found FXDD’s ECN account to be unmatched for low fees and spreads. Regardless of the experience level of the trader, they can find a pricing tier that suits their needs, while still getting all the best the broker has to offer.
Which FOREX broker offers the most CFDs?
According to our research, CMC Markets and IG offer the widest range of CFD selections.
Which FOREX broker offers the most assets?
CMC Markets and IG are the two FOREX brokers we would not hesitate to recommend for the broadest and most comprehensive range of financial assets.
Which FOREX broker is best for professionals?
Elite traders have exacting standards. They will not settle for sub-standard platforms that do not have best-in-class execution speeds, liquidity and customer support. Research resources are also a key area that experienced traders watch out for as they can make better and faster decisions with on-time accurate information. In this case, you should look to brokers that use MT4, an industry beacon that offers all of the above.
Most Trusted FOREX Brokers and How to Verify Regulations
At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government entities charged with regulating the sector. Their role is two-fold:
1.Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
2. Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1.The Financial Conduct Authority (FCA), UK;
2.The Swiss Financial Market Supervisory Authority (FINMA);
3.The Australian Securities Investments Corporation ASIC;
4.The Financial Markets Authority, New Zealand; and
5.The National Futures Association (NFA), US.
2.The Swiss Financial Market Supervisory Authority (FINMA);
3.The Australian Securities Investments Corporation ASIC;
4.The Financial Markets Authority, New Zealand; and
5.The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the strictest. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.
How to Verify that Your Broker Has Authorization
To check if a FOREX broker is regulated by the IIROC, you simply need to find the IIROC registration number on the broker's homepage. From there, you can look up the licensing number on the financial register available on the IIROC’s Website to confirm if the broker is currently licensed in Canada.
In this introduction, we looked at the best FOREX brokers in Canada. We began by identifying the best five FOREX brokers in the country, listing, and ranking them by their Arincen trustscore. We then briefly described the regulatory environment governing these companies (more on this later on in the article). Finally, we advised readers how they should go about ensuring that the broker they are looking into is licensed by a tier-1 regulator, such as the ASIC, and, therefore, deemed trustworthy.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
- The FOREX brokerage firm cannot recommend a buy or sell;
- The FOREX brokerage firm must not provide price or market expectations (rise/fall);
- The FOREX firm cannot control your financial dealings (deposit/withdrawal);
- The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
- The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from beforehand;
- The brokerage firm must not use bank accounts not under its name; and
- FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert Website like Arincen, something we will delve into towards the end of this article.
FOREX Trading Scams and How to Avoid Them
Like many responsible regulators, the IIROC has a robust ongoing public awareness campaign where it broadcasts important information on its Website on known scams, along with helpful remedies and contact numbers for traders to reach if they need to make a report or lodge a dispute. The IIROC also has a helpful and detailed e-book on its Website dedicated to educating traders on how to avoid falling victim to scams.
One of the IIROC’s key roles is to maintain the performance of the financial system and entities in it. It also encourages informed participation by investors and consumers. With such oversight, FOREX scams are difficult to launch in a country with so many safeguards. The IIROC also has powers to ban offending firms and will not hesitate to blacklist a broker found guilty of wrongdoing.
Will Your Money Be Protected If Your Broker Becomes Insolvent?
The Canadian Investor Protection Fund (CIPF) provides limited protection for property held by a member firm on behalf of an eligible client. If the member firm becomes insolvent. CIPF member firms are all members of the IIROC and are automatically covered.
The CIPF covers property held by a member firm on your behalf that is not returned to you following the firm’s insolvency. Missing property can include cash, securities, and futures contracts. However, FOREX traders should be very aware that the CIPF does not cover losses resulting from, among other things, fraudulent or other misrepresentations that were made to you, or even misleading information that was given to you. In this scenario, you can see that it is entirely possible that depending on the case, you would not be covered if your broker goes under.
Recommended Brokers
Who is Arincen and What Do We Do?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX brokers in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all what you need in one place, not less, not more. In short. Arincen: We Meet to Simplify the Trading World.
Conclusion
If anything, the key message to take away from this article is that the FOREX brokerage firm one picks must be legally licensed and well-regulated. On a final note, it is never advisable to deal with FOREX companies on your own. It is best this is done with the help of industry experts, who can provide you with all the services FOREX companies cannot. Start trading using Arincen and enjoy all the services, advice, and tools it has to offer while making your trading experience profitable!
Arincen’s Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
- Companies’ Websites.
- Other Websites that have ranked FOREX companies.
- A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward we validated the data by:
- Registering with FOREX companies as a secret shopper and/or as Arincen.
- Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Is FOREX trading legal in Canada?
Yes, trading FOREX in Canada is legal. As long as brokerage firms comply with the provincial and federal laws by enlisting with the appropriate regulators, they can offer their services entirely legally to people residing in Canada.
What is FOREX?
The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.
What is FOREX trading?
FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.
What costs and commissions are associated with FOREX trading?
FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread.
Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.
How important is good customer service in FOREX trading?
Good customer service is indispensable to FOREX traders as they can lose money in such a rapidly moving marketplace if they do not have ready access to a resource that can troubleshoot their problems. Customer service staff members should be readily accessible and must be well-trained to be useful in times of difficulty.
Is FOREX trading taxable in Canada?
FOREX trading is taxable in Canada. Traders are compelled to keep a close eye on their profits from this activity and report their earnings to the receiver of tax revenue at the appropriate time in the Canadian tax calendar.
Written by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
Edited by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
Fact Checked by
Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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