What is the best forex broker in Canada?
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- Updated On:29-Nov-2022
- Replies:1
Short Answer
We compared top three Forex brokers in Canada, based on various factors like its regulator, commission, pip, minimum deposit, etc. We believe that Ava Trade is the best Forex broker in Canada.
Detailed Answer
Forex Brokers
Forex Brokers are accounts that enable the traders and investors to purchase and sell all the available currency pairs. The forex brokers usually offer a demo account where you can do mock trading, full accounts where a large lot of approximately 100,000 are traded and mini accounts where smaller lots of 10,000 lots are traded. Let us find out which is the best forex broker in Canada.
Things to consider to explore the best forex broker in Canada
- If it is accepted by Canadian residents
- If it is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC)
- Any regional restrictions
- Commissions payable
- Platforms available
- Minimum balance
- Canadian Dollars (CAD) accounts, deposit & withdrawals
- Number of available Forex pairs
- Quality of the broker account
Comparison of Forex Brokers in Canada
Ava Trade: It is an international account that is merged with Friedberg Direct to help Canadians trade in Forex. It is a part of both the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). The broker is restricted only in to the Alberta region. It offers platforms such as Web Trader, Meta Trader 4, Meta Trader 5, Ava options and Mac Trading. The minimum deposit mandated by Ava trade is $100. The platform offers 0% commission on all forex markets and offers around 55 forex pairs. The account enables investors to deposit and open accounts in CAD. The pips in this account is from 0.9.
Interactive Brokers : Interactive brokers have been in the market for around 44 years now. It is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC). The account is restricted only in Alberta. It is allowed only for accredited investors. The commissions vary from 0.08 basis to 0.20 basis points. You can open accounts both in CAD and other currencies, deposit and withdraw in 23 currencies. It offers over 100 currency pairs and the pip is from 0.2. The account does not mandate you to maintain a minimum balance.
FOREX.Com : StoneX Group Inc is the parent company of Forex.com. It is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC). The account is restricted only in Alberta. It is allowed only for accredited investors. It offers platforms that are MT 4, MT 5, and DMA enabled. The pip is as minimal as 0.8 and the account offers 80 plus currency pairs with no commission. You cannot open a Canadian Dollar account where you can open, deposit, and withdraw CAD. You must face currency conversion charges for doing so.
What is the best forex broker in Canada?
Based on our analysis, we feel that Ava Trade is the best forex broker in Canada, given its advanced technology, informative charts, technical tools, indicators, and a leverage of 1:50.
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Discussion (0)
You are required to complete Know your customer rules and validate the details by Identification proofs. Once done, you need to fund your account with at least the minimum deposit to activate your Forex trading account in Canada.
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