Best Forex brokers in Canada

Forex trading or foreign exchange trading is the hottest area of business for many new traders. The possibility of gaining lucrative returns is what drives more and more investors into this relatively new business. However, an adept and qualified online Forex broker is crucial to success in this type of trading. If you are a potential trader and wish to invest in the Canadian Forex industry, finding the right broker is the first and foremost requirement for your business endeavor.

Best Forex brokers in Canada

Forex trading in the Canadian region is operated by CSA - Canadian Securities Administrators. Canadian traders are allowed to trade with any broker firm they wish to, whereas the investment of their counterparts in the US is restricted to nationally-licensed brokers only. There are multiple brokers available in the Canadian market. Selecting the right one depends primarily on individual trading plans, policies, and preferences along with the choice of various trading services and conditions offered.

Know about some of the leading currency brokers in Canada that are well-liked for their excellent services and support to clients.

Etoro

Etoro operates actively in Canada and is regarded as one of the biggest online Forex brokers in the world. This broker firm takes pleasure in having the largest number of professional Canadian Forex traders. It also enjoys the membership of millions of traders across the world.

In the last few years, the organization has grown by leaps and bounds. The credit for this goes to the range of attractive features that it offers, such as:

• OpenBook social trading network
• 24/7 customer service in different languages
• Direct access to personal trading coaches

The agency grants a bonus amount of USD 10000 to all its new customers, after they sign up properly and deposit money into their trading account. Naturally, it is the first choice for novices as well as many experienced currency traders in Canada.

YoutradeFX

A new entrant into the Forex industry, YoutradeFX boasts of more than 100 employees. It has created an internal trading desk which comprises of experienced professionals from the Forex industry. The company provides direct access to splendid trading platforms such as Metatrader 4 and Webtrader. It also delivers automated, mobile and mirror trading to all its customers.

One of the major highlights of this company is the unique demo accounts that it offers to each and every client. Every customer is given a free trial period, at the end of which losses are written off and the gains are credited to move forward. Minimum deposit of USD 100 is required to activate a trading account of this company with no margin necessities. With leverage up to 500:1 being allowed, the firm offers spreads that are regularly set and are competitive in nature. It also extends a dynamic customer service to support traders over live chats, e-mails, and phones. Not surprisingly, this trader firm has secured its position in the industry as a successful currency broker within a very short time.

Plus500

Incorporated in 1999, Plus500 is an authentic trading organization regulated by the Financial Service Authority. Headquartered in London, this broker firm offers an isolated trading platform which is accessible in 3 forms - a web-based platform, a mobile trading interface and a downloadable edition. Due to its stable nature, this brokerage enables its clients to switch between platforms effortlessly.

With a maximum leverage of 1:50, this company offers free demo account for unlimited time period, which adds up to its credentials. This allows investors to practice trading for as long as they require. This broker firm also offers trading coaches to educate beginner traders with all the basic information about successful Forex trading. With practical examples, traders acquire a more accurate knowledge about currency trading and the common pitfalls to avoid.

The minimum deposit required to activate a trading account in Plus500 equals 100 Euros. By maintaining a deal size of about 5000, the company offers its service in English and Arabic language only through e-mail. Plus500 has a very user-friendly website and trading platform that provide a smoothing trading experience to investors.

AvaFX

Established in 2006 by financial experts and professional traders, AvaFX is considered to be one of the best online Forex brokers in Canada. This broker firm aims to make currency trading more reliable, smooth, and authentic for its clients. With its excellent features and after sales service, this broker firm has earned a reputation for brilliance as Forex broker in Canada.

The specialty of this broker firm is that it delivers CFD (Contract for Difference) and Forex currency pairs for trade. CFDs are regarded as one of the best ways to trade assets, namely stock indices, without purchasing them. Since it encompasses few of the world’s leading currencies, it permits the investors to earn substantial profits from the news proceedings of the worldwide community.

This online trading broker offers fixed spreads along with four different types of accounts. Such designed accounts allow users to get direct access to the exclusive features of the official website and fulfill individual business goals. The four main types of account offered by this broker firm are:

• Trading account
• AutoTrader account
• MetaTrader 4 account
• Demo account

With an authoritative automated trading system, this trading firm offers different types of deposit levels to help customers avail the facilities offered by its accounts.

• Platinum- Minimum deposit of USD 10000.
• VIP- Initial deposit of USD 50000
• Gold- Small deposit of USD 1000
• Silver- Minimum deposit of USD 100

 

Choosing the right online broker can be a difficult task for a trader due to the availability of numerous Forex brokers in the currency market. Hence, it is always recommended that you evaluate a number of Canadian Forex brokers to choose one that meets your requirements and demands.