Forex Brokers in Canada
For Canadians that would prefer to deal with a local forex broker, rather than choose someone in New York or London for example, the local foreign exchange community offers many favorable options to choose from when looking for your most important business partner in this endeavor. These firms will have already built relationships with other business partners where major trading centers are located, thereby giving you the best of both worlds – local responsiveness and expertise and experience where the action is.
Learn more about what you need to take in consideration when comparing forex brokers.
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Having historical ties to the British Commonwealth has its advantages, too. London has always been the world’s financial center for foreign exchange, and many professionals from the London area have migrated over time to Canada. The same is true for many financial professionals from the New York area, as well, so Canadians can count on a sound foundation for trading within the country. This history does not imply that all brokers are the same. There are good and bad in all markets, and your due diligence should include independent reviews and recommendations from other traders.
International commerce is a strong component of the Canadian economy, driven primarily by the export of oil and gas from the second largest known reserves in the world next to Saudi Arabia. A thriving foreign exchange market has developed to support this trade, and it is often said, “So goes oil, so goes the Loonie”, the nickname for the Canadian Dollar. The regulatory infrastructure is active also and has been patterned to mirror similar versions in the U.K. and the U.S., a noted benefit when dealing with a Canadian forex broker.
Safety and security are key selection criteria when choosing a forex broker. The first guiding step when making your decision should involve validating that the broker is in good standing with the local regulatory body (if there is one) and that the firm is appropriately funded and capitalized to handle the risks involved.
The office of the Canadian Securities Administrators (CSA) regulates forex trading in Canada. Until recently, there was light oversight on the activities of forex brokers. Canada corrected this in February 2009 with the implementation of a new framework for derivatives regulation, designed to cover the burgeoning activities of Canadian forex brokers. Each state has its own regulatory bodies, but the CSA is the main body of financial oversight in the nation.
The world of retail forex trading is relatively young by most standards. There have been many new entrants in the field over the past few years or spin-offs formed by professionals that have left much larger firms. Nobody wants to become an early victim trading forex. The learning process itself can be stressful and tasking on the nerves at times, but losing sleep over your choice of broker can be counter productive at best, and much worse if the broker goes out of business. In order to avoid such disappointments at a later stage, it is wise to take your first steps with a Canadian forex broker that is regulated by the authority. Check with the CSA for positive credentials and funding information, or call directly to gain peace of mind.
As traders ourselves, we know how difficult it can be to sift through the numerous offers in the market in order to reach a conclusion about which firm is the best choice for you. To help you out, we have compiled our own top-list of the best forex brokers above. Be sure to check it out before you make your final decision!