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There are a few things to learn for those just starting dealing in the forex market, like what are spreads and how currency pairs work. But apart from that, it’s very important to make the wise choice of selecting the perfect forex broker for you.
We have a selection of the best forex brokers Canada has to offer, but if you’re considering one that is not on our list, make sure they match your trading style and level of expertise.
How to choose a forex broker in Canada?
There are a wide variety of aspects to consider when choosing a forex trader in Canada. For some forex traders, some may be more important than others.
While customer service is a priority for some traders, lower fees may be of more interest to others. Making sure your priorities as a trader are clear before choosing a broker for your currency exchange trading.
Security
Making sure your forex broker complies with the regulations in place in Canada will ensure that your rights as a forex trader are safe.
In Canada, there is a general regulatory body called IIROC, the Investment Industry Regulatory Organization of Canada. They are in charge of overseeing the forex trading activity, as well as mediating in any dispute and misconduct.
But apart from this organization, Canada has set up 3 different organizations depending on the region where the brokers are registered.
In Toronto and the adjacent area, there is the Ontario Securities Commission, while for the region of British Columbia the British Columbia Securities Commission is in charge of regulating forex brokers. For the area of Montreal and Quebec, the Autorité des Marchés Financiers is in charge of overseeing the forex trading market.
Choosing a broker that is regulated by the appropriate entities guarantees that traders’ rights are protected, as well as their money.
Fees and Commissions
Each broker has a different system of fees and commissions, some ask for more while others have lower fees. When it comes to forex is all about spreads and currency pairs.
However, not always traders should be tempted to choose a broker cause they offer low fees. Sometimes other aspects are a priority and a broker should not be chosen just for the lower cost, since they may lack in other areas.
Online platform
Your broker will provide you with an online platform. This is your access door to the forex market which is open 5 days a week, 24 hours a day.
From your platform, you can set up your deals and transactions, and control your operations. Some brokers have platforms dedicated to beginner traders, others are for more experienced traders.
Some brokers will allow a demo account that lets newer traders try out their platform so they can experiment with the platform before committing to the particular broker.
Customer Service
For some traders having reliable customer service is a priority. When choosing a new broker make sure they offer a variety of mediums to contact them and have a reputation for answering promptly.
Execution
Finally, traders should consider how fast a broker deals with the execution of an order. Some are more reputable for completing transactions in real-time.
When looking into getting a deal, trades want to make sure their orders are processed as fast as possible in order to make the maximum possible profit. With forex trading, a few pips difference can mean making a great deal or not.
