Best Forex Broker In Canada
To help choose a broker we compared the best forex brokers that accept Canadian clients in 2024 and CIRO forex brokers regulated in Canada. Below are our monthly findings.
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Ask an Expert
Can i trade cryptocurrency in Canada?
We are not actualy sure what policy IIROC have when it comes to Crypto CFDs, What we can tell you is that no CFD brokers offer Crypto trading with CFDs.
I noticed on some sites that there are Canadian regulated brokers vs traders that accept Canadian traders. What’s the difference?
To legally offer trading services to Canadian residents, the broker needs to be regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and in some cases by the financial regulator of the province the broker is offering services to. One example is Autorite des Marches Financiers (AMF) in Quebec, all brokers offering trading services to residents of Quebec need to be regulated by both IIROC and AMF. Fortunately, most Canadian provinces and territories will accept brokers with only IIROC regulation. Using IIROC guarantees the broker complied with the requirements to operate in Canada and is part of the Canadian Investor Protection Fund (CIPF).
Brokers that accept Canadian traders are not regulated by IIROC, these brokers don’t even operate in Canada but will accept clients from Canada. These brokers will usually be using an offshore regulator such as the Seychelles Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI FSA), Vanuatu Financial Services Commission (VFSA), Financial Services Commission (IFSC) in Belize and The Securities Commission of The Bahamas (SCB). Brokers using these regulators do offer a level of protection to their clients but it won’t be of the standard set by IIROC. There is no CIPF (though some brokers do have their own insurance plans) and avenues to settle disputes might not exist. These brokers will usually have higher leverage available – up to 500:1 and also offer Cryptocurrencies for trading.
Note: when choosing an offshore broker, it is wise to check the broker is using an offshore broker as some brokers might not be regulated at all.
Can I trade forex with $100 CAD
Most trading accounts regulated in Canada don’t have a minimum deposit. For example, OANDA doesn’t have a minimum to open a live account.
what’s the maximum leverage you can get with etoro?
It is up to 100:1 Gold and other commodities, and major indices. x50 for non-major currency pairs.