These days, simply saving money is like losing money. Anyone with spare capital or those who are looking to grow their assets are encouraged to invest it.
It is practically essential for certain long term financial goals, such as retirement.
However, investing is something you wouldn’t want to simply jump into blindly, but rather get started in a helpful and constructive environment. One of the best ways to get started is opening a Forex account.
Whether you are a beginning or returning investor, getting started with an experienced and well respected broker is the most promising way to get acquainted with the Forex market and establish a promising path.
Let’s take a look at the five best Forex brokers in Canada, to consider where you might want to get started.
1. AvaTrade
AvaTrade is one of the most respected forex brokers around the world, with their Canadian arm being no different.
They are IIROC regulated, and offer excellent trading platforms such as Metatrader 4, Dupitrade, and AvaOptions.
One thing that makes AvaTrade stand out to potential clients is their negative balance protection as well as the AvaProtection service, to protect you from sudden losses.
With a minimum deposit of $100, AvaTrade is accessible to just about anyone.
2. Forex.com
An industry veteran and an IIROC regulated broker, Forex.com has been helping its clients thrive in the foreign exchange market for almost two-decades.
What makes this service one of the best for Canadian users is the access to over 300 global markets using 80 forex currency pairs, as well as a vast spectrum of CFDs in shares, commodities, and indices.
Forex.com also has highly competitive spreads starting at 0.8pips with fixed spread only trading on commodities. The minimum deposit is $50.
3. Vantage FX
This Australian based broker is one of the top names in the industry. Although not IIROC regulated, Vantage FX is highly respected and trusted in the business, and is available for trading in Canada.
Clients will have access to both the MT4 and MT5 trading platforms for high-speed trading execution.
The spread starts from 0pips with over 40 forex pairs among 150 CFDs. The minimum deposit is starting at $200.
4. Oanda
Oanda offers it’s Canada-based users over 100 markets for trading.
Oanda is also IIROC regulated, and as such is one of the most popular choices for forex trading globally.
One excellent aspect of Oanda, is the vast array of great research and trading tools that it brings to the Canadian market. Such features include advanced charting, as well as access to the Oanda Algo Lab.
Such valuable tools enable the user to take better control of their trading, and evolve as a market player. Oanda has no minimum deposit.
5. CMC Markets
A truly seasoned industry veteran, this London-based company has been active since 1989, and have developed and maintained a solid reputation since.
They are IIROC regulated, and are very much open to Canadian forex traders. CMC uses the MT4 trading platform, and its spreads start from 0.3pips. CMC Markets also offers a user-friendly environment that provides great educational offerings which includes free webinars, market insights, and more.
There is no minimum deposit required.
Final Thoughts
Trading, in its different shapes and forms, is here to stay. It has become an essential part of not only making our money grow, but a way to help us shape our future and control our lives.
The only way to truly begin participating in the world of trading and understanding it is to begin trading personally, using one of the above-mentioned brokers.
Time spent waiting to decide about whether one should “join” the market and start using a broker, is time tragically lost.
