Find Good Forex Brokers in Canada
Forex brokers might be distinguished in many ways, but the main criterion is usually their residence. Even though in most cases, the location of the firm we are clients of is not that important, here in financial trading, things are completely different. The residence of the broker does affect not the broker, itself only, but only on the customers, who have the possibility to join it. This location limit is usually drastic and significant, so we have decided to make a statement over it, as well. For this purpose, today, we will strictly talk about the best Canada Forex brokers. Canadian Forex websites are by all means not few, but numerous, so it is our duty to put some light over their specifications, too. So, let`s talk about the best Forex brokers in Canada now! Focus and let`s get ready, traders!
Can Forex traders from Canada trade in any broker they want?
It is not a secret to anybody that there is a big chance for many traders to find difficulties to find a decent broker to register and trade in. This is not very common, but you can find it as a trend for many different trader types. Indeed, brokers are quite many, but depending on your nationality, you might not be able to join some of them. To be more specific, USA and Canadian customers are those traders, who might be out of reach to some specific brokers, including Canada Forex brokers. The limitations we are now talking about are due to the national laws in the countries. Canadian laws as to financial trading, as well as gambling in general, might limit your choice. For instance, many traditional platforms – mostly those that are based in European territory – announce it directly on their home page that Canadian citizens are not allowed. So what Canadians can do then? Are they entirely restricted from the Forex market? Of course, no! Canadians traders are allowed to trade, but at particular Forex brokers Canada – e.g. websites for financial trading that are located and regulated by Canadian authorities or independent controlling agencies. But let`s discus these things in details, because they seem to form any Canadian trader`s choice for opening an account in a certain broker based in Canada.
Best Forex Brokers From Out Of Canada in 2019
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What is the situation with the Canada Forex broker regulation?
Still, if you are a trader based in Canada, you are free to join any Canada Forex broker. The Canadian brokers are specific for their own regulation body, which provides the safety for each trading website, as well as the safety for the customers, themselves. Canada is famous for its high level of security, when it comes to make any kind of financial transactions in the web in general. Meanwhile, this country is very precise as to the personal data safety. All of these lead to the conclusion that Forex brokers Canada are actually the top regulated websites. See which agencies are in charge for this:
- Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada – or simply the FTRACC – is the official regulatory agency for Forex brokers Canada. The main responsibilities this agency has are to collect and analyze facts and problems as the Canadian market, as well as to prevent money laundering, to provide and deprive the Canadian Forex brokers with licenses and etc. While it is working, reacting to the different requirements and signals, the Financial Transactions and Reports Analysis Centre of Canada is allowed to react as to all the suspicious transactions, suspected terrorist property, large cash transactions, electronic funds transfers and etc.
- Ontario Securities Commission
Ontario Securities Commission – known by the abbreviation OSC – is not a government, but an independent Forex regulator agency, which covers Ontario legislation territory. The official FTRACC has approved the appearance, as well as the work of the Ontario Securities Commission as an ordinary, but only additional regulator to the Canadian Forex brokers. The Ontario Securities Commission administers and enforces securities law in the province of Ontario. The mandate of the OSC is to provide protection to investors from unfair, improper and fraudulent practices, as well as to foster fair and efficient capital markets and confidence in capital markets.
- British Columbia Securities Commission
And finally, British Columbia Securities Commission – or also known by the abbreviation behind BCSC – is an independent regulator for the Forex trading Canada experience, too. Currently, this commission has 10 commissioners, who are in charge to protect the personal data, the finances and the brokers from different cases of scams or frauds. This controlling agency is entirely self-funded, which makes it very popular among the traders, who prefer to enforce their signals to more independent regulation agencies.
Do not hesitate to test a Canada Forex broker, guys! They are safe and quite profitable – especially if you already have a good established strategy for amazing outcomes! Good luck with the search for the most suitable for you broker!