When you compare it to other markets around the world such as the US or UK Forex market you see that the security it offers against scams and frauds is not paralleled. To view all pairs on your MT4 platform, right-click any of the symbols listed in Market Watch section and choose "Show All". Now, since there is less money in the pockets of consumers, the chance of them spending is decreased, preventing any further inflation.
Important Information For Canadian Traders
This Forex Brokers guide will introduce you to each of our top rated Forex Brokers and we will also let you know what additional benefits out will have on offer by signing up to any or all of those Brokers.
We have compiled some very informative and definitive Forex Broker reviews for each of the following Forex Brokers, so please read through the overview of each of them and if out are interested in learning more about any of them then follow the links to read through our review of those brokers.
Finexo — You will be able to open up a demo or real money Forex trading account at Finexo in a matter of minutes and it will be time well spent for you are going to find their currency trading platform a breeze to use and you will also have plenty of trading opportunities available too. Plus if you are new to the works of Forex trading then their online and free to access trading guides will come in very handy.
No matter when or what type of Forex related trade you are looking to place today or in the very near future we just know they can always be relied on to deliver you with those trading opportunities and their trading platform is easy to use too! NSFX — You will always find that your trading bankroll and trading budget will stretch much further at NSFX for they are committed to giving all of their traders the maximum value.
They do this via their ongoing monthly promotional offers that will allow you to get the best trading value no matter whether you are a high or low volume real money based Forex trader. In Canadian law Forex trading is regulated as either trading in securities or derivatives depending on the region or province where the Forex broker is registered. All Canadian Forex brokers which intend to provide services to Canadian citizens have to be registered as a member of the IIROC as well as to be registered in the province in which they will conduct their business if they want to be able to offer trading on margin.
In an attempt to explain legal Canadian Forex trading in more detail, we will list the answers to the ten most frequently asked questions on the topic. Because of the heavy regulation, Canadian Forex brokers offer lower leverage compared to other Forex operators around the world.
The pitfalls of a high leverage are often greater than the benefits it offers to the investor. Canadian regulatory bodies have been quick to realize this and traders should appreciate the protection which is being granted to them.
Regulated Forex traders are rarely involved in scams and frauds. However, traders should always try to look for red flags which signal a Forex scam:. The Canadian Forex market is one of the most heavily regulated Forex markets in the world. This gives added security to individual investors and small businesses in an often turbulent market. What follows are a few key regulations which Canadian Forex brokers must adhere to:. It is clear from the above mentioned rules that Canada has quite strict regulatory procedures.
For example the maximum available leverage which varies from currency to currency is higher for major currencies and lower for more exotic or minor currencies. It is also lower than what the US regulatory bodies specify as the maximum possible leverage. As with all regulated markets the Canadian Forex market also deems hedging in the same customer account as illegal even though Forex traders often try to find ways around it. Finally, because of the quite high minimum income, assets and net worth requirements, a lot of Canadian Forex traders are finding it difficult to enter the market.
Major currency pairs are the ones consisted of the American dollar and the seven other most traded currencies in the world, including the Canadian dollar. Last but not least, exotic pairs are pairs that include some of the less traded currencies like the Turkish lira or the South African Rand. These currencies are usually paired with the US dollar, which is by far the most traded currency in the world.
Closely tied to the currency pairs is the spread. Keep note of this term, it is one of the most important terms in forex. The spread signifies the difference between the buy and the sell price. Brokers have to offer two different prices because that is how they make their profit. The bigger the gap, the more profit they make. Generally, brokers offer a lot tighter spread on major and more popular currency pairs, whereas if you like to trade less popular currencies, you will have to settle for a less favourable spread.
The leverage is another important segment, as it allows every trader to trade a lot larger amount of currency units than the amount of money that they have at their disposal.
If the leverage is Some countries and their respective regulators have set limits on the amounts of leverage that brokers can offer.
In Canada that is not the case and Canadians will be able to trade with leverage rates as high as Trading with leverage requires a high level of caution and you need to be fully aware of the associated risks and dangers. Forex trading takes place through a platform.
Most brokers nowadays offer a web-based trading platform, a website, where you can register and log in without having to download any software. However, most brokers also offer a download version which you can download for free and then install on your computer. For some traders, that is a more convenient option. Moreover, as we live in an age when we use are smartphones and tablets more often than ever, brokers wanted to make sure that people who are constantly on the move will also be able to trade forex.
Most brokers, at least the most popular ones have developed, usually, more than one mobile trading platform in order to cater to the needs of owners of different mobile devices, most notably iOS and Android. Some traders who are new to forex are looking for simpler and less complicated solutions, whereas long-time traders are looking for options and features that will allow them to make them most of their trade. That is why many brokers offer platforms with different degrees of complexity and integration.
For example, the so called MetaTrader platform gives traders a chance to analyze price movements, see important information as charts and graphs and even use automated trading mechanisms.