Top Online Brokers 2023
ASIC
up to 100%
$100
70% - 90%
FSC
up to 100%
N/A
70% - 90%
CySEC
up to 100%
$5
70% - 90%
CFTC, NFA
up to 100%
$50
70% - 90%
BaFin, CNMV in Spain, CySEC, FCA, IFSC
up to 100%
$ 250
70% - 90%
ASIC
up to 100%
$100
70% - 90%
EU, AU, USA
up to 100%
$10
70% - 90%
EU, AU, USA
up to 100%
$10
70% - 90%
Review and Find Brokers.
The forex market in Canada is highly regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA). The IIROC is responsible for setting rules and regulations for forex brokers and ensuring that they are complying with Canadian laws.
Forex brokers in Canada offer a range of trading platforms and tools for traders to trade various financial instruments, including forex, commodities, and indices. They may also offer different account types, such as standard, mini, or micro accounts, to cater to the needs of different traders.
Some forex brokers in Canada offer additional services, such as educational resources, trading signals, and market analysis. These services can be helpful for traders to improve their trading skills and make informed trading decisions.
Forex brokers in Canada typically charge fees in the form of spreads, which are the difference between the bid and ask price of a currency pair. Some brokers may also charge additional fees, such as commissions, for certain types of accounts or trades.
When choosing a forex broker in Canada, it is important to consider factors such as regulation, trading platforms and tools, fees and commissions, customer service, and educational resources. Traders should also be aware of the risks associated with forex trading and the potential for losses.
Forex.com is currently one of the larger online brokers that is cornering the U.S online retail trading scene.
What makes a good online broker
Now you know the top five. You are probably curious about how we came up with this list. Let’s go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?
What is an online broker?
Thirty years ago if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like in the Wolf of Wall Street movie. They were checking the stocks’ prices while holding a telephone and shouting. Everything changed after the internet appeared. Nowadays if you want to buy Apple shares, you open online an account, deposit money, and make the order through the brokers’ online platform. These brokers are the online brokers. Online brokers help you buying and selling securities, like stocks. After making your order, the online broker executes it immediately. Everything is online.
Are these brokers safe?
Yes, they are considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Some of them are also listed on an exchange, and some have a banking background.
However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.
If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.