If you are a Forex lover and trading has become more than just a hobby, but an additional opportunity to earn more money and become better and better in analytic skills, then, you definitely, must test some of the Canadian Forex brokers. Besides they are not that a bit, they can definitely offer you great options, interesting extras, attractive bonuses and whatever you think off and need, when it comes to great trading experience. Today, the Canadian Forex market, on the other side, has been expanding with a huge speed, which makes us believe that Forex brokers Canada will become more and more. And it is now your chance to learn how they work before the abundance gets so large that the selection will seem harsh and complex. So hands up for the Canadian Forex brokers. We strongly recommend them since we believe that they have amazing platforms and what is even more important – reliable environment for trading!
Specifications about Canadian Brokers
Just like with the case of USA-based citizens, most of the brokers on the Forex market these days have the restrictions to accept Canadian citizens. However, this does not mean that you cannot trade, if you are either a Canadian, or any other citizen. Canadian Forex brokers, who are finely regulated by the official or independent organs for it are open for almost anyone. What is even more curious is that many traders that are outside Canada, do prefer to join Canadian Forex brokers due to the fact of the harsh regulation. It is very important to understand that any regulation restrictions are not put mostly to restrict traders, but to protect them. And speaking of this, the protection in Forex brokers Canada is more than just high-quality and effective. According to these many traders from Canada believe that the best Forex broker Canada is actually the one with the best regulation. And when we say regulation, we mean everything – from the obligation for a Canadian Forex broker to get an official license to personal data and financial transaction protection.
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What is The Regulation in Canadian Forex Brokers?
Canada has approved the double standard for Forex Brokers regulation. So according to this, we can point and explain you more about the official regulator body for the Canadian brokers, as well as for the independent agencies, which have some powers and procedures to handle for the protection in trading, as well. So let`s discuss the two categories of Forex trading Canada style.
- Financial Transactions and Reports Analysis Centre of Canada – The Financial Transactions and Reports Analysis Centre of Canada, which is mostly and simply known with its short abbreviation FTRACC is the official regulatory body for the Canadian brokers on the Forex market. The main responsibilities this agency has are to gather and analyze facts and issues about the market in Canada, to prevent money laundering, to provide and deprive the Canadian Forex brokers with licenses and etc. While it is working, reacting to the different claims and signals, the Financial Transactions and Reports Analysis Centre of Canada is allowed to respond to suspicious transactions, suspected terrorist property, large cash transactions, electronic funds transfers and etc.
- Ontario Securities Commission – The Ontario Securities Commission or the OSC in short is an independent Forex trading regulator body that operates among the Ontario legislation territory. The official FTRACC has approved the presence 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 – Last, but not least, the British Columbia Securities Commission or the BCSC is also an independent regulator for the Forex trading Canada activity. Up to now the 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. The BCSC is entirely self-funded, which makes it very popular among the traders, who prefer to enforce their signals to more independent regulation agencies.
What is The Best Forex Brokers Canada?
Last, but not least, we would like to direct you in your search of the best Forex brokers Canada. Such brokers, at first, must be on mandatory officially authorized and with a valid license given by the previously mentioned official Canadian regulator Financial Transactions and Reports Analysis Centre of Canada. The license, though, is not enough, because the broker must also obey the rules the regulators have established up to now. As for the other criteria to look for, here they are:
- Good reputation on the market.
- Helpful customer support services.
- Interesting bonus systems
- Good leverage, spreads and affordable minimum deposit amounts.
- Contemporary and intuitive trading platform.
Once you see all of these in any Canadian broker, give it a try and you will not be disappointed at all!
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