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Everything you need to know about Forex trading in Canada
Forex trading is a popular activity to invest online, appreciated by a raised number of investors all over the world. Naturally, there are a lot of frequently asked questions among Canadian users. For example, how does Forex trading work in this country? Is it legal? Which forex brokers in canada should you use to trade safely?
If you need answers to these questions, that’s the right place to understand everything about forex trading in Canada!
Forex trading in Canada: is it legal?
The first doubt that grips every Canadian potential investor could be “Is Forex Trading legal?” Our answer is affirmative. You can trade currencies pairs listed on Foreign Exchange Market whenever you want. In effect, there’s a clear interest in this activity shown by Canadian investors during these last years.
In a few words, this means that Canada respects rules common to other countries: trading is legal, but brokers need to be regulated by national -or international- authorities. From this point of view, it’s really important to know the IROC; the most important regulatory body in Canada. This institution offers the possibility to Canadian citizens to negotiate in complete safety by imposing some restrictions to protect the interests of traders.
Naturally, you should consider other things before starting investing on Foreign Exchange Market. For example, in Quebec there’s the AMF (Authorities Marches Financiers) that approves online brokers and their services. Moreover, in Alberta only professional investors or institutional traders are allowed to invest online.
Forex Trading in Canada: how to recognize a good platform
If you are a beginner, we want you to know the best features of a trading platform. Canadian traders can use, for their activity, professional services which make easier and faster their operations on Forex.
First of all, top platforms always appear user-friendly. We’re talking about the design of those online networks; the best ones are usable even by beginners because the best brokers work to support and assist their users.
If you want to trade and be sure to know every market’s movement, you should choose a platform that offers charts and daily analysis. Even if it can seem insignificant information, these are the most useful tools to know everything about currencies pairs or other assets, like target price or market trend.
You cannot think of investing with a broker without paying attention to costs and fees. Generally, best brokers allow you to trade with low and competitive spreads and you can start with a minimum deposit truly affordable. That’s why a lot of users interested in Forex Trading decide to operate as daily traders, accessing the market several times a day.
In the end, we think that each trader has specific needs: for example, beginners prefer platforms with good customer service or additional services like a didactic section. Canadian traders have a wide choice of valid platforms to daily use for their Forex trading. For this reason, starting with a forex demo account could help everyone to select an expert and trusted broker.
Forex Trading in Canada: final considerations
This article has a specific aim: giving to Canadian traders tips and suggestions to start doing Forex Trading. In effect, there are doubts and fears among beginners and inexperienced traders that push them to renounce the benefits of trading online.
That’s why we decided to explicate how Forex Trading works in Canada and the main features of a good platform. If you make a proper decision, you can have a successful experience of trading on a major or exotic pair of currencies listed on Forex.