Canadian bank trading platforms
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. In short, this means that if you are have enough capital to enter the market you will participate in the safest Forex market in the world.
There are NO Forex Brokers who hold a valid license to operate in the country. We will notify you if the situation changes. Which Canadian Forex brokers can trade with Canadian citizens?
How can I check if a Forex broker works legitimately? The IIROC on its website offers a chance for future traders to gain information about the background, qualifications and disciplinary information of Canadian Forex brokers. How do Canadian based brokers differ from Forex brokers based in other countries when it comes to financial regulations? As we already said the Canadian market is very strictly regulated. 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.
Can Canadian citizens do business with a US Forex broker? For a US Forex broker to be able to conduct business with a Canadian citizen there must be two criteria which are met. First the broker must have a physical presence in Canada and second it has to be registered as a broker with securities in Canada.
What are the payment options that Canadian Forex brokers offer to customers? Can I be led into a fraudulent transaction with a regulated Canadian broker? Canadian Forex brokers are so heavily regulated that it is nearly impossible to be involved in any sort of fraud or scam.
If there is a situation in which a regulated Canadian Forex broker leads you into a scam through misinformation or some other means of misleading the trader then that broker will be heavily penalized, stripped off his license and put on the wall of shame. This might not seem as a consolation for the misled party, but penalizing actions such as these are designed to prevent Forex brokers from going into a fraudulent deal in the first place.
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