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How to choose a forex broker (Canada & US)
1. Regulation comes first
- Canada: the broker should be a dealer regulated by CIRO (Canadian Investment Regulatory Organization). Check at ciro.ca. Member firms are also covered by CIPF within limits.
- US: retail forex dealers must be registered with the CFTC and be members of the NFA. Check the NFA’s BASIC database at nfa.futures.org.
Be very careful with offshore brokers offering huge leverage or bonuses to Canadians or Americans. If something goes wrong, you may have little protection.
2. Costs
Look at the spread (difference between buy and sell price), any commissions, and overnight financing fees.
3. Products
Make sure they offer what you want to trade. Gold availability is different in Canada and the US.
4. Platform
Try the platform on a demo account first. Is it easy to place a stop loss?
5. Deposits, withdrawals and support
Check funding methods, withdrawal fees and whether you can reach a real person.
See our broker comparison for regulated options.