Forex brokers offering trading accounts in Canadian Dollars (CAD)

Broker Country Rating Min. Deposit Website
Australia4.8/5$100Visit websiteWebsite
UK, Australia4.6/5$200Read the review
UK, Australia4.5/5$1Read the review
USA, Canada, UK, Singapore, Australia4.5/5$1Read the review
UK, Cyprus4.4/5$500Read the review
Australia4/5$200Read the review
Australia4/5$1Read the review
Australia3.8/5$100Read the review

The Canadian Dollars is an important contributor to the world of forex. In recent decades, Canada has achieved the status of having one of the most balanced economies in the world, consequently luring brokers and banks to take a piece of the action.

Local Bank Transfers in CAD are much faster than international transfers. Usually local Bank Transfers do not take more than 1-2 days to process, while international ones are comparatively longer, sometimes taking up to 5 or more days.

Most local Wire Transfers in CAD come almost at no price whatsoever. If the transfer is international then there might be some fees issued by the broker, but these shouldn’t surpass the CAD$20 mark. However, traders should not forget the fact that the banks involved in the transaction almost always issue some sort of fee.

Credit/Debit Card deposits and withdrawal, if not instantaneous, take no more than a couple of minutes. Interestingly enough we stumbled upon one big Canadian broker, QuesTrade, that did not accept card payments. Nevertheless, if any Debit/Credit card fees occur, they should be more than 2% of the sum. A fair warning though: if one wished to send/receive a big sum, say CAD$10 000, then these 2% morph into a hefty commission (CAD$200).

There are of course many alternative ways to transfer and receive money in Canada, with the most popular ones being by Check and through InteracOnline.

Checks are physically deposited/received, and it can take up to 7 days to finalize the payment. There are no fees attached when using checks.
InteracOnline payments are instantaneous. Occasionally, that time can expand to one day.
The fee issued by Interac is CAD$0.65 per transfer of up to CAD$130, and CAD$1.30 for transfers over CAD$130. However, there are no fees when using InteracOnline to deposit or withdrawal with a Canadian financial institution.

In 2011, the Canadian Federal Government replaced all paper bills with polymer notes, in order to prevent any counterfeiting.

The Bank of Canada stated issuing the first CAD notes in 1935.

The CAD is nicknamed loonie after the bird on the backside of the one dollar coin.