Forex.com is expanding to the Canadian market in a recent announcement made by the company on March 16. Canadian traders will now be able to access trading tools offered by the platform to be used in 2500 tradable markets. Furthermore, the forex broker also has plans to offer CFD trading to traders. It seems the platform’s plan for expansion is quickly underway, given its recent venture in Latin America.
Founded in 2001 in the United Kingdom, Forex.com has been one of the leading forex brokers in the market for more than two decades now. As per this full review of Forex.com, this trading platform is equipped with advanced tools like the MetaTrader 4 and offers more than 80 competitive currency pairs for users to choose from. Although the primary focus of the site is the forex market, traders are given the option to trade in other assets like CFDs, stocks, futures, commodities, and cryptocurrencies.
Following its expansion in Latin America, this StoneX-owned trading platform is opening its business in Canada. Trade offerings for the residents of Canada will be provided through a locally established firm called GAIN Capital – Forex.com Canada Limited. Yet, operations will be conducted under the banner of Forex.com. This broker has already received approval from regulators like the Investment Industry Regulatory Organization of Canada and the Canadian Investor Investor Protection Fund to conduct business in Canada. According to Glenn Stevens, CEO at StoneX, the Canadian forex market will be integral for the platform to offer a comprehensive training environment for its users.
The services would help traders in Canada access nearly 2,500 markets through Forex.com, including traditional shares in commodities, indexes, and stocks. However, CFDs are expected to be a significant aspect of these trading services. The reason for the excitement comes from the commission-free trading offered for CFDs. The traders could be charged about the bid/ask spread. According to reports, the CFD feature for Canadian traders is likely to go online on the 1st of July, 2022.
The recent business expansions from StoneX have been trying to establish a foothold in the region. Operating with a Cayman Islands license, the broker brought its business to the Andean regions last October. In less than a year, the expansion reached the Canadian market now. In the opinion of Sixto Alonso, the Regional Director at Forex.com, the recent expansions are signs of the firm’s commitment in the last 20 years to bring a comprehensive trading environment. Bringing a range of products with competitive pricing for traders in Canada is the top priority of this joint venture, he added.