Recommended Brokers for Canadians
I was wondering what broker fellow traders living in Canada (Ontario) use or anyone with some experience trading live would recommend. I have looked into;
Pros - CAD based account
Cons - Huge spreads, MM, only one withdrawal a month before incurring extra fees
Pros: good spreads, regulated, CAD based account, decent commissions
Cons: Only wire withdrawals $20 each
pretty much identical to IC.
similar to the previous two.
Pros: best spreads out of everyone, supposedly free wires, best commissions
Cons: less-than-legit regulation
Pros: Professional level broker, good commission, easy/cheap EFT withdrawals
Cons: trades settle in base currency of pair , minimum commission and trade size per trade, inactivity fees etc etc.
Pros: nothing really
Cons: Huge commissions, only Wires it seems
bit of a joke for forex
It seems that finding an appropriate broker is harder that I initially anticipated. As a canadian should I be looking into a broker that offers CAD based accounts? Also, how do you guys deal with regular withdrawals? $20+ a wire seems rather expensive as a method for routine withdrawals. You guys in Australia seem to be quite well off with the local brokers and their local bank transfers! They only thing that comes close for Canadians seems to be Interactive Brokers.
If anyone has an opinion or can offer some advice based their own experiences I would greatly appreciate it!
I am from Quebec and I trade on Etoro
all you mentioned are ok brokers and go for card deposit and withdraw it is better and less expensive unless you want to trade more than 10000$
then 20$ will not be a problem .
i will add tradking also .
have a nice day please
Anyone from BC here? Seems due our the BCSEC, most brokers will not offer accounts to BC residents. If you are from BC, can you list who you are trading with?
I want an offshore account, to avoid taxes of course. I started trading with ODL many years ago, then they were purchased by FXCM. I was flying under the radar for a several years, but once they figured out I was from British Columbia, they promptly closed my accounts, which was too bad, cause I had a very good run with them.
So now I am on the hunt for a new reliable broker.
Im from Toronto and I'm with Oanda. So far so good, their spreads can be a bit annoying. I so far didn't do any withdraws so i cannot give you an honest review. One thing i do really like about Oanda is that they have fast fill ins.
Cdawg it really seems like the west coast there has people by the balls with regards to trading there.
Oanda seems pretty decent for a Canadian based broker, I have just heard some thigns regarding absurd widening spreads at times and, like you said, the spreads arent very competitive anymore.
Anyone use Tickmill or Global Prime? They both either cover or partially cover outgoing wires supposidely. Global Prime has awesome feedback on Forex Peace Army while Tickmill, like I mentioned earlier, isnt really "regulated". Would you guys trust a broker like that with 10-20k? Forex brokers seem so sketchy compared to futures brokers.
I have decided to move to Dukascopy.
Oanda wont offer an account to BC residents either, FXCM does through Friedberg which is based in Canada but then there's the taxman.
Since I don't trade the news, I have never really been affected by spread widening, I am more of a swing trader nor do I mind service fee for a wire transfer. $20 buck on a couple thousand isn't much.
Stefan, if you are trading in the 5 digits or more, I would suggest a regulated broker with a long track record.
Best of luck
Cdawg, I feel you on the need for a stable trustworthy broker. Can I ask why you've decided on duka? Swiss or Europe division? Im guessing you'll be using their Java platform entirely? I really wish more brokers would have ninjatrader as an option. It makes mt4 look likea toy especially with DOM order entry which is great for short term trades and placing limit orders.
I 've experience with Hotforex and FXCM both accounts performing fine if get used to account type features like fixed spread for news at Hotforex, good scalping account at FXCM etc. Both pays, but if I'm not mistaken Hotforex doesn't accepts Canadian residents..
I looked at Pepperstone as well, I suspect they are a MM. Might be tough to make any money with them when they are taking the other side of your trade.
I know it's been a while since anyone has been on this thread. Hoping someone sees this. I heard Pepperstone was good for Canadians. Really, I'm interested in finding a broker that allows hedging. Two trades, in opposite directions, on a single asset, at the same time. I'm not overly concerned about withdrawals or withdrawal fees. I'd obviously prefer a tight spread but it's the hedging that I'm really interested in finding.
I've heard brokers out of the UK or out of Australia would be my best bet. Any thoughts?
Also, because I'm pretty new to this and I haven't traded live yet (just demo) I really like the Tradestation platform. Is that exclusively for FXCM?
Gotta add Vantage FX to the list at the top.
I have no idea why Pepperstone stopped accepting Canadian traders but Vantage (also in Australia) have kept me on board.
Give them a try.
All three versions of Trading Station (Desktop, Web and Mobile) were developed in house by FXCM's software team. However, as a Canadian resident you can trade on our platforms with the ability to hedge by opening an account through Friedberg Direct. Friedberg is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), so your funds with them are insured for up to $1 million: http://bit.ly/1WRjcjl
It is very difficult to find brokers for Canadian because they usually require tight spreads and lowest possible commissions. The most of the brokers in the industry are currently offering either huge spreads or commissions. If they are good at spreads and commissions, they do charge on deposits & withdrawals.
Good luck in your trading mate!
OANDA doesn't allow traders from Alberta.
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