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Brokers for Canadians? 325 replies

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Recommended Brokers for Canadians

Quoting MrPresident
{quote} You seem to be confused about the business model of Forex brokers. All Forex brokers will trade against their clients to hedge the trading positions. You don't understand how Forex trading works at all. As a Forex broker, you will hedge all positions. If the average percentage of winners is 20% and 80% are losers, then you hedge against the losers. There is no ECN or "direct market trading" for the average retail customer.
Quite so. Metatrader is specifically designed for bucket shop operation. The better brokers have their own software "bridges" that pass orders between the Metatrader server and the ECN, but its not a standard part of Metatrader server.

Hedging positions is fine. But taking actions intentionally designed to make the trader lose is not.

Case in point: FXCM. Several years back I was using a popular commercial MT4 robot called "FAP Turbo" that was making a lot of people money. I had several accounts with multiple brokers and FAP Turbo was profitable on all of them except for FXCM. I did some detailed analysis of FXCM's data, comparing it closely against the data of other brokers. I discovered that during the two hour period that FAP Turbo was active FXCM was modifying their data on the pairs that FAP Turbo traded. It was very plainly visible in the graphs I prepared in Excel. There was no question that FXCM had configured their servers specifically to make FAP Turbo lose. I closed my account with FXCM. What I should have done is sent that spreadsheet to the CFTC. Several years later the CFTC fined FXCM $7 Million and banned them permanently from the USA for trading against their clients (details are easily found on the web).

I usually ignore people that cry "broker manipulation" as most brokers are honest and its common for poor traders to blame their lack of success on anything but themselves. But this was one clear case where the broker really was dirty.
Sure I have a trading plan. Buy low. Sell high. What's yours?
Quoting Telac
{quote} A friend of mine just got the same from Tickmill; The list of brokers doing this gets longer and longer - anyone with any ideas on decent brokers with leverage of 200/1 or better for Canadian residents?
I'm with FxPig, and have had no problems with them. I was hoping to get their prepaid Mastercard, but I found out they can't issue it to Canadian citizens. Fortunately I can use Skrill and pay less in transfer fees than using a wire transfer. Their leverage goes up to 400:1. Their spreads are very tight, and commissions are really good. Although commissions do vary by the pair, the eur/usd is under $6 per lot. The aud/usd and nzd/usd pairings which I'm trading right now are incredibly low. About $3.50 per lot. My only gripe with them, is their swap rates. They are the worst. Unless you're long on the usd/chf, you will pay. Even long on the usd/jpy hits you with a negative swap rate. So if you're into holding trades for long periods of time, it might not be the right fit for you.

Another one worth considering is Dukascopy. Now they do have 3 different branches, so make sure it's the Swiss Dukascopy. Not the Europe or Japan branches. Their max leverage is 200:1, but it drops down over the weekend to 60:1 I think, or somewhere around there. It's basically to protect your account from going into the negative if there's a big weekend gap. They have a tiered commissions structure. Where commissions are determined by how much you deposited, how much you have in your account, or how big your positions are. Whichever one's the biggest, will get you the biggest discount. Their swaps are really good, and so are their spreads. Your account is also insured up to 100,000CHF in case the broker goes belly up. I'm going to sign up with them when I have enough for a large account.

Global Prime is one that's probably gotten the most positive reviews. Their commissions are the standard $7 I bevieve, so you pay a bit more there. But they have good spreads and swaps. People keep saying their customer service is tops. So they're also worth considering.
So who's the best for Canadians now?

Who accepts Credit Card funding?
Honestly.

What are the options now for Canadians..... ?

Oanda (5:1 leverage)? lol

FXCM!

QUESTTRADE!!

lol
This is the most recent list of recommended available brokers for Canadians, according to this thread:

FXTM
FXPIG
COINXX
VANTAGE FX
I trade with Dukascopy and Vantage FX. I live in Mexico now, but those accounts were opened when I lived in Canada. What I am discovering, though, is that it isn't residency so much as it is your citizenship. I have tried to open accounts elsewhere but was denied because I am a Canadian citizen despite being a legal resident of Mexico. Bullshit if you ask me. I left Canada to escape the brutal control over my money and because I still have a Canadian passport it looks as though I am still under their rule
Emotion - it steals your money.
Swift Trade All Time Return: 7.8%
Quoting Achilles28
This is the most recent list of recommended available brokers for Canadians, according to this thread: FXTM FXPIG COINXX VANTAGE FX
FXTM and Vantage FX no longer allow CC funding from Canadians. Unsure of FXPIG.
Quoting Achilles28
{quote} FXTM and Vantage FX no longer allow CC funding from Canadians. Unsure of FXPIG.
I just funded my Vantage account with my CC a couple weeks ago
Emotion - it steals your money.
Swift Trade All Time Return: 7.8%
Global Prime Au still does. But they are between credit card merchant providers. 6-8 weeks before it will be integrated, maybe longer. It was a sudden decision, mainly due to some recent MasterCard rules that affected their old merchant provider

if you are ok with offshore, FxPig or Forex4You may not be a problem.
Quoting forevermaat
Global Prime Au still does. But they are between credit card merchant providers. 6-8 weeks before it will be integrated, maybe longer. It was a sudden decision, mainly due to some recent MasterCard rules that affected their old merchant provider if you are ok with offshore, FxPig or Forex4You may not be a problem.
Mastercard proper has shut off CC funding of FX accounts held by Canadians. So whether GP restores CC funding, it won't matter for Canadian Mastercard holders.

FXPig wanted a high minimum deposit. I'll check Forex4You but it's basically impossible now. Nobody offers Paypal. Neteller Canada doesn't offer Paypal, which is another joke. Nor does Neteller connect to a bank account. Neteller Canada, only offers VISA. I wonder if VISA Canada has cut off Canadians funding FX accounts.
Quoting Achilles28
{quote} Mastercard proper has shut off CC funding of FX accounts held by Canadians. So whether GP restores CC funding, it won't matter for Canadian Mastercard holders.....
If that's the case, then there is nothing you can do. You can only see if broker will accept it and try. But if it is blocked at the merchant provider level, not much you could do.

Quoting Achilles28
{quote}... FXPig wanted a high minimum deposit. I'll check Forex4You but it's basically impossible now. .....
$1000 if you want 1:400 leverage. And the margin/stop level is 120/100%
Oanda accepts Canadians.
Reliable for retail.
Globalprime , Thinkmarkets are the only reliable ones for now. globalprime if you dont mind 1:100 leverage but awesome spreads..thinkmarkets if you need 1:500 and good spreads.

btw if CC is not accepted you can still use VISA DEBIT as I have used it with thinkmarkets when CC didnt work.
Game taught me the game. And it didnt spare me the rod while teaching
Quoting Singh1
Globalprime , Thinkmarkets are the only reliable ones for now. globalprime if you dont mind 1:100 leverage but awesome spreads..thinkmarkets if you need 1:500 and good spreads. btw if CC is not accepted you can still use VISA DEBIT as I have used it with thinkmarkets when CC didnt work.
When did you open your account with thinkmarkets?
I contacted them and they don’t accept Canadians anymore.
Quoting Singh1
Globalprime , Thinkmarkets are the only reliable ones for now. globalprime if you dont mind 1:100 leverage but awesome spreads..thinkmarkets if you need 1:500 and good spreads. btw if CC is not accepted you can still use VISA DEBIT as I have used it with thinkmarkets when CC didnt work.
You can request an increase up to 1:200 leverage at GP. It is not an automatic process; you will go through an additional risk survey before being approved.

I think it only applies to majors and major crosses.
Quoting Achilles28
{quote} Mastercard proper has shut off CC funding of FX accounts held by Canadians.
Is this true :S?? i couldn't find the details on google about that
anyone else from BC? if so which broker are you using?
Quoting forexvert
anyone else from BC? if so which broker are you using?
For retail under 15k try Oanda.
Quoting Sonofsin5
{quote} For retail under 15k try Oanda.
I've never had an account with Oanda. However I would suggest to read recent (last few years) reviews about Oanda. But not sponsored reviews, read what other traders say https://www.forexpeacearmy.com/forex.../www.oanda.com
I have an account with Global Prime. They still can accept Canadians. Their spreads are amazing and no issues with funding via credit card. I also use an IB who offers rebates after every trade. So their price is very competitive. You can find some reliable IBs on Google if you search for Global Prime and rebates keywords. Their reviews on FPA is really impressive. I can only recommend them.
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