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Brokers for Canadians?

  • #1
  • First Post: Feb 14, 2018 1:40pm Feb 14, 2018 1:40pm
Hi there,

I am pretty sure that I am not the only one who is looking for a good answer to this. Many brokers out there has already stopped taking any more US or Canadian clients.

Yesterday I received the last notice email from Pepperstone saying their service to the Canadians will be ended in three months. So I have been looking everywhere to find a decent broker to trade, outside of North America.

I will be super appreciated if any of you guys can share your experience with the brokers you are dealing with, and hope I can find one very soon.

Thanks
Whatever is happening right now has happened before and will happen again.
  • #2
  • Feb 14, 2018 1:45pm Feb 14, 2018 1:45pm
I have been using EAs to manage most of my trades. And the reason I do not like to deal with american brokers because of their FIFO rules and other stupid things.

I am thinking about going with Dukascopy, but they have a third party bridge company that offers MT4 which my EAs will be used on. They are one of the best brokers out there as I as I know.
Whatever is happening right now has happened before and will happen again.
  • #3
  • Feb 14, 2018 1:54pm Feb 14, 2018 1:54pm
I got booted out of xm where I had my small account for scalping.

I can't trade with interactive brokers, because they don't support MT4. Only MT5 also through a third party I guess.

I don't really want to try other brokers that located at some no name island either.

Only big names please guys... we are desperate for your opinions :0)
Whatever is happening right now has happened before and will happen again.
  • #4
  • Feb 14, 2018 2:06pm Feb 14, 2018 2:06pm
I too had this issue as I was trading at Pepperstone and Global Prime and had to shut down my pepperstone account.

Haven't been kicked off Global Prime so I think they're still taking Canadians. I've been happy with them for a while and they have great reviews http://www.forexpeacearmy.com/public...alprime.com.au

Alternatively, maybe some of the other australian brokers? I don't use them but heard Axitrader might also be good.
  • #5
  • Feb 14, 2018 2:40pm Feb 14, 2018 2:40pm
Quoting thepiplife
I too had this issue as I was trading at Pepperstone and Global Prime and had to shut down my pepperstone account. Haven't been kicked off Global Prime so I think they're still taking Canadians. I've been happy with them for a while and they have great reviews http://www.forexpeacearmy.com/public...alprime.com.au Alternatively, maybe some of the other australian brokers? I don't use them but heard Axitrader might also be good.
Thanks for the reply. I am just a little concerned that sooner or later these Australian brokers will all start to ban NA clients. I need to do some research first.
I 'll read up the reviews on forexpeacearmy.
Whatever is happening right now has happened before and will happen again.
  • #6
  • Feb 14, 2018 2:54pm Feb 14, 2018 2:54pm
Talked to the Global Prime online, I was told by the agent that he is not sure if they have plans to boot out all the Canadian Clients either. Here is what he said:

If ASIC requires us to stop accepting Canadian clients, we have to comply however I believe Pepperstone has other regulatory authorities that does not allow them to take Canadians
Whatever is happening right now has happened before and will happen again.
  • #7
  • Feb 14, 2018 3:00pm Feb 14, 2018 3:00pm
And at the same time... I was talking to Pepperstone and I was told:

Pepperstone Support Live Chat
Unfortunately, it is due regulations in Canada, we would have to take multiples licenses and regulations to be able to attend clients from the different states in Canada. Sadly it is not a possibility for us.

So looks like it's the Canadian thing that doesn't allow it's resident to trade anywhere out side of north america. I believe Global Prime will follow Pepper soon.
Whatever is happening right now has happened before and will happen again.
  • #8
  • Feb 14, 2018 3:15pm Feb 14, 2018 3:15pm
I spoke to Pepperstone and Global prime and it turns out that Pepperstone made a choice to no longer accept canadians due to "commercial reasons". They weren't banned from taking Canadians.

Global prime said they don't plan on banning us Canadians, I hope they don't change their policy. For now I'll keep using them and wait and see.
  • #9
  • Feb 14, 2018 3:32pm Feb 14, 2018 3:32pm
Quoting thepiplife
I spoke to Pepperstone and Global prime and it turns out that Pepperstone made a choice to no longer accept canadians due to "commercial reasons". They weren't banned from taking Canadians. Global prime said they don't plan on banning us Canadians, I hope they don't change their policy. For now I'll keep using them and wait and see.
How is the service comparing these two? slipage? execution speed and such? fees? commissions?
Whatever is happening right now has happened before and will happen again.
  • #10
  • Feb 14, 2018 3:39pm Feb 14, 2018 3:39pm
Quoting mnmnmmnnmnmn
{quote} How is the service comparing these two? slipage? execution speed and such? fees? commissions?
They're both great brokers.

Both have great service but Global Prime feels a bit more personal, I think it's because they're smaller than Pepperstone.

Slippage and execution are about the same, I don't really trade around news so that's where I would expect to see bigger differences.

Commissions were both $7 per lot.

I attached a photo of both their spreads. I think usually pepperstones are a bit better then what I see there. Not sure why they're so high now.

Piplife
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 22 KB
  • #11
  • Feb 14, 2018 4:24pm Feb 14, 2018 4:24pm
Thanks Piplife,

One of my friends refered LMAX to me just now, and they charge 0.2-0.5 for the major six pairs for spread. Which is pretty decent. But I talked to them just now, they only take wholesale clients instead of retailers.

At the same time, I downloaded the Fair Trading Tech, which is the bridge company for Dukascopy, and their spread is a bit higher but the commission is also pretty standard around 7 per round lot.

I do not want to run the risk with anohter Australian broker because I have my trading grid spread out so wide for long runs, now I only have three months to close all my positions. Stressed.
Whatever is happening right now has happened before and will happen again.
  • #12
  • Feb 14, 2018 4:25pm Feb 14, 2018 4:25pm
and also the spread sheet you just posted, shouldn't it be the other way around, the peperstone being on top 0.2 for EUR vs Global 1.2?
Whatever is happening right now has happened before and will happen again.
  • #13
  • Feb 14, 2018 5:01pm Feb 14, 2018 5:01pm
Quoting mnmnmmnnmnmn
and also the spread sheet you just posted, shouldn't it be the other way around, the peperstone being on top 0.2 for EUR vs Global 1.2?
I just took a screenshot from myfxbook broker spreads page. Not sure why pepperstone looked so high. Global Prime spreads seem right though.
  • #14
  • Feb 15, 2018 12:45pm Feb 15, 2018 12:45pm
pepperstone is regulated by FCA (UK) and for this reason they ban canadian too.

Global Prime, Axitrader.. etc they are on ASIC (australia) regulated. still accept canada.
I'm with Axitrader since 3years, do EA trading and news trading . I tested many broker and i really like this one. Very low spread , 7$comm. , very high speed execution (for autoclick news trade) with vps, and low slippage.

But how long they will still keep canadian... Gov of Canada dont want of their resident be retail traders....
  • #15
  • Feb 15, 2018 1:51pm Feb 15, 2018 1:51pm
Quoting franksente
pepperstone is regulated by FCA (UK) and for this reason they ban canadian too. Global Prime, Axitrader.. etc they are on ASIC (australia) regulated. still accept canada. I'm with Axitrader since 3years, do EA trading and news trading . I tested many broker and i really like this one. Very low spread , 7$comm. , very high speed execution (for autoclick news trade) with vps, and low slippage. But how long they will still keep canadian... Gov of Canada dont want of their resident be retail traders....
Thanks for your reply Frank,

That's the reason I am very afraid of dealing with Australian broker any more. I truely believe that, with the government pushing this hard, eventually they'll all have to take only the wholesale traders like LMAX.

I am trying out Dukascopy with their third party bridge company Fair Trading Tech that provides the MT4 platform. So far, so good. They charge around $7 as well roughly, and spread is acceptable with a reasonable range. I am throwing my EA on it to test the water and haven't found any odd things yet. The execution time is a little delayed than Pepperstone.

Testing their server speed is like 150ms, where Pepperstone edge around 35-50ms.

Xu
Whatever is happening right now has happened before and will happen again.
  • #16
  • Feb 15, 2018 4:25pm Feb 15, 2018 4:25pm
Yep because when ASIC will ban canadian, we will only have Dukascopy or Non-regulated broker somewhere in lost island...
just for your info, i used too Pepperstone (now closed my account yesterday after i receive the funny notice and Axitrader have same spread,execution , fast withdraw, of Pepperstone.

Let me know your feeling when you will have tested dukascopy. And the minimum of 5k$ deposit still there ?
  • #17
  • Edited 5:58pm Feb 15, 2018 5:41pm | Edited 5:58pm
Canadians will lose access to Australian brokers?? when is this taking place and why?...Im with IC markets, will i get kicked out?
  • #18
  • Feb 16, 2018 4:03am Feb 16, 2018 4:03am
oanda is good broker as far as I know.
Profit Maker
  • #19
  • Feb 16, 2018 11:27am Feb 16, 2018 11:27am
Quoting franksente
Yep because when ASIC will ban canadian, we will only have Dukascopy or Non-regulated broker somewhere in lost island... just for your info, i used too Pepperstone (now closed my account yesterday after i receive the funny notice and Axitrader have same spread,execution , fast withdraw, of Pepperstone. Let me know your feeling when you will have tested dukascopy. And the minimum of 5k$ deposit still there ?
I believe so... minmum $5000, and 200:1 max.

But when I set up the demo on the Fair Trade Tech, the max allowable leverage is 100:1.

For us who goes 100% EA, larger leverage is definitely to our advantage.
Whatever is happening right now has happened before and will happen again.
  • #20
  • Feb 16, 2018 11:27am Feb 16, 2018 11:27am
Quoting Watchmaker
oanda is good broker as far as I know.
Oanda only 50:1 correct? for Canadians.
Whatever is happening right now has happened before and will happen again.
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