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Recommended Brokers for Canadians

  • #61
  • Dec 21, 2017 4:30pm Dec 21, 2017 4:30pm
FinPro is unregulated offshore, but has good reviews. Good for US & Canadian citizens, they also take bitcoin deposits.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 17.5%
  • #62
  • Edited 11:37pm Dec 21, 2017 11:27pm | Edited 11:37pm
Quoting msiva
I have just been informed by IC markets that they do not accept application from the US and Ontario, Canada. Hope Vantage would accept.
I looked into Vantage as well, but I don't like their server response times. Now it might just be the demo accounts, but the ping is just shy of 500 ms. Which is insanely bad. Unless the broker has a server in new york, anywhere from 80-150 ms ping is acceptable. Their live servers might be a different story, but I'm not keen on some things with them. When I opened a demo account, I was not allowed to choose my initial deposit. I was automatically given an account with $100k USD. As I mentioned, the server ping is atrocious for demo, and I think the demo accounts last less than a month before they expire. Most brokers will kill demo accounts after one month of inactivity (which is fine), but having a fixed timeframe for an active demo account is just bad.

If you're looking for an ASIC broker, check out Global Prime. Their costs are fair, and they're pretty upfront about everything. Plus they have tons of good reviews. My broker FXPig is not regulated since they're not in Australia, but they're a part of the Financial Commission, which means up to $20k of your account is protected in case the broker engages in any wrongdoing. They also have plenty of positive reviews.

You could try FXOpen as well. I was looking at signing up with them, but their support staff wasn't very helpful, and couldn't speak english very well either. So I skipped out on them.
  • #63
  • Jan 4, 2018 7:33pm Jan 4, 2018 7:33pm
What broker would you recommend for BC, one that doesnt trade the other side and has decent spreads?
  • #64
  • Jan 6, 2018 1:47pm Jan 6, 2018 1:47pm
Normally I would start my own thread to ask this question, but it seems that for some reason I can't. I guess Junior Members aren't allowed to ask questions?? ::frustrating::

Anyway... I am also Canadian and looking to find a broker. Currently I'm using FX Choice, but recently they have changed liquidity pools and as a result my swap fees have Quintupled! Ridiculous.

I'm a swing trader. I hold my trades anywhere from minutes to days to weeks to months. I stay VERY small and only BUY positions. I then hold them until my target is reached. I do not short, ever. I've been trading CFD's for about 1.5 years now, but only about 8 months with real money. I've learned that things like swaps and spreads are important (something that I really didn't pay attention to when paper trading).

Can someone offer a suggestion for a broker that offers low swaps, preferably in Canada (or some other regulated Country that my money is safe from insolvency). Oh... Also, I would like to have negative balance protection. I don't want any chance that I can owe more than I started with.

It should be also noted that I ONLY trade indexes. If I trade a commodity it is an in and out thing. Not usually holding it. But, I never trade FX.

Would appreciate any help I can get please.

Note: If you are a moderator, please make me a full member so I can start my own threads.
  • #65
  • Feb 15, 2018 9:05pm Feb 15, 2018 9:05pm
Long time no post, but this is the exact topic I want to post about, so I'm bringing this thread back to life.

I just received an email from pepperstone advising me my account will be closed by May, as they are getting rid of all Canadian accounts. I have asked them why and what specific regulation intitiated this, yet no one there seems to know. The answers I've got so far are "The Canadian government", and "The new laws".

Anyhow, I suspect many of my fellow Canadians are likely in the same boat now; IIROC is really going the "Over-regulation, trader mutilation" route. Dukascopy is still accepting Canadian clients, though who knows how long before they'll cave too. The options which have IIROC oversight are simply terrible for one reason or another if you're looking for an ECN broker.

Any suggestions for an ECN broker that'll service Canadians? I'm from Ontario, to be more specific.
  • #66
  • Feb 16, 2018 6:31am Feb 16, 2018 6:31am
Quoting MysticFX
Long time no post, but this is the exact topic I want to post about, so I'm bringing this thread back to life. I just received an email from pepperstone advising me my account will be closed by May, as they are getting rid of all Canadian accounts. I have asked them why and what specific regulation intitiated this, yet no one there seems to know. The answers I've got so far are "The Canadian government", and "The new laws". Anyhow, I suspect many of my fellow Canadians are likely in the same boat now; IIROC is really going the "Over-regulation,...
I am in Ontario and I use Vantage,

I think it is a minimum 500 bucks to open a raw ECN account and so far no problems. Generally liking them.
  • #67
  • Feb 16, 2018 2:20pm Feb 16, 2018 2:20pm
Quoting 4xNewGuy
{quote} Not anymore man. I was with them for about half a year, fooling around with a micro account. Then I checked the members area yesterday, and they blanket banned all Canadian traders. Originally it was just BC and Alberta, now it's all Canadian traders. Each province regulates things like forex, securities, etc. That's why the regulations vary throughout the nation. Alberta is the worst. You have to have something like $250k in cash and assets, and be an accredited investor to be allowed to do forex. So in other words, only the wealthy can...
Hey Brother,

What is your experience with dukascopy as a canadian compared to other brokers like pepperstone? Do you use their bridge FTT or just the Jforex platform?
Whatever is happening right now has happened before and will happen again.
  • #68
  • Feb 16, 2018 7:01pm Feb 16, 2018 7:01pm
Quoting mnmnmmnnmnmn
{quote} Hey Brother, What is your experience with dukascopy as a canadian compared to other brokers like pepperstone? Do you use their bridge FTT or just the Jforex platform?
I only used their proprietary platform in demo for a bit. I wasn't really a fan of it. I can't comment on the bridge to mt4 as I never tried it. Last I checked, Pepperstone doesn't accept any Canadian clients anymore. I think it's only 2 provinces that have regulations against offshore brokers, but some of them just blanket ban all Canadians now. I was trading fine with xm.com for a while, as they only banned two provinces. Then one day, guess what? They were done with Canadians in general at the end of the month. I was also looking into IC Markets, as they let you transfer funds via paypal. Then one day I check their site, and they banned only Ontario traders. Which makes no sense, since it's usually BC and Quebec that they block. That one really pissed me off.

If you're looking for a good aussie broker that still takes Canadian clients, Global Prime is a good choice (at least they still accepted us last time I checked). They have a lot of positive reviews over at forex peace army. I went with FxPig, and have been with them for close to two months right now. They also have tons of positive reviews. I've had zero problems with execution on my trades. Their regulation is a bit of a question mark, but they're also a member of the Financial Commission, which is a 3rd party international organization that regulates its member brokers and clients. Your account is protected up to $20k usd with them. Also FxPig offers a Mastercard that you can transfer funds from your account to. It's great for a smaller trader like me who don't want to deal with $40-$50 wire transfer fees on small transfers.
  • #69
  • Feb 17, 2018 5:11pm Feb 17, 2018 5:11pm
Quoting 4xNewGuy
{quote} I only used their proprietary platform in demo for a bit. I wasn't really a fan of it. I can't comment on the bridge to mt4 as I never tried it. Last I checked, Pepperstone doesn't accept any Canadian clients anymore. I think it's only 2 provinces that have regulations against offshore brokers, but some of them just blanket ban all Canadians now. I was trading fine with xm.com for a while, as they only banned two provinces. Then one day, guess what? They were done with Canadians in general at the end of the month. I was also looking into...
Yah I don't want to deal with the headache again later on when all the Aussie brokers start to do the same thing. I'm going with FTT. Three months to close up all my positions and wire all the fund to swiss.
Whatever is happening right now has happened before and will happen again.
  • #70
  • Feb 17, 2018 5:12pm Feb 17, 2018 5:12pm
One thing to add... I hate being a Canadian, especially with all the no-brainers running the goverment. Canada is going down big time soon enough to be worse than a third world country.
Whatever is happening right now has happened before and will happen again.
  • #71
  • Edited 6:16pm Feb 17, 2018 6:01pm | Edited 6:16pm
Quoting mnmnmmnnmnmn
One thing to add... I hate being a Canadian, especially with all the no-brainers running the goverment. Canada is going down big time soon enough to be worse than a third world country.
Keep increasing welfare spending, then eventually the bubble will burst. It baffles me how many people in this country don't understand this simple concept. That and the whole minimum wage hike in Ontario. We lost 51k part time jobs in january alone, yet everyone that voted liberal pretends the wage hike has nothing to do with people losing their minimum wage jobs.
  • #72
  • Feb 17, 2018 9:01pm Feb 17, 2018 9:01pm
Quoting 4xNewGuy
{quote} Keep increasing welfare spending, then eventually the bubble will burst. It baffles me how many people in this country don't understand this simple concept. That and the whole minimum wage hike in Ontario. We lost 51k part time jobs in january alone, yet everyone that voted liberal pretends the wage hike has nothing to do with people losing their minimum wage jobs.
We have useless people making the ‘right’ decision for us. Stupid minimum wage should be only applied to business that gross 0.5 million a year or over, Walmart, Timmy, McD etc not us small business that is making peanuts.

And get that stupid pipeline through, forget about the environment, worry about the starving people first. Our PM is nothing but a pretty face. Canada is out of hope.
Whatever is happening right now has happened before and will happen again.
  • #73
  • Feb 18, 2018 10:01am Feb 18, 2018 10:01am
To get back to the topic at hand, that being a reliable broker with good execution that will service Canadian clients: it seems Dukascopy and vantage are top mentions. I personally would stay away from other aussie brokers that may follow pepperstones path.

Any other recommendations? I want to stay away from MM models.

Thanks again. And happy family day to those who reside in Ontario
  • #74
  • Feb 18, 2018 11:08am Feb 18, 2018 11:08am
Vantage is also an Assie broker, so it's out of my equation.

I recommend you guys to try out Dukas. I have another thread, talking about Dukas service (Demo) experience. You are more than welcome to join to share.
Whatever is happening right now has happened before and will happen again.
  • #75
  • Feb 18, 2018 11:09am Feb 18, 2018 11:09am
Here is the link.

I am currently testing Dukas. And I am updating what I think after trying out their demo.

https://www.forexfactory.com/showthread.php?t=738680
Whatever is happening right now has happened before and will happen again.
  • #76
  • Feb 18, 2018 11:41am Feb 18, 2018 11:41am
Quoting mnmnmmnnmnmn
Here is the link. I am currently testing Dukas. And I am updating what I think after trying out their demo. https://www.forexfactory.com/showthread.php?t=738680
I just started reading your other thread, which is exactly regarding brokers for Canadian clients, so I'll post there. However in regard to Duka, I had an account with them before Pepperstone. They were great.

The reason I left them was for MT4 without extra costs for use of FTT. At this point I am strongly considering going back to them.
  • #77
  • Feb 18, 2018 11:53am Feb 18, 2018 11:53am
Quoting MysticFX
{quote} I just started reading your other thread, which is exactly regarding brokers for Canadian clients, so I'll post there. However in regard to Duka, I had an account with them before Pepperstone. They were great. The reason I left them was for MT4 without extra costs for use of FTT. At this point I am strongly considering going back to them.
Yah, thinkin about this way... Dukas is the broker that has the most rewards throughout all these years. And they have a super long good recorded history.
Whatever is happening right now has happened before and will happen again.
  • #78
  • Feb 19, 2018 10:47am Feb 19, 2018 10:47am
Quoting mnmnmmnnmnmn
{quote} Yah, thinkin about this way... Dukas is the broker that has the most rewards throughout all these years. And they have a super long good recorded history.

Well rewards and prizes tells nothing, brokers pay for those parties to create and receive some reputation made out of thin air. Better to take into consideration trading reviews, complaints they are much more informative and sometimes reveal weak points of a broker when conflict of interest surface or some other controversial trading situations.
  • #79
  • Feb 20, 2018 7:59pm Feb 20, 2018 7:59pm
Once an account is opened (legally), one can trade that account from anywhere in the world.
I personally know many traders that travel the globe and are not permanent residents of any specific country.
  • #80
  • Feb 21, 2018 12:24pm Feb 21, 2018 12:24pm
Quoting symona
Once an account is opened (legally), one can trade that account from anywhere in the world. I personally know many traders that travel the globe and are not permanent residents of any specific country.
that is my goal .... ....
Whatever is happening right now has happened before and will happen again.
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