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Brokers for Canadians?

  • #41
  • Mar 11, 2018 9:00am Mar 11, 2018 9:00am
Quoting Unforeseen
{quote} Hi, i'm curious on what the reasons are for avoiding this broker? I was planning on investing more of my account with them. The rep I work with has been very upfront with me and I have no complaiints. The base commissions, spreads, and leverage are all documented. I also did checks on them before depositing, as i'm in Ontario and they have a clean bill with the OSC, and are members of IIROC and CIPF (Insured against insolvency up to 1m) and have no lodged disciplinary actions or complaints, along with being around for 15 years. The only...
If you search around the website, I bet you can’t find anything good about them when compared to other ECN brokers out there. High spread, low leverage and the scandals from the mother company FXCM that lost them lots customers. When there is still other awesome brokers that are taking CAnadians, this broker is not on the top of the list of my picks. Unless it’s the only choice for me then I ll have to go with it.
Whatever is happening right now has happened before and will happen again.
  • #42
  • Mar 11, 2018 11:42am Mar 11, 2018 11:42am
Quoting mnmnmmnnmnmn
{quote} If you search around the website, I bet you can’t find anything good about them when compared to other ECN brokers out there. High spread, low leverage and the scandals from the mother company FXCM that lost them lots customers. When there is still other awesome brokers that are taking CAnadians, this broker is not on the top of the list of my picks. Unless it’s the only choice for me then I ll have to go with it.
OK thanks appreciate the insight. I see Oanda is regulated the same and is comparable.

I will consider a smaller account at an offshore that isn't Canadian regulated, i'll take a look at Vantage and Dukas as suggested earlier in the thread.
To be one with the market, you must first be one with yourself.
  • #43
  • Mar 11, 2018 1:41pm Mar 11, 2018 1:41pm
Quoting Unforeseen
{quote} OK thanks appreciate the insight. I see Oanda is regulated the same and is comparable. I will consider a smaller account at an offshore that isn't Canadian regulated, i'll take a look at Vantage and Dukas as suggested earlier in the thread.
Vantage is still taking Canadians and if you have a small account to play around with I would go with them, but if you are seriously trading for living with big account, I believe it's a better idea to go with Dukas FTT and move overseas to avoid paying taxes on your hard earnings
Whatever is happening right now has happened before and will happen again.
  • #44
  • Mar 11, 2018 1:43pm Mar 11, 2018 1:43pm
And I myself will be going to open up an account with Vantage for the transition period. After my account at Pepper gets shut down for good I 'll move all my fund over to Dukas. Dukas always has its forex competition which is fun to attend. If you have a crazy EA robot, you may win the top price like my friend did.
Whatever is happening right now has happened before and will happen again.
  • #45
  • Mar 11, 2018 2:24pm Mar 11, 2018 2:24pm
Yeah the overseas move is a consideration in the next few years

I'd consider my account big enough that I'd be worried about keeping the amounts in a broker account that is not Canadian regulated and insured.

With Vantage I can get around that by using the higher leverage, which gives me the ability to keep much of my account outside of the broker. I have started opening an account with them.

I will probably open an account with Dukas as well, I think having 3, in three different countries and regulatory agencies, is a good mix.

I am manual but have been getting very interested in EA's so this seems like a good mix of brokers to get back into things with I've taken a number of years off to pursue other things and am getting back into the game now. I forgot how much I missed it.
To be one with the market, you must first be one with yourself.
  • #46
  • Mar 12, 2018 12:30pm Mar 12, 2018 12:30pm
Quoting Unforeseen
Yeah the overseas move is a consideration in the next few years I'd consider my account big enough that I'd be worried about keeping the amounts in a broker account that is not Canadian regulated and insured. With Vantage I can get around that by using the higher leverage, which gives me the ability to keep much of my account outside of the broker. I have started opening an account with them. I will probably open an account with Dukas as well, I think having 3, in three different countries and regulatory agencies, is a good mix. I am manual...
For sure we're all addictive to this game. I used to trade lots options and stuff but nothing comes as close as forex. Im a busy dad with my own smalll business and don't really have much time watching the chart all day playing around news events. So I have developed an EA which is semi-automatic, this saves me lots time and effort. And believe it or not, the win rate is much higher when you dont have your own emotion involved in the trading. So there are brokers that i have to avoid like those who only allows FIFO, which is another reason I want to stay away from American brokers. they suck.
Whatever is happening right now has happened before and will happen again.
  • #47
  • Mar 12, 2018 1:25pm Mar 12, 2018 1:25pm
Quoting mnmnmmnnmnmn
{quote} For sure we're all addictive to this game. I used to trade lots options and stuff but nothing comes as close as forex. Im a busy dad with my own smalll business and don't really have much time watching the chart all day playing around news events. So I have developed an EA which is semi-automatic, this saves me lots time and effort. And believe it or not, the win rate is much higher when you dont have your own emotion involved in the trading. So there are brokers that i have to avoid like those who only allows FIFO, which is another reason...
I have my own business to run as well and have been dropping clients lately to free up my time for things that motivate me, trading forex is a skill I spent quite a few years on and realized I could start leveraging it as a source of income. I'm always looking to leverage less time for money, so EA is exactly what I was thinking once I get comfortable with manual again and the feel for things. Money management and process is 95% of trading anyway. I enjoy scripting and wanted to get further into automation so this feels like a perfect fit for me.

Thanks for pointer on FIFO, I heard it mentioned but not why to avoid it until I looked into it.
To be one with the market, you must first be one with yourself.
  • #48
  • Mar 12, 2018 2:14pm Mar 12, 2018 2:14pm
Quoting Unforeseen
{quote} I have my own business to run as well and have been dropping clients lately to free up my time for things that motivate me, trading forex is a skill I spent quite a few years on and realized I could start leveraging it as a source of income. I'm always looking to leverage less time for money, so EA is exactly what I was thinking once I get comfortable with manual again and the feel for things. Money management and process is 95% of trading anyway. I enjoy scripting and wanted to get further into automation so this feels like a perfect fit...
Many brokers is FIFO only which really sucks, you have to close the first position before you can close the second one. This prevents me from using hedging for example which really sucks. If you are long term bullish on a pair and what's the use short term hedge position for some quick profit you can't. And so many other EAs that using the similar idea will be banned. So no go for me, doesn't matter how nice other things they provide.
Whatever is happening right now has happened before and will happen again.
  • #49
  • Mar 13, 2018 11:36am Mar 13, 2018 11:36am
Great thread. Thanks for all the helpful info. I'm trading with Global Prime. Just started a few months ago, so far so good. I was with friedberg. I left them because of charges and commissions were on the high side.
Nobody ever went broke closing a trade in profit
  • #50
  • Mar 13, 2018 1:55pm Mar 13, 2018 1:55pm
Yeah the FIFO would be problematic. I've been lucky so far in not coming across it.

Good to know GP. I am having second doubts of putting more funds in with Friedberg.

I had an account open with VantageFX in less then 12 hours after a request on a Sunday. I had an issue with a price feed and issued a support ticket and it was answered within 15 minutes with a actual fix, and had a rep reach out shortly after the account was approved, so i'm impressed with the customer service thus far. The extra leverage I won't be utilizing myself, but it's 100:1 with them on my account. They comped me back funding fees.

Take with a grain of salt as I only just started with them, have not done any withdrawls, etc. Need some more time with them to see how it goes but happy so far. You can choose Raw ECN with commissions, or STD with bigger spreads and no commission, I went with the ECN.
To be one with the market, you must first be one with yourself.
  • #51
  • Edited 10:47am Mar 23, 2018 8:42am | Edited 10:47am
Quoting mnmnmmnnmnmn
{quote} If you search around the website, I bet you can’t find anything good about them when compared to other ECN brokers out there. High spread, low leverage and the scandals from the mother company FXCM that lost them lots customers. When there is still other awesome brokers that are taking CAnadians, this broker is not on the top of the list of my picks. Unless it’s the only choice for me then I ll have to go with it.
Hi mnm,
FXCM has over 100,000 active accounts and $12 billion in average daily trading volume as of our latest metrics release from February 2017. And recent analysis by FinanceMagnates ranks us as the second biggest retail FX broker outside of Japan.

You are correct that leverage is low, but that is because leverage levels are determined by the Investment Industry Regulatory Organization of Canada (IIROC). Brokers regulated in Canada must abide by leverage limits set by the regulator.

And our spreads and execution are very transparent. FXCM provides high volume active traders with tight, executable spreads during peak trading times when you are most likely to be trading. The latest spreads report from Q4 2017 had our average spreads during peak hours at

  1. EUR/USD 0.2 pips
  2. USD/CAD 0.4 pips
  3. USD/JPY 0.2 pips

The full report can be found here.
Jason

*Past performance is not indicative of future results. Losses can exceed deposits.

  • #52
  • Apr 17, 2018 5:36pm Apr 17, 2018 5:36pm
Quoting gp00053
Great thread. Thanks for all the helpful info. I'm trading with Global Prime. Just started a few months ago, so far so good. I was with friedberg. I left them because of charges and commissions were on the high side.
Hey Everyone
Just a quick update for anyone considering Global Prime. Did my first with drawl went smooth with no problems. Made the request on Friday, had the money in my Canadian account today.

Have A Great Day
Gp
Nobody ever went broke closing a trade in profit
  • #53
  • Apr 23, 2018 6:51am Apr 23, 2018 6:51am
hello everyone,

I am with pepperstone since 2012. As a canadian, now I have to find other brokers in less than one month.

This morning, I have an online chat with pepperstone support about the account closure. I asked if pepperstone support b2b transfer. Unfortunately pepperstone only accept b2b into pepperstone, not b2b out from pepperstone. In 2016 I wired a fund from pepperstone to my canada bank account. The fees involved was 60usd. Consider the high fees of canadian banks when wiring out to international banks, I figure the fee would be more than 120usd, that is too much.

So any suggestions?

thanks
  • #54
  • Apr 24, 2018 10:25am Apr 24, 2018 10:25am
Quoting oak
hello everyone, I am with pepperstone since 2012. As a canadian, now I have to find other brokers in less than one month. This morning, I have an online chat with pepperstone support about the account closure. I asked if pepperstone support b2b transfer. Unfortunately pepperstone only accept b2b into pepperstone, not b2b out from pepperstone. In 2016 I wired a fund from pepperstone to my canada bank account. The fees involved was 60usd. Consider the high fees of canadian banks when wiring out to international banks, I figure the fee would be more...
Hi Oak,

Here we are all from Canada. And we have narrowed down several brokers that are still available for us. If you have a large amount to invest (over 5000) and you don't really care about MT4 platform, you best bet is to go with Dukas. Or I am going to try out Vantage australia.

Lmax is a good broker but they only accept Canadian wholesalers, not retailers like us, unless you want to register a coporate account to go with them. That'll be a pass for me. It's a shame.
Whatever is happening right now has happened before and will happen again.
  • #55
  • Apr 24, 2018 10:27am Apr 24, 2018 10:27am
Quoting gp00053
{quote} Hey Everyone Just a quick update for anyone considering Global Prime. Did my first with drawl went smooth with no problems. Made the request on Friday, had the money in my Canadian account today. Have A Great Day Gp
I'll be checking into the globle prime and Vantage today, and do some comparason of the spreads and stuff. And will get back to you guys later.

I have been busying closing all my positions with pepperstone these days, now I am officially done with Pepperstone after 6 years of trading with them
Whatever is happening right now has happened before and will happen again.
  • #56
  • Apr 24, 2018 10:38am Apr 24, 2018 10:38am
Very important piece of information here guys...

Chinese government has banned the following 40 illegal (or unregulated) brokers within China. These are for your reference. People with these brokers always has all kinds problem, most likely with acceptable spreads, slippage and withdraw problems.

Vantage, unfortunately, is one of them. This is why vantage has some many different promotions when you fund your account, so as many others on the list. A good broker doesn't have to do that like pepperstone itself by providing superior services.

Note: You might not have heard about some of the brokers on the list, those ones are Chinese local illegal MM platforms.
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Whatever is happening right now has happened before and will happen again.
  • #57
  • Apr 24, 2018 10:47am Apr 24, 2018 10:47am
Just compared the two brokers on forex acadamy's review site.

Here are the ratings for the two:

Vantage FX: 3.299 stars with 127 reviews
Global Prime: 4.721 with 210 reviews

Tonight I ll be comparing with the live spreads of these two.
Whatever is happening right now has happened before and will happen again.
  • #58
  • Edited 9:03pm Apr 24, 2018 8:36pm | Edited 9:03pm
Quoting mnmnmmnnmnmn
{quote} Hi Oak, Here we are all from Canada. And we have narrowed down several brokers that are still available for us. If you have a large amount to invest (over 5000) and you don't really care about MT4 platform, you best bet is to go with Dukas. Or I am going to try out Vantage australia. Lmax is a good broker but they only accept Canadian wholesalers, not retailers like us, unless you want to register a coporate account to go with them. That'll be a pass for me. It's a shame.

hello mnmnmmnnmnmn,

can you let me know how you will transfer funds to new broker you choose

my bank RBC would charge $55USD for a 23k wire out to bank outside canada, I am thinking of switch to IB canada now.

thanks
  • #59
  • Apr 24, 2018 9:39pm Apr 24, 2018 9:39pm
Quoting oak
{quote} hello mnmnmmnnmnmn, can you let me know how you will transfer funds to new broker you choose my bank RBC would charge $55USD for a 23k wire out to bank outside canada, I am thinking of switch to IB canada now. thanks

Your worried about 55 USD but not the exchange? Banks charge 2.5% plus the spread. Thats where they will get you. Your best bet is to use Transferwise.com if your looking to use an account abroad.

You transfer the money to your TW account in Canada, then with Transferwise will find someone or many people in the country you want, who someone who wants Loonies and you trade the money. No real money leaves Canada. Cuts down on cost. Then your money is in the TW account in w/e currency you want. Then just transfer it to your broker.

Go there right now and you can see what rates you will get with them. Then compare them with RBC for example.
Learn, a forex trader must, unlearn and relearn he will.
  • #60
  • Apr 24, 2018 10:10pm Apr 24, 2018 10:10pm
Quoting oak
{quote} hello mnmnmmnnmnmn, can you let me know how you will transfer funds to new broker you choose my bank RBC would charge $55USD for a 23k wire out to bank outside canada, I am thinking of switch to IB canada now. thanks
Take a look at TD. exchange rate is better than RBC and if you do your banking they won't charge you for transfers. They charge but then give it back. Atleast they did with me anyway.
Hope that helps
Gp
Nobody ever went broke closing a trade in profit
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