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Brokers for Canadians?

  • #101
  • Edited 6:41am Jun 28, 2018 6:02am | Edited 6:41am
Quoting DesiBaba
{quote} hmm that sounds perfect for me! I need 500 leverage and rather have Cad deposits. i shall check them out later
Blackbull Markets
These guys are unbelievable. Provided government issued document(drivers license and birth certificate) and utility bill and they insisted I get the government issued ID notarized!!! Don't waste your time!!! The spreads on ecn account are huge as well.
  • #102
  • Jun 28, 2018 7:44am Jun 28, 2018 7:44am
Quoting sheppy
{quote} Blackbull Markets These guys are unbelievable. Provided government issued document(drivers license and birth certificate) and utility bill and they insisted I get the government issued ID notarized!!! Don't waste your time!!! The spreads on ecn account are huge as well.
Yeah dam that sucks...But on demo I saw large spreads as well. I'm afraid we simply will not find broker of IC quality...they had it all. So far I'm trading with FXpig for a day and i'm happy, spreads/commissions are a bit bigger then IC and swaps suck but I think this is the best we can get at this point...fucking retarded IIROC Investment Industry Regulatory Organization of Canada can eat shit and die. I'm going to spam them with complains, please do the same, they should be making it easier for quality brokers to come to Canada not scare them away
  • #103
  • Jun 28, 2018 8:04am Jun 28, 2018 8:04am
Quoting sheppy
Canadian government is trying to keep it's people from making $$$
It's money in offshore accounts and foreign assets.
CRA is trying to tighten its grip on the foreign assets, investments area.
I guess it is difficult to track unless you voluntarily declare.
Live life king size !
  • #104
  • Jun 28, 2018 8:06am Jun 28, 2018 8:06am
Quoting gp00053
Give Global Prime a try. I'm from Ontario. I've been there almost a year. Great Broker. Haven't had problems with with several withdraws. Service is excellent. Gp
I am from Ontario as well. Its not just about the quality but the fact that Global Prime is an Australian broker and may go the same way as IC Markets. I believe it's a matter of time.
Live life king size !
  • #105
  • Jun 28, 2018 8:16am Jun 28, 2018 8:16am
Quoting COGSx86
IC Markets takes Canadian clients, been with them for 3 years now. Can't complain, low spreads, ECN account. Cant ask for to much more then that. edit: I have read in the other thread Ontarioians cant open accounts at IC, I feel bad for you. Dukas would be the next option, as mentioned before.
This may be of no value anymore. But just to correct this fact - I am from Ontario and have been happily trading with IC Markets for the past 2 years.
Live life king size !
  • #106
  • Jun 28, 2018 8:19am Jun 28, 2018 8:19am
Quoting foxtrader16
{quote} This may be of no value anymore. But just to correct this fact - I am from Ontario and have been happily trading with IC Markets for the past 2 years.

The good ole days))
  • #107
  • Jun 28, 2018 8:27am Jun 28, 2018 8:27am
Quoting sheppy
{quote} The good ole days))
Don't worry I have faith in the enterprise.
It's a matter of time some new business will come along who would want our money and willing to do what it takes
Live life king size !
  • #108
  • Jun 28, 2018 11:13am Jun 28, 2018 11:13am
This is what I heard from ICM:

"We will need a new proof of residence from a country other than Canada We will not have any issue. However you need to contact your bank and ask if they still allow deposits and withdrawals to FOREX brokers."

What really concerns me is if there are problems with Canadian Banks, should we really look for brokers outside Canada?
  • #109
  • Jun 29, 2018 12:29am Jun 29, 2018 12:29am
FXCHOICE is not bad, they're server is around 150 ms but I haven't had a problem with them.
There is an option where they can waive your bank wire transfer fee for funding. Bank wire withdrawal is pricey since there is an offshore bank transfer fee and bank wire fee.
  • #110
  • Jun 29, 2018 1:32pm Jun 29, 2018 1:32pm
"Unfortunately we do not accept clients from Canada, since we are not regulated there"

This is all I got from IC markets as to why they are kicking Canadians out...Im looking for brokers but they are all just so bad vs ICmarkets...god this sucks. FXpig seams to be the best out of them but its still much worse then IC...fml
  • #111
  • Jun 30, 2018 9:37pm Jun 30, 2018 9:37pm
Broker for Canadians is O Canada.
Oanda execute orders in 1 ms while average fake ecn take 100 ms to send order to a market maker.
1 pip slippage is very common coz price moved 1 pip in 100 ms.

Other option is to leave Canada and have a second residence.
  • #112
  • Jun 30, 2018 9:38pm Jun 30, 2018 9:38pm
I got the email from ICmarkets too. Really sucks. I can use my dual citizen profile to open a new account, but I'm no longer allowed to use any Canadian Banks.
  • #113
  • Jul 1, 2018 7:25am Jul 1, 2018 7:25am
I don't like these restrictions on Canadians since it reminds me of communism because the government is trying to restrict what we do with our money and how we choose to invest it.

If someone is highly profitable and they trade large volume, then preventing them to trade with a good and regulated broker such as IC Markets is stupid.

If I want to use MT4/5/cTrader, then there are really no good brokers out there for Canadians. Oanda, Dukascopy, and others suck. IC Markets is the best out of them all.

That is why I am opening an offshore company to trade Forex. I can open a company in the Bahamas with a bank account and continue to trade as a corporate client without stupid restrictions.
Don't Worry Be Happy
  • #114
  • Jul 1, 2018 8:15am Jul 1, 2018 8:15am
Yeah I'm looking into opening off shore account and corporation to, let me know how is goes. Problem is they want proof of address for the corporation...how do you get that? But it seams it's the only way for Canadians, IC was the best broker by from rest of the garbage available to Canadians.
  • #115
  • Edited 9:21am Jul 1, 2018 8:57am | Edited 9:21am
Quoting Redbaron81
Yeah I'm looking into opening off shore account and corporation to, let me know how is goes. Problem is they want proof of address for the corporation...how do you get that? But it seams it's the only way for Canadians, IC was the best broker by from rest of the garbage available to Canadians.
you need to open an international business company through a law firm familiar with commercial law in the region (avoid agencies), then open a bank account for your business, and then register with IC Markets

the bank account can't be Canadian

then you have to report what you own offshore and pay your tax on what you withdraw to Canada, 0% tax offshore is the benefit
Don't Worry Be Happy
  • #116
  • Jul 1, 2018 9:08am Jul 1, 2018 9:08am
When I first got into trading(5 years ago) I started in binary options. I ended up losing a lot of money and was using a broker in Cyprus, BDB. I ended up taking some legal action against them a year later and had a Cyprus lawyer (Agp law), we of course settled, just this year actually. Anyways This was due to the large amount of regulations that have been set up in Cyprus to make them a reputable country for FOREX, They have now outlawed BO's all together but the CYSEC (cyprus security exchange commission) have focused more on the spot market.

With that all said I feel confident with FXTM, no commissions, slightly higher spread .06-.08 compared with low spreads. But again no commission. I opened an account with them, we will see how it goes. Higher leverage also, they do offer ECN accounts, I would assume with the slightly higher spreads a true ECN compared with IC. I know IC uses an algo to determine your trading performance and size for determining if the order will stay in house or move to outside liquidity, not that I ever noticed it during my 3 years with IC.

Also with Europe's change in leverage rules, I'm sure cyprus is becoming more of a spot for FOREX, with the higher leverage, for Europeans. I also opened one with Tickmill. So we shall see how it goes.

Keep Calm and Trade on!
Learn, a forex trader must, unlearn and relearn he will.
  • #117
  • Jul 1, 2018 9:12am Jul 1, 2018 9:12am
Quoting COGSx86
When I first got into trading(5 years ago) I started in binary options. I ended up losing a lot of money and was using a broker in Cyprus, BDB. I ended up taking some legal action against them a year later and had a Cyprus lawyer (Agp law), we of course settled, just this year actually. Anyways This was due to the large amount of regulations that have been set up in Cyprus to make them a reputable country for FOREX, They have now outlawed BO's all together but the CYSEC (cyprus security exchange commission) have focused more on the spot market....
best to avoid bucket-shops in Cyprus or anything that offers binary options since it is likely a scam
Don't Worry Be Happy
  • #118
  • Jul 1, 2018 9:43am Jul 1, 2018 9:43am
Quoting MrPresident
{quote} best to avoid bucket-shops in Cyprus or anything that offers binary options since it is likely a scam
Wish I knew that 5 years ago. Haha


But as I said Cyprus no longer offers BO’s.
Learn, a forex trader must, unlearn and relearn he will.
  • #119
  • Jul 4, 2018 9:36pm Jul 4, 2018 9:36pm
IIROC has just destroyed the Forex market for Canadians with absolutely absurd margin requirements like classifying the AUD/JPY for example as an exotic instrument with...for some reason...14.3:1 margin requirements. Yeah...fourteen point three...IF it's a Canadian dollar account. If your account is EUR denominated, then it's 7.7:1 for some reason.

It's one thing to protect investors by pulling moves like say limiting leverage to 200:1 or something (forex leverage is so madly misunderstood it seems) but garbage like that? My god, who the hell is being served by that? Making it so bad that we're forced to seek out more and more shady brokers in an attempt to continue our trading practices that have been developed over years and years isn't protecting anyone from anything.
  • #120
  • Jul 5, 2018 12:06am Jul 5, 2018 12:06am
If I register with Dukascopy, do I have to declare tax in Canada?
It is an offshore broker.
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