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Brokers for Canadians?

  • #121
  • Jul 4, 2018 10:28pm Jul 4, 2018 10:28pm
Quoting aleho
If I register with Dukascopy, do I have to declare tax in Canada? It is an offshore broker.
Yes. You'll have to pay tax on any profits earned and it will not be capital gains; it will be income tax rates. The only break you get is that it'll be considered business income like a sole proprietorship so you can write off any expenses you think will apply to your trading, but that's about the only break you'll get.
  • #122
  • Jul 6, 2018 1:45pm Jul 6, 2018 1:45pm
I am compiling a list of potentials with spreads/commissions equal to IC Markets but unregulated. So far the best two I have found on myfxbook are Coinexx and Finprotrading. Spreads are lower overall. Both are unregulated and offer Crypto's as a funding method. Coinexx only accepts crypto as deposit but account can be in USD. Does anyone have experience with either or know someone who does?
  • #123
  • Jul 7, 2018 5:38pm Jul 7, 2018 5:38pm
I have a small size account with FXDD,
I moved my account from NewYork to Malta when CFTC regulation took effect.
Now with the MiFID II rules become effective, they allow me to move again , this time to Bermuda, so I can have high leverage up to 1:500 which is good for small size account.

My primary account is now with Interactive Brokers Canada since I left Pepperstone in late May. Trading at IB Canada has been good so far. I change to trade mainly currency futures though.
  • #124
  • Jul 8, 2018 7:16am Jul 8, 2018 7:16am
Quoting BubbaHotep
I am compiling a list of potentials with spreads/commissions equal to IC Markets but unregulated. So far the best two I have found on myfxbook are Coinexx and Finprotrading. Spreads are lower overall. Both are unregulated and offer Crypto's as a funding method. Coinexx only accepts crypto as deposit but account can be in USD. Does anyone have experience with either or know someone who does?
Hello BubbaHotep,

both the brokers that you have selected are top notch and I have an account with both coinexx and finprotrading. Infact the trading account I had in my FF profile was opened with finprotrading.

But if I have to pick one over the other, I would recommend coinexx. Since coinexx provides better spread than finpro, has sharper execution time (please note im taking about ms here and it might not be releveant to 90% of traders out there, but just in case you are super latency sensitive).

the major difference between finpro and coinexx is that you can deposit with a bank wire transfer with finpro but with coinexx you can only fund your account with cryptos, however you can keep your account denominated in USD or 5 other cryptos. But, if I'm going offshore to avoid the nuisance of cftc or esma, I would rather stay in cryptos, because it ensures absolute discretion over my funds and how I manage my taxes.


Please note there are two websites coinexx (.) com and coinexx (.) org . The second one coinexx . org is a scam which I think is a copy cat trying to encash on the popularity of the original coinexx.

Hope that helps.
  • #125
  • Edited 1:20am Jul 9, 2018 1:06am | Edited 1:20am
Quote
BubbaHotep I am compiling a list of potentials with spreads/commissions equal to IC Markets but unregulated. So far the best two I have found on myfxbook are Coinexx and Finprotrading. Spreads are lower overall. Both are unregulated and offer Crypto's as a funding method. Coinexx only accepts crypto as deposit but account can be in USD. Does anyone have experience with either or know someone who does?

Quoting whywescalp
{quote} Hello BubbaHotep, both the brokers that you have selected are top notch and I have an account with both coinexx and finprotrading. Infact the trading account I had in my FF profile was opened with finprotrading. But if I have to pick one over the other, I would recommend coinexx. Since coinexx provides better spread than finpro, has sharper execution time (please note im taking about ms here and it might not be releveant to 90% of traders out there, but just in case you are super latency sensitive). the major difference between finpro and...



I know! I almost signed up with coinexx.org while looking to sign up for Coinexx.com but luckily I was saved by a trader friend who sent me the myfxbook link. Talking about Coinexx.com, I really like their spreads and trading conditions. And being a US citizen, they are one of the offshore brokers I trust and they can certainly be a place for Canadian traders looking for offshores. I especially like the ease of setting up an account with them. You can literally sign up and start trading in 5 minutes. No verification nuisance. Just sign up with an email and deposit funds in cryptocurrency and start trading. It’s a DIY crypto platform and so far the trading is going well.
  • #126
  • Jul 9, 2018 2:08pm Jul 9, 2018 2:08pm
Quoting whywescalp
{quote} Hello BubbaHotep, both the brokers that you have selected are top notch and I have an account with both coinexx and finprotrading. Infact the trading account I had in my FF profile was opened with finprotrading. But if I have to pick one over the other, I would recommend coinexx. Since coinexx provides better spread than finpro, has sharper execution time (please note im taking about ms here and it might not be releveant to 90% of traders out there, but just in case you are super latency sensitive). the major difference between finpro and...
hello whywescalp,

Do you ever have problems when requesting a withdrawal from coinexx? If an account is denominated in USD, will withdrawal be USD, or funds have to be converted to cryptocurrency first? Which e-wallet do you recommend to buy/sell/store and deposit funds to coinexx trading account?

thanks
  • #127
  • Jul 9, 2018 3:54pm Jul 9, 2018 3:54pm
And do you ever have problems with finprotrading withdrawals?
  • #128
  • Jul 10, 2018 4:37am Jul 10, 2018 4:37am
Nopes, Never had any issues...

Coinexx is much faster in making withdrawals than finpro because coinexx pays withdrawals in cryptos, in a few cases I got my funds in matter of hours but finpro is also top notch, never more than 24 hours (in one case it went to 2 days but that was because of the bank and not because of finpro). Both these guys are best of the breed (per my experience)
  • #129
  • Jul 10, 2018 4:48am Jul 10, 2018 4:48am
Quoting whywescalp
Nopes, Never had any issues... Coinexx is much faster in making withdrawals than finpro because coinexx pays withdrawals in cryptos, in a few cases I got my funds in matter of hours but finpro is also top notch, never more than 24 hours (in one case it went to 2 days but that was because of the bank and not because of finpro). Both these guys are best of the breed (per my experience)
Thank you !
  • #130
  • Edited 6:29am Jul 13, 2018 6:12am | Edited 6:29am
Quoting aleho
If I register with Dukascopy, do I have to declare tax in Canada? It is an offshore broker.
yes, whatever you earn outside of Canada has to be declared unless you want to do something shady and not pay taxes

some people try to withdraw their Forex profit and convert it to crypto to later make crypto only transactions to purchase goods/services, which still won't work because the government can catch you

the government even monitors social media these days to watch what you post online, if you have a picture of yourself wearing a Rolex but didn't declare any income in Canada, then you might be audited

if you have a picture of yourself driving a high end car but didn't declare any income, then you might be audited

then once you get audited and the government finds that you tried to hide your income, it will become very expensive for you and the tax bill will exceed what you had to pay in taxes initially, so it is not worth it
Don't Worry Be Happy
  • #131
  • Jul 13, 2018 6:18am Jul 13, 2018 6:18am
Quoting Wacky Canuck
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...
the problem is the people who lose all of their money because they can't trade and then make too many complaints to the regulators, these people should't even trade because they belong to the 95% who lose everything
Don't Worry Be Happy
  • #132
  • Jul 13, 2018 8:29am Jul 13, 2018 8:29am
Quoting MrPresident
{quote} yes, whatever you earn outside of Canada has to be declared unless you want to do something shady and not pay taxes some people try to withdraw their Forex profit and convert it to crypto to later make crypto only transactions to purchase goods/services, which still won't work because the government can catch you the government even monitors social media these days to watch what you post online, if you have a picture of yourself wearing a Rolex but didn't declare any income in Canada, then you might be audited if you have a picture of yourself...

You're right. The tax man always come after you.
  • #133
  • Edited 5:13pm Aug 2, 2018 5:03pm | Edited 5:13pm
Quoting whywescalp
{quote} Hello BubbaHotep, both the brokers that you have selected are top notch and I have an account with both coinexx and finprotrading. Infact the trading account I had in my FF profile was opened with finprotrading. But if I have to pick one over the other, I would recommend coinexx. Since coinexx provides better spread than finpro, has sharper execution time (please note im taking about ms here and it might not be releveant to 90% of traders out there, but just in case you are super latency sensitive). the major difference between finpro and...
Thx for the info, FXPIG, Tradeview-Live and GlobalPrime also accept Canadians both are very good IMO. FXPIG has a a debit card for withdrawls. Wish Coinexx would get MT4.
  • #134
  • Aug 4, 2018 11:44am Aug 4, 2018 11:44am
quote: IIROC has just destroyed the Forex market for Canadians with absolutely absurd margin requirements...

Let's see what the root cause of this is.

Back in late 90's when FX trading entered the public domain, governments a lot of countries scrambled to come up with regulation and open agencies that dealt with this new line of trading. In Canada, Instead of doing much research and instead of dedicating extra resources to developing a proper regulatory agency, they just threw the matter onto the existing regulatory firms such as BCSC and other province specific regulatory agencies (IIROC came later). These regulatory agencies had their hands full with regulating stock brokers and the particular problems with trading equities and such. for many decades that was the mainstream of trading and everything was developed around that industry. The equity market and the players around it had been so well developed that even loopholes and shortcuts and semi accepted ways of defrauding clients were so established through trial and errors in the court systems and what not.

Then came this new kid on the block. FX trading! What Canada did was lazy and irresponsible. Still is and no one is doing anything about it. If Canada in general could, it would do away with FX trading altogether. What the government wants is to squeeze it out of existence. Today, to become an FX broker in Canada, the requirement is to become a stock broker. To become a stock broker, you have to take the CSC course and work actively in a brokerage firm preferably as an assistant to a broker for 2 or 3 years and then register and pay several thousand dollars of fees to BCSC along with every financial asset you own so BCSC can freeze them as soon as a misconduct is filed or something irregular is suspected about your conduct. There maybe other requirements but this is the gist of it. Notice that you don't have to know anything about the FX market. I took the CSC many years ago and I remember maybe a page in it that discussed foreign exchange. Maybe they have updated it or something but I doubt taking a course about trading Canadian securities is going to teach you how to trade currencies. In the eyes of BCSC, it is OK for someone who doesn't have a clue about FX, to trade your account for you as long as they have their stockbroker license. This is one of the reasons they thing FX leverage is too high. they are used to equity leverage which I think is 1:2 (Been years since I touched that cr*p).

Speaking of not having a clue, I have met face to face and accused one of BCSC ranking officers for not having a clue about FX trading and just winging it. I was ready to throw in some test questions and assess her knowledge base of FX. You are going to be surprised about the replay. She admitted that they didn't have a clue about FX and yes their expertise and rules were all about the equity market. However, she added, we have been mandated to regulate the FX market by the government of Canada and fulfilling our mandate is what we are doing. I reminded her that trading equities and FX is like comparing apples and oranges. Yes she said, it is but you buy and sell apples to make a profit, don't you? Yes I replied. she said, then we are here to regulate the transactions of anything that takes place in the financial markets of Canada. I guess she was right. She got me there. One doesn't have to have a clue to regulate!

So, basically, a) They admit to not knowing what they are doing. b) They will do whatever they want to regulate it because government said so.

That is the problem with FX trading and the regulations in Canada. Unless a new and modern and progressive person savvy about the financial markets and in particular the FX market becomes the leader of one of the contending parties and gets elected, don't hold your breath for any change because stifling FX and keeping it down has been the way to go since Fx was born in the late 90's. It is sad though because with some insight and with a proper plan, Canada with it's banking reputation could cease the moment and become the hub of activity and prosper handsomely from the industry growing worldwide. But instead, it has chosen to bury it with mud and not really deal with it.
  • #135
  • Aug 4, 2018 5:45pm Aug 4, 2018 5:45pm
Quoting OutThere
quote: IIROC has just destroyed the Forex market for Canadians with absolutely absurd margin requirements... Let's see what the root cause of this is. Back in late 90's when FX trading entered the public domain, governments a lot of countries scrambled to come up with regulation and open agencies that dealt with this new line of trading. In Canada, Instead of doing much research and instead of dedicating extra resources to developing a proper regulatory agency, they just threw the matter onto the existing regulatory firms such as BCSC and other...
the people destroyed it because of their complaints against regulated and honest brokers

when 80%+ of people lose in Forex trading, there is something wrong with how they trade and perhaps, they shouldn't trade at all and not step in a casino or play the lottery either

while there are some bad brokers out there, most are actually good and do not scam their traders
Don't Worry Be Happy
  • #136
  • Aug 6, 2018 1:55pm Aug 6, 2018 1:55pm
Quoting MrPresident
{quote} the people destroyed it because of their complaints against regulated and honest brokers when 80%+ of people lose in Forex trading, there is something wrong with how they trade and perhaps, they shouldn't trade at all and not step in a casino or play the lottery either while there are some bad brokers out there, most are actually good and do not scam their traders
You pretty much nailed it. It's the reason why Alberta has such ridiculous requirements to trade forex. First off, you have to be an accredited investor. Then you have to have roughly $250k in assets/cash in order to be allowed to trade. Then on top of that, you have the worst leverage rates in the world in Canada, so yeah. It's balls. I'm glad I was able to find a reliable offshore broker. I'd rather put down $600 as a margin deposit, instead of $16,000.
  • #137
  • Aug 6, 2018 2:46pm Aug 6, 2018 2:46pm
I disagree. People didn't destroy it. No one cares about a bunch of rag tag retail traders and no one of any meaningful power will go and change a whole industry for them. Equity market leverage is 1:2 so no one loses any more money trading equities? If they reduce FX leverage to 1:2, will no one lose any more? Is there an aim by the big guys who make these decisions to eliminate losing traders in FX? If so, is this the way to go? If everyone wins, who will lose to make FX work?

It started with the so called financial crisis of 2007-2008. The worst financial crisis since the great deprecation. Many financial institutions were found to be over leveraged, under capitalized and taking too many risks. It's okay for that percentage of the public that wants to strike it rich to pull a few thousand dollars and go blow it on FX but not okay for the supposedly pillars of the financial world to go and throw many billions and trillions that is not exactly their own money at risky ventures. So, after that experience, those in charge, he governments started tightening the belts. This is one of the many results of that effort.

I don't want to get into it more but just compare the weight of few that go and complain to regulatory agencies with the weight of all the financial institutions in the world that want to become stronger. If you decide one side could have caused these restrictions more than the other side, then that is side that made this happen.
  • #138
  • Aug 7, 2018 3:38am Aug 7, 2018 3:38am
are there any limits on withdrawals from deposits?
  • #139
  • Aug 7, 2018 9:44am Aug 7, 2018 9:44am
Hi All, I managed to open an account with octafx. They confirmed that they accept Canadians. Any feedback regarding this broker?
  • #140
  • Aug 18, 2018 8:37pm Aug 18, 2018 8:37pm
Hi all!!!
I have a question that may be stupid, but take into consideration that I'm new to this world!
So, I'm a Brazilian guy and soon to be will be living in Ontario. I have a residence address back home (Brazil) and was able to open an account with IC Markets. Can I still trade with them while living in Canada? I used to transfers my funds to them by PayPal...and I would like to know if I can transfer my funds in CAD (from my canadian bank) to my PayPal Wallet and the transfer to IQ Markets (I'm aware there may be have some fees on it, but let's not take into consideration here. What I woul like to know is the point of being legal or not).
Of course, I would have to pay tax in Canada from the profits when taking back the money to my account in Canada...
Any chance IC Markets trace back my IP address or whatsoever tracking thing leading them to realize that I'm in Canada, and thus shutting me down?
I'm really lost here. I'm also considering the options of open and account with Fxpigs or maybe Axitraders (since they are OK with Canadians residents)...
I thank you guys in advance for any answer/suggestion/tips/help and so on!

Cheers!
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