Recommended Brokers for Canadians

Decided to go with Think Markets....apparently I now have an account manager....he has phoned me twice from Australia.....once when I submitted my application and again today after the account was funded. I have never been phoned by a Forex broker before on anything. That's pretty cool.

Cheers

Best of luck, i was checking again their spreads, found that yesterday during the US session was the same as ICMarkets "but it was demo account"

Im going with VantageFX, had a nice professional e-mail from the account manager with them and i can tell everything is going well

Also i will try FXOpen Australia branch they have the same spreads or a bit higher or sometimes lower + 2.5$~4.5$ commission

I went with AxiTrader

Hopefully it works out for us all

for those who trade at Vantage FX or Global Prime, can you successfully withdraw your profits without any delay or questions from the broker?

I just applied for an account and didn't even deposit yet, but reading T&C of Vantage FX i find it sharp and explaining things in a neutral and professional way, i like that about it

I had an account with global prime I just funded it and decided to go with a higher leverage broker and got my money sent back to me through wire promptly.

They have a loyal following but the leverage is not enough for me

I'm in Toronto and use a FXTM ECN account. Granted, my account is pretty small.
They have pretty good spreads and the support has been very helpful when I needed it. After reading this thread though, VantageFX looks very attractive.

Hi Everyone.

Firstly, stay away from IC Markets. Reason is that they don't research whether or not traders from other countries can open an account with them without any consequence. when I signed up some 8 months ago, I specifically asked them if it would be an issue for Canadians to open an account with them. They said no, they have a lot of Canadian clients and that means they have met all the regulatory requirements. I opened an account. 6 months later they emailed me saying that my account along with all Canadian customers were going to be cancelled and I had 1 month to clear out my account. They said the reason was something beyond their control. I pressed them and then they admitted it was because of Canadian regulatory issues. They claimed they didn't know about them. HOW STUPID CAN THEY BE?

When I was doing my research about the Australian regulatory agency, I read that none international customers are treated just like Australian customers by the agency. Their complaints and concerns would be heeded the same way and their funds would be treated the same. So, after the kick out email, I contacted ASIC and complained that a regulated Forex broker in Australia should at least research their ability to open accounts for international clients before opening accounts for them. I mentioned that it is such an inconvenience to have to close all positions and leave despite confirming that IC Markets was in a position to hold accounts for Canadian trades.

The result was very disappointing. After about 3 weeks they replied that they weren't going to do anything about the situation but thanked me for my complaint. I reasserted my position by sending them the IC Market's representative's email that included both their admission that they were aware Canada had regulatory organizations and at the same time didn't know it applied to them. ASIC replied by saying; go complain to your own country's regulatory agency. Now, everyone knows that IC Markets is regulated by ASIC and not my country's regulatory agency. Right? That's ASIC's equivalent of 'talk to the hand'.

A day later, someone else from ASIC replied to me asking me to send them a screenshot of the situation that has prompted my complaint within a period of time given as a deadline or the complaint will be dismissed. I wrote back to them that as I had elaborated before, my case was not one that can be illustrated in a screenshot like a single bad trade or a spike or whatever. They haven't replied to that yet! I guess that was a second 'talk to the hand' gesture.

Moral of the story:

1-If you are a Canadian or in general an international trader, stay away from IC Markets because they will take you in, profit from you as long as they can and then they will spit you out. There is a clause within their contract that you agree to when you sign up that gives them the right to do so for whatever reason.

2- ASIC will not protect you or even bother sending a friendly reminder to the brokers they regulate to do a google search on the country of their international new customer to see if they have a regulatory agency. That would be a no brainer first step. Right? Then if they find out there is a regulatory agency, the next step would be to flip through their regulations to see if it is okay for IC Markets to open an account for the said international client. Nope, that would be too much to ask from IC Markets or any Australian broker. ASIC lets them graze freely on international clients.

3- Stay away from all ASIC regulated brokers. ASIC is gutless. I did a research when I first opened my IC Markets account to see how ASIC has sanctioned fraud in Forex and I couldn't find anything. That was 8 months ago. Maybe they have stuff that I didn't notice. I'm too disgusted by them to go do another search now but if you research and find they are indeed punishing some firms or whatever, then I stand to be corrected. To me, they seem to be just a front for the burgeoning FX industry in Australia. In my opinion, Australian firms are mostly self regulated. I asked another Australian firm if the accept Canadians and they said yes. You'd think if IC Markets can't have international traders because of regulations, all Australian FX brokers can't either. Right? I mentioned that to ASIC. They don't care if their FX brokers are enticing international clients when they shouldn't. If you sign up with an ASIC regulated firm, you are on your own. You might as well choose an FX broker that is not regulated at all. Same thing.

Well, good luck everyone.

The swaps are pretty bad. It doesn't really bother me that much, since most of what I do is day trading. But I just checked a position I have open since yesterday. I shorted .65 lots on the USDCAD, and got dinged with a -$8 swap. You really do need to pay attention to the interest rates if you want to do more than day trade with them. Aside from that FXPig has been great IMO. Their spreads are tight, and they have a Fill or Kill thing going, where if a pending order doesn't get filled at the exact price, the trade won't open. Nothing worse than setting a pending order, and finding it opened 3-4 pips worse than anticipated, because that was the best price available from a liquidity provider.

Yeah, my main account is with FXpig now as I have not found better broker for Canadians so far. I'm very happy with them, I'm about withdraw some profits and ill update how that goes. As we know all brokers are good until you take profits out lol

And people wonder why regulators over regulate ^^^^

https://www.legalgamblingandthelaw.c...ding-platforms

I don't know who wrote that article, but they are wrong on a lot of things.

1. The author states Forex trading is illegal in Canada since there are no Forex brokers in Canada.
That is a lie and a half. While the pickings are slim, there are about 4 or 5 regulated brokers in Canada. FXCM (via Friedberg Direct), Oanda, and Forex.com are a few of them.

2. Each individual investor entering the Forex market must possess a minimum income, financial assets or to have a minimum net worth as specified by the regional or provincial governing body.
As far as I know, only Alberta has implemented that. And their demands are ridiculous. Like $250k annual income for two consecutive years to qualify. I haven't seen any postings about other provinces and any financial requirements.

3. As with all regulated markets the Canadian Forex market also deems hedging in the same customer account as illegal even though Forex traders often try to find ways around it.
WRONG AGAIN! Here is fxcm's website clearly stating that hedging is allowed. Just open the link, scroll down a bit, and click on the Platform Functionality tab, and you'll see for yourself.
https://www.fxcm.com/ca/metatrader4.jsp

The only thing that has people worried, is whether or not it's legal to trade with an offshore broker. For the retail trader, it's legal. The government can't stop you from doing business with an overseas broker. What they try to do is tell the broker that they have to comply with Canadian regulations (and obviously pay for a license) in order to solicit Canadians. But Canadian law is not international law. So the broker doesn't really have to comply, unless they're regulated elsewhere, and that regulator states that the broker must comply. Worst thing that happens if they decide to ban Canadian traders, is you get an email letting you know when you're cut off from trading, and how long you have to withdraw your money.

I have a account with FXCM canada...who are regulated in Canada and my money is insured up to 1 million in a Canadian bank...what is that article smoking...

Is it one million? I thought the CIPF only covered up to $250k.

Off the site.

All accounts are opened by and held with Friedberg Direct, a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC). Friedberg is also a member of the Canadian Investor Protection Fund (CIPF), so all accounts are protected by CIPF up to $1 million.

I went with Tickmill. You cannot register with their UK branch, but their Seychelles location accepts Canadians. Opening an account took almost a week, as my driver's licence wasn't enough for them, they wanted to see my passport. Every time you submit a document, it takes a day and a half for them to review it. But trading wise, i'm happy. No freezing during the news, spreads are quite fantastic, same as IC Markets. Their commissions, however, are cheaper than IC Markets, $2.2 per turn on a standard lot. Haven't tried withdrawing as of yet.

IC Markets seems to have done in a lot of Canadian traders it seems leaving them in a tizzy. If such regulatory clog is going to be forced down our throats the trading industry will choke and we’ll gravitate towards brokers that understand what the traders want in terms of trading conditions and services. Most traders yearn for high leverage. I mean that’s one of the reasons why people want to trade forex. But limiting yourself to 30x is unimaginative. I have been using 400x leverage for long and have been able to rake in decent gains, provided you know how to take good care of your risk. So this is a good time to try out other brokers that aren’t bound in such shackles and can be healthily relied upon at the same time. Like take Coinexx for example. I am currently trading BTC with them at really sharp spreads with no transfer fees since there is no involvement of fiat. Withdrawals with them have never posed any problem everything being crypto based. The good thing about them is that they have not restricted themselves to cryptos only. You can explore other markets like currencies, indices and commodities. And they aren’t going anywhere so Canadians can trade in peace with them.

Hi guys.

Any recommendations of serious brokers regulated by IIROC? I found FXCM e FOREX.Com a bit expensive, when I compare with UK brokers. Preference for ECN brokers and accepting MT4 or MT5.

Just got a note from Tickmill that they are no longer accepting Canadian accounts and we have 10 days to close positions and withdraw funds!