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Brokers for Canadians?

  • #161
  • Sep 3, 2018 2:38pm Sep 3, 2018 2:38pm
Quoting MrPresident
{quote} IC Markets won't open an account for Canadian residents who have a Canadian residential address and Canadian bank account, so you have to either obtain a second residency in a different country or trade through an international business company. Opening an international business company can be beneficial for tax and liability. But proper legal and accounting advice in Canada for such company structures can be expensive. This option is only beneficial for high net worth Canadians. The CRA is likely going to look more closely at Canadians...
Wow, great advice MrPresident! Lots of useful info
  • #162
  • Oct 10, 2018 11:18am Oct 10, 2018 11:18am
Hi guys,

I live in Alberta, and I tried to find a broker to trade in FX market. I talked to Questrade. They accept Canadian clients, but they have stupid regulations for Albertans (we should be millionaires to be able to open an account with them!!!).

Is there any other way to trade in FX market for people residing in Alberta?

Cheers,
ashyFX007
  • #163
  • Oct 11, 2018 10:56am Oct 11, 2018 10:56am
Quoting mnmnmmnnmnmn
I got booted out of xm where I had my small account for scalping. I can't trade with interactive brokers, because they don't support MT4. Only MT5 also through a third party I guess. I don't really want to try other brokers that located at some no name island either. Only big names please guys... we are desperate for your opinions :0)
MT5 is the best platform for trading, just that people are reluctant to change, MT5 is much safer and every tick is taken in to account
  • #164
  • Oct 18, 2018 9:08am Oct 18, 2018 9:08am
Just update on FXpig. Made a withdraw of 2000CAD pure profit. Funds arrived in my skrill within hours. Zero problems. Very professional and legit.
So Fxpig is defianlly an option for Canadians at this point.

I also deposited few hundred into Tickmill seychelles, will update once I make profit and withdraw 1-2k money without problems.


My accounts
FXCM - Great spreads and execution, Superior safety of funds. Horrible leverage (1:20 /1:30) and commissions.
Fxpig - Good execution, decent commission, 1-400 leverage. bad swaps.
Tickmill Seychelles - Best commission, very good spread, good saps, 1-500 leverage. Untested withdraw.

Good luck to all.
  • #165
  • Oct 18, 2018 4:07pm Oct 18, 2018 4:07pm
Quoting Redbaron81
Just update on FXpig. Made a withdraw of 2000CAD pure profit. Funds arrived in my skrill within hours. Zero problems. Very professional and legit. So Fxpig is defianlly an option for Canadians at this point. I also deposited few hundred into Tickmill seychelles, will update once I make profit and withdraw 1-2k money without problems. My accounts FXCM - Great spreads and execution, Superior safety of funds. Horrible leverage (1:20 /1:30) and commissions. Fxpig - Good execution, decent commission, 1-400 leverage. bad swaps. Tickmill Seychelles - Best...
Good to hear about FxPig. I've been with them all year. I agree with the swaps. They are bad. Even when you should make a tiny bit of money off the interest, it's negative. Also, doesn't FXCM have some kind of clause, that if you have an open trade that's been running a loss for 5 days, they close it on you? I mean, I love their trade station, it's probably the best I've ever seen, but I remember seeing that clause somewhere, which is a load of crap.
You could probably also add Dukascopy to the mix. They've been around for a long time, and I've heard lots of good things about them. I'm probably going to close up my account with FxPig once I've made $10k with them, and move over to Dukascopy. Their commission structure is a bit tricky to understand at first, but basically the more you trade, or the bigger you account, the lower your commissions. It's not good for someone with a $2k account, but if you have say $50k, the rough commission per lot is $3.60. Which is REALLY low, plus it seems their swaps are also good too. Their max leverage is 1:200 which is more than enough, but the leverage does drop to less than half when holding positions over the weekend.
  • #166
  • Oct 18, 2018 4:43pm Oct 18, 2018 4:43pm
Quoting ashyFX007
Hi guys, I live in Alberta, and I tried to find a broker to trade in FX market. I talked to Questrade. They accept Canadian clients, but they have stupid regulations for Albertans (we should be millionaires to be able to open an account with them!!!). Is there any other way to trade in FX market for people residing in Alberta? Cheers, ashyFX007
I honestly don't think so. Which is what makes it so brutal. Forex is regulated by each province, so each province has different rules. The only way you could theoretically get around it, is by signing on with an overseas broker that has both payout and funding options other than wire transfers, and just not tell the government about it at all. But then you'd be evading taxes which is a bad idea. Or you could move to Saskatchewan and not worry about the stupid rules in Alberta. In order of worst to not worst in terms of provincial rules it goes Alberta/B.C./Quebec/Ontario/The Rest. You could try petitioning the province for an exemption. Maybe say you'll only deposit a small amount if they'll waive their ridiculous $250k annual income rule. But I'm also pretty sure by provincial law there, you have to take a course to become an accredited investor too. Alberta is hell for forex.
  • #167
  • Oct 18, 2018 6:36pm Oct 18, 2018 6:36pm
Quoting 4xNewGuy
{quote} Also, doesn't FXCM have some kind of clause, that if you have an open trade that's been running a loss for 5 days, they close it on you? I mean, I love their trade station, it
I have had trades in negative longer then that and no one ever closed my position...I sorry but that's hard to believe. If that was the case I would close my account asap lol. Can you link where you read that please. I have 25k account and can go into 1-4k DD without much problems as I hold long term, it would suck if they closed my positions do to some clause I'm not aware of.
  • #168
  • Oct 18, 2018 9:32pm Oct 18, 2018 9:32pm
Quoting Redbaron81
{quote} I have had trades in negative longer then that and no one ever closed my position...I sorry but that's hard to believe. If that was the case I would close my account asap lol. Can you link where you read that please. I have 25k account and can go into 1-4k DD without much problems as I hold long term, it would suck if they closed my positions do to some clause I'm not aware of.
They might have changed it. I was looking into them like five years ago, but I'm pretty sure I saw a clause where if a losing trade was open for 5 days excluding weekends, it would be closed. I guess they changed that, so thanks for clearing that up. I still won't deal with them though. Aside from the garbage leverage rates, they lost one branch in europe after the swiss national bank snap decision (which showed a lack of capital in their accounts), then left the U.S. when it was found that one of the liquidity providers was theirs (or their parent company's), so they weren't being a true ecn broker. Having the CIPF is nice, but all it really is, is just the government handing you taxpayer money if the broker goes belly up.
  • #169
  • Oct 19, 2018 2:27pm Oct 19, 2018 2:27pm
I talk with them. They will close it if your margin goes into red and stays there for 5 days, so unless you deposit more money or your trade goes back up yeah they will close it after 5 days. They will never close it if your margin is fine.
  • #170
  • Oct 22, 2018 11:47am Oct 22, 2018 11:47am
Quoting 4xNewGuy
{quote} They might have changed it. I was looking into them like five years ago, but I'm pretty sure I saw a clause where if a losing trade was open for 5 days excluding weekends, it would be closed. I guess they changed that, so thanks for clearing that up. I still won't deal with them though. Aside from the garbage leverage rates, they lost one branch in europe after the swiss national bank snap decision (which showed a lack of capital in their accounts), then left the U.S. when it was found that one of the liquidity providers was theirs (or their...
Hi 4xNewGuy,

Maybe you are thinking of another broker. FXCM has never had that rule. Your trade will remain open unless your account runs out of margin, a conditional order is created to close the trade, or if you close it yourself.

Jason
  • #171
  • Oct 23, 2018 10:15am Oct 23, 2018 10:15am
Hi Guys
Anybody using IFC Markets. I'm looking at swithching from MT4 to MT5 and IFC came up. So anybody got any experiences?
Thanks
Gp
Nobody ever went broke closing a trade in profit
  • #172
  • Oct 26, 2018 5:26am Oct 26, 2018 5:26am
In my opinion, Oanda is the best in Canada, they are regulated and have the lowest spreads so far. I believe, Oanda is brand best suited for Americans
  • #173
  • Nov 3, 2018 9:05pm Nov 3, 2018 9:05pm
Quoting mnmnmmnnmnmn
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.
Hey mnmnmmnnmnmn

I'm curious to know who you ended up with?
I'm looking for a broker myself and I'm interested in Dukas. Did you notice any red flags when you were inspecting it?
They charge $30 for withdrawals, is that common with foreign brokers?

Thank you
  • #174
  • Nov 7, 2018 6:17am Nov 7, 2018 6:17am
Quoting 4xNewGuy
{quote} Also, doesn't FXCM have some kind of clause, that if you have an open trade that's been running a loss for 5 days, they close it on you? I mean, I love their trade station, it's probably the best I've ever seen, but I remember seeing that clause somewhere, which is a load of crap.
If you are under 100% margin for 5 days straight then they start closing your active trades after 5 days. Which i think never happens if you are trading responsibly.
  • #175
  • Dec 31, 2018 6:37am Dec 31, 2018 6:37am
Hi everyone, I'm new to this forum and looking for advice.

I have traded demo with FinPro (coinexx now) for over a year. I'm confident in my skill set and strategy to go live but I'm receiving conflicting information with regards to legalities of brokerages. I would like to stick with offshore for better leverage and spread, however I've read that I must use a Canadian broker to trade legally (I reside in Nova Scotia btw).

If I've used an offshore account all year and it comes time to claim income tax, firstly, are my profits legal? If so are there any differences than income tax from a Canadian broker?

Thanks
  • #176
  • Jan 1, 2019 2:43pm Jan 1, 2019 2:43pm
Just a update on Tickmill. I'm very impressed with them. Made a withdraw with zero problems. Best spread, good swap, very good commissions and 1-500 leverage, you really wont find better right now. Only problem for me is they only use USD, so when I withdrew money I lose out some on conversions. I might actually make them my main trading account for the moment. Good luck to all.
  • #177
  • Jan 13, 2019 7:03pm Jan 13, 2019 7:03pm
Hey guys anybody have experience with SGTMarkets.com (Sterling Gent Trading Ltd) any comments appreciated
Thanks Gp
Nobody ever went broke closing a trade in profit
  • #178
  • Jan 15, 2019 7:36pm Jan 15, 2019 7:36pm
Quoting gp00053
Hey guys anybody have experience with SGTMarkets.com (Sterling Gent Trading Ltd) any comments appreciated Thanks Gp
don't have any experience with them but I would be interested if they have the appropriate license issued by the authority in the British Virgin Islands for Forex trading

http://www.bvifsc.vg/regulated-entit...nt-trading-ltd

the entity is listed to be Dealing as Principal and the date is shown to be January 11, 2019, fairly recent
Don't Worry Be Happy
  • #179
  • Jan 16, 2019 6:27pm Jan 16, 2019 6:27pm
Quoting MrPresident
{quote} don't have any experience with them but I would be interested if they have the appropriate license issued by the authority in the British Virgin Islands for Forex trading http://www.bvifsc.vg/regulated-entit...nt-trading-ltd the entity is listed to be Dealing as Principal and the date is shown to be January 11, 2019, fairly recent

Thanks. I checked with one source I use and got this " Independent broker, In industry since: 2006, International offices in: Bermuda"
Their website says this "
When was SGT Markets Founded?
Founded in 2006, SGT Markets is a licensed and regulated online Dealer specializing in providing liquidity and trade execution services to the Forex (FX) and CFD (Contracts for Difference) markets including Metals, Oil, and Equity Indices. We are fully licensed, authorized, and regulated by the BVI Financial Services Commission as a Principal Dealer under The Securities and Investment Business Act, 2010 (license number SIBA/L/11/0987)."

I can't find any complaints against them but on the other hand I can't find anyone who does business with them.

Again Thanks
Gp
Nobody ever went broke closing a trade in profit
  • #180
  • Jan 20, 2019 7:45pm Jan 20, 2019 7:45pm
Quoting FXDonn
Hi everyone, I'm new to this forum and looking for advice. I have traded demo with FinPro (coinexx now) for over a year. I'm confident in my skill set and strategy to go live but I'm receiving conflicting information with regards to legalities of brokerages. I would like to stick with offshore for better leverage and spread, however I've read that I must use a Canadian broker to trade legally (I reside in Nova Scotia btw). If I've used an offshore account all year and it comes time to claim income tax, firstly, are my profits legal? If so are there...
when looking for offshore brokers do look into where they are regulated. My friends in Canada (Ontario and BC) and we all use brokers that are at least regulated by ASIC or FCA, but recently leverage is not good for FCA regulated brokers; any other regulations I wouldn't feel too safe. Now we stick with ASIC brokers. Maybe you can check out USGFX.
In Canada they recommend to deal with local brokers, but to be honest there isn't really any....when it comes to taxes forex income is considered capital gain for Canada, and it is fully legal. Capital gain means you only have to pay taxes for 50% of the profits.
hope this helps.
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