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Brokers for Canadians? 325 replies

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Quoting scamMEplease
{quote} 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!
A friend of mine just got the same from Tickmill; The list of brokers doing this gets longer and longer - anyone with any ideas on decent brokers with leverage of 200/1 or better for Canadian residents?
Quoting Telac
{quote} A friend of mine just got the same from Tickmill; The list of brokers doing this gets longer and longer - anyone with any ideas on decent brokers with leverage of 200/1 or better for Canadian residents?
I am using FOREX.COM for now. Oanda is another acceptable broker for Canadians. TD Ameritrades belongs to TD Bank, which would be an advantage, however TD Ameritrades doesn't use MetaTrader. All them 3 are regulated buy IIROC.
Quoting Telac
{quote} A friend of mine just got the same from Tickmill; The list of brokers doing this gets longer and longer - anyone with any ideas on decent brokers with leverage of 200/1 or better for Canadian residents?
FXPIG
Can’t go wrong with FXTM

Spreads are a little higher but you get posted price and commissions are cheaper,

evens itself out!
Learn, a forex trader must, unlearn and relearn he will.
I must second fxpig. It's my last good broker...with decent spread and leverage. But I have a feeling they will be gone soon to...then all that's left is the shity regulated brokers with hudge commissions like fxcm or big spread...and 1-30 useless levragel unless you got 100k.. fuck iirock...fucking scumbags
Quoting Redbaron81
I must second fxpig. It's my last good broker...with decent spread and leverage. But I have a feeling they will be gone soon to...then all that's left is the shity regulated brokers with hudge commissions like fxcm or big spread...and 1-30 useless levragel unless you got 100k.. fuck iirock...fucking scumbags
Read my post, you should.
Learn, a forex trader must, unlearn and relearn he will.
Going to try out sgt markets. I'll report after withdraw some profits sucesssesfuly. They look very soild.
Quoting Drew-pips1
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...
Tickmill bailed on me too. I'd like to be mad at them but I realize that it traces back to the meddling Nanny State. You can't force people to be profitable by putting restrictions on them. I feel sorry for the Europeans (1:30 max leverage).

I require a high leverage account (I typically trade 1:100 but there may be times I'll have more than one trade open at once). High leverage is not higher risk, its lower risk: Having to put $10,000 per lot traded into the hands of an offshore broker -- that's risky. Trading my preferred lotsize while the bulk of my capital remains safe in a Canadian bank, that's lower risk.

Coinxx -- Thanks for this, I learned something new -- sounds like this type of broker is the future of FX.
Sure I have a trading plan. Buy low. Sell high. What's yours?
Thanks already provide very interesting information. I'm wanting to use it.
If anyone has experience with "Coinxx" or "Vantage FX", could you please share ?
Quoting msiva
If anyone has experience with "Coinxx" or "Vantage FX", could you please share ?
I use Vantage FX. No problems with them at all
Emotion - it steals your money.
Swift Trade All Time Return: 7.8%
Quoting TheSpoof
{quote} I use Vantage FX. No problems with them at all
I also use Vantage FX for about a year with no issues. Good commissions. As I only like to keep limited funds in non-Canadian brokers the leverage with Vantage is a good plus as well.
To be one with the market, you must first be one with yourself.
Hello,

I have a question although I'm not sure if this is the correct place to post it...
I'm a Brazilian living temporally (under a work permit, which means I pay taxes here in Canada to the CRA), in Ontario.
I have opened an account with ICmarkets and other brokers using my official Brazilian address.
My question is: Can I report my gains (as capital gains) from ICmarkets to the CRA when tax time comes?
I'm asking this obviously because of the restriction against Canadian residents, even though I'm not Canadian, and I'm temporally living here.
Do CRA asks from which broker your gains come?

Thank you, and excuse me if this is not the proper forum thread.

Cheers
Feel free to report any reportable income (capital gains) to the CRA if you do taxes in Canada.
It is completely irrelevant who your broker is.
The government does not care.
Also since you opened your account with IC Markets from an approved country you can trade that account from anywhere in the world including from within excluded countries.
Quoting symona
Feel free to report any reportable income (capital gains) to the CRA if you do taxes in Canada. It is completely irrelevant who your broker is. The government does not care. Also since you opened your account with IC Markets from an approved country you can trade that account from anywhere in the world including from within excluded countries.

Thank you for your promptly answer.
Quoting guidebortoli
{quote} Thank you for your promptly answer.
Pm'd you
Learn, a forex trader must, unlearn and relearn he will.
Quoting guidebortoli
Hello, I have a question although I'm not sure if this is the correct place to post it... I'm a Brazilian living temporally (under a work permit, which means I pay taxes here in Canada to the CRA), in Ontario. I have opened an account with ICmarkets and other brokers using my official Brazilian address. My question is: Can I report my gains (as capital gains) from ICmarkets to the CRA when tax time comes? I'm asking this obviously because of the restriction against Canadian residents, even though I'm not Canadian, and I'm temporally living here....
CRA doesn't ask who your broker is.

Be careful of accepting taxation advice from random individuals on the web. Seek definitive answers from qualified tax professionals or by calling CRA directly. Being in two overlapping tax jurisdictions is a rather unusual situation and you should make sure that whatever you do is acceptable to both tax agencies. One potential upside for you is if the tax agencies let you choose which jurisdiction to declare your forex earnings in, you might get a more favorable rate in one than the other. It is something for you to research.
Sure I have a trading plan. Buy low. Sell high. What's yours?
Quoting Redbaron81
Going to try out sgt markets. I'll report after withdraw some profits sucesssesfuly. They look very soild.
Any update? I was able to setup my account with them but was never able to fund with any of my credit cards even going through their own approval processes.
Global Prime Au is still accepting Canadian clients. Also worth noting is that each province literally sets their own laws on matters like this. So Ontario could have an entirely different restrictions than Quebec. Ultimately it is up to the broker to accept clients from certain countries. So it is also a matter of how the broker interprets the rules as affecting their interests. Interestingly enough, GP does not accept New Zealand clients. So go figure. What's more important: leverage or stable pricing + ability to withdraw without any trickiness?

FxPig is offshore, but is one of the few that can be trusted. Kevin Murko is a great edition to the forex community. Forex4You might be another good choice for those that love leverage. Probably one of the few hybrid brokers that does it right offshore. At least for test accounts.

Nearly everyone else is just a bucket shop in disguise....even regulated ones. I'll leave you with a screenshot of a very recent conversation with GP here from their live chatroom. Coincidentally, the question was about a Canadian trader who wanted to make 6 figure deposit and wanted reassurances of the safety of funds:

Attached Image (click to enlarge)
Click to Enlarge Name: global prime au mini chat on people possibly never knowing what a forex scam is_extended.png Size: 88 KB


Oh, and the reason why sometimes swaps are "high" and sometimes more unfavorable at brokers who don't trade against their clients compared to other brokers is because these are the real swaps charged by the up line Prime Broker. If the broker is running b-book, then it can charge whatever swap they want, because it won't matter anyway (to them).
Quoting forevermaat
Global Prime Au is still accepting Canadian clients. Also worth noting is that each province literally sets their own laws on matters like this. So Ontario could have an entirely different restrictions than Quebec. Ultimately it is up to the broker to accept clients from certain countries. So it is also a matter of how the broker interprets the rules as affecting their interests. Interestingly enough, GP does not accept New Zealand clients. So go figure. What's more important: leverage or stable pricing + ability to withdraw without any trickiness?...
You seem to be confused about the business model of Forex brokers. All Forex brokers will trade against their clients to hedge the trading positions. You don't understand how Forex trading works at all.

As a Forex broker, you will hedge all positions. If the average percentage of winners is 20% and 80% are losers, then you hedge against the losers. There is no ECN or "direct market trading" for the average retail customer.

If you want to trade with the market, then you need to be very wealthy and have your money managed through an investment bank.
Don't Worry Be Happy
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