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Brokers for Canadians?

  • #201
  • Apr 30, 2019 7:44pm Apr 30, 2019 7:44pm
I am using royal financial trading and they are asic.

Good broker accepting canadians and the latency to server is 25ms from where i am
  • #202
  • May 20, 2019 8:23pm May 20, 2019 8:23pm
Just a note to all that due to new ASIC regulations, any ASIC brokers are now at risk to Canadian and other international traders.

I got my notice that VantageFX are closing all non-Australian accounts. My option is to move to another subsidiary in the cayman islands or cash out.

This is apparently the reason they site for closing the accounts:

https://asic.gov.au/about-asic/news-...overseas-laws/
To be one with the market, you must first be one with yourself.
  • #203
  • May 20, 2019 9:45pm May 20, 2019 9:45pm
Quoting Unforeseen
Just a note to all that due to new ASIC regulations, any ASIC brokers are now at risk to Canadian and other international traders. I got my notice that VantageFX are closing all non-Australian accounts. My option is to move to another subsidiary in the cayman islands or cash out. This is apparently the reason they site for closing the accounts: https://asic.gov.au/about-asic/news-...overseas-laws/
I am there customer... is it a good choice to move to cayman islands...??
Extreme gut feeling trader
  • #204
  • May 20, 2019 10:10pm May 20, 2019 10:10pm
Quoting montygoldy
{quote} I am there customer... is it a good choice to move to cayman islands...??
It's not OK or a good choice for me personally.

We lose all the regulatory power of ASIC, instead you deal with CIMA (Cayman Island's own authority).

I don't know much about CIMA, but they are the regulations of a tiny country/nation state, so that's a no go for me risk wise.

Vantage was always my backup/algo broker, i'll likely be moving to dukascopy (Swiss).
To be one with the market, you must first be one with yourself.
  • #205
  • May 20, 2019 10:16pm May 20, 2019 10:16pm
Quoting Unforeseen
{quote} It's not OK or a good choice for me personally. We lose all the regulatory power of ASIC, instead you deal with CIMA (Cayman Island's own authority). I don't know much about CIMA, but they are the regulations of a tiny country/nation state, so that's a no go for me risk wise. Vantage was always my backup/algo broker, i'll likely be moving to dukascopy (Swiss).
Could you offer some advice for broker selection?.. i am from toronto... dukascopy i’ll look into them... any other? Coz i dont want to keep all my eggs in the same basket...
Extreme gut feeling trader
  • #206
  • May 20, 2019 10:30pm May 20, 2019 10:30pm
Quoting montygoldy
{quote} Could you offer some advice for broker selection?.. i am from toronto... dukascopy i’ll look into them... any other? Coz i dont want to keep all my eggs in the same basket...
I don't at this time, when I made my decision I narrowed down my research on IIROC (Canadian) and ASIC regulated brokers. Dukascopy was my backup, Swiss is a fairly safe choice in my opinion.

I feel any IIROC broker like Oanda or FXCM Canada (Friedberg) are good choices for swing trading. Just keep in mind these brokers cannot offer more then 32:1 leverage on majors as per IIROC rules, less for others, you can google it.

For algo / <15m timeframe trading, or very small (<$5000) accounts you really want high leverage and the lowest commissions possible under a good regulatory body, ASIC was that sweet spot, now that it's gone it's why i'm looking at the swiss option.

Forexpeacearmy.com is a good place to go for reviews in general
To be one with the market, you must first be one with yourself.
  • #207
  • May 21, 2019 2:20pm May 21, 2019 2:20pm
Quoting montygoldy
{quote} Could you offer some advice for broker selection?.. i am from toronto... dukascopy i’ll look into them... any other? Coz i dont want to keep all my eggs in the same basket...

Anyone else was thinking Dukascopy? it seems they survived the new ESMA regulations, Canadian trader here and was with ICMarkets before Vantage

also i don't understand why would the whole brokerage stop taking international clients if the problem is only on BO

cheers
  • #208
  • May 21, 2019 9:24pm May 21, 2019 9:24pm
Ironically I was just about to open an account with Vantagefx, like today, and read the news. I currently have an account with FPmarkets, First Prudential and have been happy with them since November, so 7 months. I was also a victim of ICmarkets last year when they closed Canadian accounts.

But FPmarkets has told me that they have sought legal advice and have been told that they can still accept foreign clients, but no Canadians from BC or Ontario.

It sounds to me that Vantage was one of the brokers who were more heavily going after Chinese clients apparently and China has told ASIC to have certain brokers to lay off it. Somehow the Cayman office still has segregated accounts with NAB though.
  • #209
  • May 22, 2019 3:55am May 22, 2019 3:55am
Hey Traders, Good day; am sure am not the only one here who's Aussie broker stopped providing brokerage services to Canadian Residents. I presume the most Canadians here have their brokers from Overseas as compared to going with a Canadian based broker etc. - From you individual experiences which is the most honest broker, if there is one out there lol
  • #210
  • May 22, 2019 8:16am May 22, 2019 8:16am
I don't know if this helps anyone. I closed my account with them, but I got an email from Global Prime asking me to open an account. Maybe give them a try
Nobody ever went broke closing a trade in profit
  • #211
  • May 22, 2019 8:35am May 22, 2019 8:35am
I moved my Vantage account over to the Cayman Islands division yesterday - zero interruptions in my trading. I have no reason not to trust that Vantage will keep up their good work. I also have an account with Dukascopy but I blew it up and haven't refunded it based on some troubling financial news coming from them. They are having some operating losses...makes me a little leery of re-funding my account. I have no problems with them otherwise
Emotion - it steals your money.
  • #212
  • May 22, 2019 11:38am May 22, 2019 11:38am
Quoting TheSpoof
I moved my Vantage account over to the Cayman Islands division yesterday - zero interruptions in my trading. I have no reason not to trust that Vantage will keep up their good work. I also have an account with Dukascopy but I blew it up and haven't refunded it based on some troubling financial news coming from them. They are having some operating losses...makes me a little leery of re-funding my account. I have no problems with them otherwise

Vantage - Yup inquired with their customer service too they have excellent spreads and great leverage; I see why Cayman; cause ASIC changed their regulations that they could no longer accept non Aussie clients thats why some brokers use their other foreign license to still acquire foreign clients; now the problem I have with brokers who are not regulated under ASIC cause they previously protected foreign clients and NFA; FCA, CFTC, IIROC etc. is that regulation is not that stringent; should issues arise in the future hopefully not there is no stronger guarantee that you could get your money back, thats why most brokers generally go to cayman or Cypress under CYSEC etc. because the regulation is more lax shall I say; but of course being regulated under US or Canadian agencies means that leverage could only be say 50:1 lol and no way as high as 500:1 etc.

Anyway as for me am still shopping around for a broker that i could stay really long term; definitely not Oanda the spreads are just ridiculous. lol
  • #213
  • May 22, 2019 6:22pm May 22, 2019 6:22pm
Is anyone thinking of

FXOpen.au
fpmarkets
Bullmarkets
Globalprime

or any other Australian brokers who accepts Canadian clients?

Or what do you guys found so far

Ex-ICMarkets client and still with VantageFX but i dunno whats the next move gonna be
  • #214
  • May 22, 2019 11:35pm May 22, 2019 11:35pm
Quoting followthroug
Is anyone thinking of FXOpen.au fpmarkets Bullmarkets Globalprime or any other Australian brokers who accepts Canadian clients? Or what do you guys found so far Ex-ICMarkets client and still with VantageFX but i dunno whats the next move gonna be

I had looked into Global Prime and FP markets low spreads, excllent customer service and response time - The only thing that fears me is that fact that these guys or any Non Canadian based brokers dont have Canadian branches here and are not regulated under IIROC or have CIPF membership - Here, these you see guarantees the trader to a certain extent that whatever non sense the brokers may decide to do in the future we would get our cash back; the only thing that hurts more than loosing a trade and getting a margin call or account getting wiped out is the thought or fact that say you had traded for years and grown your account and only to find out later on that you can not withdraw it because the broker had filed bankruptcy or screwed you, lol

But then again Canadian based brokers only offer up to 50:1 leverage which is ridiculous.
  • #215
  • May 23, 2019 8:27pm May 23, 2019 8:27pm
Quoting Trade-Master
{quote} I had looked into Global Prime and FP markets low spreads, excllent customer service and response time - The only thing that fears me is that fact that these guys or any Non Canadian based brokers dont have Canadian branches here and are not regulated under IIROC or have CIPF membership - Here, these you see guarantees the trader to a certain extent that whatever non sense the brokers may decide to do in the future we would get our cash back; the only thing that hurts more than loosing a trade and getting a margin call or account getting...
Im guessing its only a matter of time until the leverage cap be introduced to Australian brokers as well
  • #216
  • May 23, 2019 8:47pm May 23, 2019 8:47pm
Quoting TheSpoof
I moved my Vantage account over to the Cayman Islands division yesterday - zero interruptions in my trading. I have no reason not to trust that Vantage will keep up their good work. I also have an account with Dukascopy but I blew it up and haven't refunded it based on some troubling financial news coming from them. They are having some operating losses...makes me a little leery of re-funding my account. I have no problems with them otherwise

Operating losses, oh dear, that's a signal to exit the trade with them, don't hold on lol
  • #217
  • May 24, 2019 8:55am May 24, 2019 8:55am
Quoting Unforeseen
{quote} It's not OK or a good choice for me personally. We lose all the regulatory power of ASIC, instead you deal with CIMA (Cayman Island's own authority). I don't know much about CIMA, but they are the regulations of a tiny country/nation state, so that's a no go for me risk wise. Vantage was always my backup/algo broker, i'll likely be moving to dukascopy (Swiss).

As far as I know ASIC regulation is just for Australian citizens. Therefore Canadians have similar protection from ASIC and CIMA, not too much...
  • #218
  • Jun 1, 2019 10:20pm Jun 1, 2019 10:20pm
Quoting TheSpoof
I moved my Vantage account over to the Cayman Islands division yesterday - zero interruptions in my trading. I have no reason not to trust that Vantage will keep up their good work. I also have an account with Dukascopy but I blew it up and haven't refunded it based on some troubling financial news coming from them. They are having some operating losses...makes me a little leery of re-funding my account. I have no problems with them otherwise
How long have you been with Vantage? were you profitable with them all the period?
  • #219
  • Jun 2, 2019 7:57am Jun 2, 2019 7:57am
Quoting followthroug
{quote} How long have you been with Vantage? were you profitable with them all the period?
4 or 5 years I think. LOL no...I have done nothing but lose over that time (nothing at all to do with Vantage). I just posted my third profitable month in a row at the end of May though I think I may have finally figured this game out
Emotion - it steals your money.
  • #220
  • Jun 3, 2019 2:18pm Jun 3, 2019 2:18pm
I read their previous legal documents and the current, why i chose them is because they explain everything in details in their documents, i like it since its transparency

Yet im still thinking about Cayman Islands, never had any experience with brokers overseas anywhere other than US and Australian brokers!!
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