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Any suggestions on choosing brokers for Canadians 0 replies

Recommended Brokers for Canadians 242 replies

Brokers for Canadians 1 reply

Why are brokers ditching Canadians? 2 replies

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Brokers for Canadians?

Quoting Grish
{quote} Thinkmarkets -have spreads -not allow Canadians icmarkets -almost ZERO spreads, great! -do not allow Canadians globalprime -have spreads Anyone know of a broker with close to ZERO spreads that make their money through commissions AND allow Canadians? Looking to scalp so a ZERO spread is almost required.
Global prime have low spreads that don't affect much of your transaction. To all brokers, even if you don't pay through spreads you still get to pay higher commisions which if you add would be almost same except You scalp. Checking through all the commissions I paid when I was with icmarkets, Its almost same if I pay through spreads
Forex, stocks, energy and crypto
Global Prime doesn't accept Canadians.
Now that Global Prime doesn't accept Canadians from Ontario, does that mean there's no other option but to choose an unregulated Caribbean broker if high leverage (1:200 or larger) and low spreads are my main criteria? Say it ain't so.
Quoting Spartacan
Now that Global Prime doesn't accept Canadians from Ontario, does that mean there's no other option but to choose an unregulated Caribbean broker if high leverage (1:200 or larger) and low spreads are my main criteria? Say it ain't so.
If you want to lose your money go ahead and get an unregulated broker that has no protection in case of bankruptcy. In 2005 that mistake cost me almost $50,000. I have been trading with OANDA Canada since 2006 for the reason shown in the picture.
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Quoting Hutch
{quote} If you want to lose your money go ahead and get an unregulated broker that has no protection in case of bankruptcy. In 2005 that mistake cost me almost $50,000. I have been trading with OANDA Canada since 2006 for the reason shown in the picture. {image}
Agree, if you don't have enough money that you need 200:1 leverage, make enough with 30:1 at a regulated Canadian broker until it's not an issue. Spreads are a non issue at any decent broker.
To be one with the market, you must first be one with yourself.
I need an advice on a reputable forex broker accepting Canadians from Ontario. I mostly do scalping strategies, so I need a minimal spread and fast execution etc. I tried Oanda for awhile but not happy with their spread, though otherwise have no complains. For intraday or long term it would work very well, just not for scalping. Now ICmarkets don't accept Canadians, and fpmarkets tell me they don't accept Ontario. And I just happen to live in Ontario! Global Prime is my next choice, but has a higher spread so I have to keep looking. I looked at several brokers offering low or zero spreads, but bad reviews. If someone knows a good broker I would appreciate a PM or post here. Thanks!
Quoting Omar777
I need an advice on a reputable forex broker accepting Canadians from Ontario. I mostly do scalping strategies, so I need a minimal spread and fast execution etc. I tried Oanda for awhile but not happy with their spread, though otherwise have no complains. For intraday or long term it would work very well, just not for scalping. Now ICmarkets don't accept Canadians, and fpmarkets tell me they don't accept Ontario. And I just happen to live in Ontario! Global Prime is my next choice, but has a higher spread so I have to keep looking. I looked at...
I have been trading with OANDA Canada since 2006 and believe me I much prefer paying a little higher spreads with a good broker than paying low spreads with a broker that most likely will go bankrupt because it doesn't make enough money. This happened to me 3 times. These brokers were FXCBS, SkyFx and Alpari UK. Because FXCBS had no compensation fund I lost all my money. I got all my money back from SkyFx because of the Cyprus CYSEC compensation fund and also from Alpari UK because of the UK FSCS compensation fund. My conclusions are that a low spread isn't everything and you put your money at risk if your broker doesn't have a compensation fund.
Quoting Hutch
{quote} I have been trading with OANDA Canada since 2006 and believe me I much prefer paying a little higher spreads with a good broker than paying low spreads with a broker that most likely will go bankrupt because it doesn't make enough money. This happened to me 3 times. These brokers were FXCBS, SkyFx and Alpari UK. Because FXCBS had no compensation fund I lost all my money. I got all my money back from SkyFx because of the Cyprus CYSEC compensation fund and also from Alpari UK because of the UK FSCS compensation fund. My conclusions are that...
Alpari UK bankrupt? all branches closed in the world? when did it happen
Quoting MoreYummy
{quote} Alpari UK bankrupt? all branches closed in the world? when did it happen
In 2015 when the Swiss National Bank decided to let the CHF float freely. This caused many forex brokers to go bankrupt.
Quoting Omar777
I need an advice on a reputable forex broker accepting Canadians from Ontario. I mostly do scalping strategies, so I need a minimal spread and fast execution etc. I tried Oanda for awhile but not happy with their spread, though otherwise have no complains. For intraday or long term it would work very well, just not for scalping. Now ICmarkets don't accept Canadians, and fpmarkets tell me they don't accept Ontario. And I just happen to live in Ontario! Global Prime is my next choice, but has a higher spread so I have to keep looking. I looked at...
If spreads and execution are that important to your strategy maybe stay out of spot FX and look at futures? There is technically a spread but it's a tick (pip/pippette - smallest movement possible) Sometimes it goes to 2 ticks, but it's rare. Liquidity is not an issue in major markets.
To be one with the market, you must first be one with yourself.
Quoting Unforeseen
{quote} If spreads and execution are that important to your strategy maybe stay out of spot FX and look at futures? ...
Do you read my mind? I've been looking at futures for a while now, and looks like I'll be moving in that direction. The only thing is I like using Metatrader for back testing, and most stock brokers don't offer it. But I'll find ways around.
Metatrader is the worst backtester there is I didn't know this until I moved on some years ago..

Unlike Forex which is primarily locked to proprietary platforms, mostly MT4/5, i'm not aware of any futures broker that locks you into their software. Amibroker is probably the best backtesting platform there is (don't recommend for live trading), and Sierra Chart is without doubt the best futures trading platform, but it is quite technical and takes awhile to master. It also has backtesting, and has a very good replay system. Ninjatrader is also a highly ranked futures platform, but I didn't like it myself personally. Ninjatrader is also a flat out purchase, where Sierra Chart is a monthy sub. I know you can trial Ninja in a demo mode with sim only though, it also will have backtesting.

There is futures brokers who only deal with futures, or you can go with someone like Interactive Brokers which has almost every instrument you can think of, and their futures commissions are great. You will be protected under IIROC there. Almost every software out there will interface with their API. Optimus futures is also a good futures broker for Canadians, but they are strictly futures.

I'm a scalper myself (Extreme scalper, my trades are generally always less then 30sec), and I know once I went futures I never looked back, centralized exchange and being able to work with real volume and level 2 is invaluable in the scalping space. Good luck!
To be one with the market, you must first be one with yourself.
Quoting Hutch
{quote} I have been trading with OANDA Canada since 2006 and believe me I much prefer paying a little higher spreads with a good broker than paying low spreads with a broker that most likely will go bankrupt ..
And you are right. Thank you for your input, I agree - Oanda is great for day or swing trading and longer term positions. I am just not sure about scalping with this broker. When a spread is the size of bars on smaller timeframes- it's so hard to make a win it starts making sense to look offsore for scalping. However unregulated/unprotected they are,- still better than a guaranteed loss with well-protected but high-spread brokers.
Quoting Unforeseen
Metatrader is the worst backtester there is I didn't know this until I moved on some years ago.. Unlike Forex which is primarily locked to proprietary platforms, mostly MT4/5, i'm not aware of any futures broker that locks you into their software. Amibroker is probably the best backtesting platform there is..
Thank you for the info. I am with IB and their TWS for trading, and Tradingview for charting at the moment. Haven't done backtesting on futures but I see the opportunities and want go for them. Re Metatrader, I find MT5 backtester 100 times better than MT4, I thought this thing was hard to beat. I heard about Amibroker but nrver got around testing it, now definitely will give it a try. Good luck to you too!
I think the best 4 Foreign exchange brokerage companies in Canada should be-

 

  1. CMC Markets
  2. FOREX.com
  3. Saxo Bank
  4. City Index.

What do you think?

Quoting robinroy
I think the best 4 Foreign exchange brokerage companies in Canada should be- CMC Markets FOREX.com Saxo Bank City Index. What do you think?
Saxo bank and City index are not regulated in Canada so they are crap.
If you are looking for leverage - then you will have to go offshore (Best bet is an offshore arm of a multinational and multi licenses broker)

I've noticed that regulation is not the only thing that is important with a broker - I always test on a small account the processes, deposit, withdrawal and support to make sure they are running a professional operation - If I don't like it I move on.
Quoting robinroy
I think the best 4 Foreign exchange brokerage companies in Canada should be- CMC Markets FOREX.com Saxo Bank City Index. What do you think?
The link is here
https://www.forexbrokers.com/guides/canada

top 2 choices
cmc
forex.com
Quoting demark1
{quote} The link is here https://www.forexbrokers.com/guides/canada top 2 choices cmc forex.com
I guess Oanda and Questrade are the next 2 since they are both regulated by IIROC. As you know if a broker is not regulated by IIROC there is no account protection against bankruptcy.
Quoting Hutch
{quote} I guess Oanda and Questrade are the next 2 since they are both regulated by IIROC. As you know if a broker is not regulated by IIROC there is no account protection against bankruptcy.
I found xtb france worth trying. Due to 2 hour time difference and price feed I may be able to catch more profit. Its is not regulated by IIROC but it is a public listed firm on warsaw stock exchange.
the customer service of xtb is rated #1 by forexbrokers for a reason. They are working 24x7. Never experienced this before. most brokers are not reachable over the weekend.
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