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Recommended Brokers for Canadians

  • #201
  • Sep 4, 2020 1:42am Sep 4, 2020 1:42am
In some countries, traders are prohibited from trading. then I know there are a few brokers that have been active for many years and allow traders to trade tradersway.com and lqdfx.com as well. But, for sure, there is no legal protection
  • #202
  • Sep 4, 2020 2:57pm Sep 4, 2020 2:57pm
Quoting kavanto
In some countries, traders are prohibited from trading. then I know there are a few brokers that have been active for many years and allow traders to trade tradersway.com and lqdfx.com as well. But, for sure, there is no legal protection
Legal protection is not a problem if you are willing to lose a few thousands and regularly withdraw profits. Not doing that in 2005 cost me over $46k.
  • #203
  • Sep 11, 2020 9:31am Sep 11, 2020 9:31am
Did anyone else get this?

In continuation of our recent decision to stop onboarding new applicants residing in Canada, unfortunately Vantage FX has extended the decision to cease providing services to its existing clients residing in Canada.

What does this mean to you? While the decision has been made after careful considerations, we regret to inform you that Vantage FX will no longer be able to offer its services to clients residing in Canada. W

What should I do next? We advise our existing clients residing in Canada with open positions in their trading account(s) to close any existing positions, and arrange for their funds to be transferred to their nominated bank account on or before November 30th, 2020. Any positions remaining open by market close on November 30th 2020, will be forced-closed.

You may request to withdraw any remaining funds from your trading account by submitting a withdrawal request via your secure client portal. Our support and back-office staff will continue to provide the highest standards of services to ensure you experience a seamless transition while we bid farewell to you. Please do not hesitate to contact our customer support at [email protected] should you require any further assistance.

Kind regards,

Vantage FX
  • #204
  • Sep 11, 2020 9:41am Sep 11, 2020 9:41am
Quoting symona
Did anyone else get this? In continuation of our recent decision to stop onboarding new applicants residing in Canada, unfortunately Vantage FX has extended the decision to cease providing services to its existing clients residing in Canada. What does this mean to you? While the decision has been made after careful considerations, we regret to inform you that Vantage FX will no longer be able to offer its services to clients residing in Canada. W What should I do next? We advise our existing clients residing in Canada with open positions in their...
Yes, thats why I am here...trying to figure out where I should move my money.
  • #205
  • Sep 11, 2020 9:51am Sep 11, 2020 9:51am
Quoting Tripper
{quote} Yes, thats why I am here...trying to figure out where I should move my money.
What province are you in?
  • #206
  • Sep 11, 2020 9:56am Sep 11, 2020 9:56am
Quoting symona
{quote} What province are you in?
Ontario
  • #207
  • Sep 11, 2020 9:59am Sep 11, 2020 9:59am
Quoting Tripper
{quote} Ontario
Too bad..The fantastic broker I use doesn’t accept Ontario residents.
  • #208
  • Sep 12, 2020 3:39am Sep 12, 2020 3:39am
FP Markets accept Canadians but ( Ontario & British Columbia)
The only 1:500 leverage broker left for Canadians I think. Bye Bye Vantage Fx
  • #209
  • Sep 12, 2020 9:17am Sep 12, 2020 9:17am
Me too... been a customer for nearly 2 years... any suggestions guys.... i am looking into tickmill... asked globalprime they also rejected...
Extreme gut feeling trader
  • #210
  • Edited 10:41pm Sep 14, 2020 10:06pm | Edited 10:41pm
Quoting selfmade97
FP Markets accept Canadians but ( Ontario & British Columbia) The only 1:500 leverage broker left for Canadians I think. Bye Bye Vantage Fx
If you are trading 500:1 leverage your are going to part with your money very soon.

One thing that I don't see being discussed risk, meaning do they have proper risk controls in place to ensure they don't blow up!

Are they large enough to have a decent risk dept? Many of these small players likely do not have good risk controls in place and allow rogue traders to operate.
Some examples:
VIX blow-out in 2018 some brokers in Chicago (FCMs) were blown up (due to over-leveraged VIX traders) and rest of account holders were left with nothing. Using a broker that is insured and has a track record is just as important as fees and spread.

Swiss bank de-peg in Jan 2015. 30% move in Swiss Franc! Blew-up a bunch of FX brokers, and tons of traders. If you had a 1 lot futures contract on the Swiss Franc you just got wacked with $30K loss.

For those that have been in the game long enough, MFGlobal blew up in early 2010s. Huge broker at the NYSE and CME exchanges. My former trading firm where I started cleared through MF Global, luckily most of our trader capital account money was pulled out before shit really hit the fan, but my boss still ended losing significant sums.

I like IB, and been using since mid 2000s. Stable, no technical issues, good tech support, insured, legit, no fees for withdrawals, good rates on shorts, and access to variety of products. Other prop traders I worked with also stuck with IB for those same reasons. If you open up non-professional account the data access fees are cheap. Also they have seamless integration with external algos, and 3rd party platforms.
  • #211
  • Sep 15, 2020 2:52am Sep 15, 2020 2:52am
These brokers mentioned below can be a good fit for you -

  1. Questrade - Best Overall.
  2. Qtrade Investor - Best for Research.
  3. Interactive Brokers - Best for Professionals.
  4. TD Direct Investing - Diverse Trading Tools.
  5. CIBC Investor's Edge - Transparent Fees.

  • #212
  • Sep 15, 2020 4:49am Sep 15, 2020 4:49am
Quoting Stinkbid
{quote} If you are trading 500:1 leverage your are going to part with your money very soon. One thing that I don't see being discussed risk, meaning do they have proper risk controls in place to ensure they don't blow up! Are they large enough to have a decent risk dept? Many of these small players likely do not have good risk controls in place and allow rogue traders to operate. Some examples: VIX blow-out in 2018 some brokers in Chicago (FCMs) were blown up (due to over-leveraged VIX traders) and rest of account holders were left with nothing....
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Fpmarkets is a well-known and calm broker. Not as much popular as other brokers among internet. Also they have max equity limits on leverages to prevent issues from both sides.
  • #213
  • Sep 15, 2020 10:48am Sep 15, 2020 10:48am
Quoting Stinkbid
{quote} I like IB, and been using since mid 2000s. Stable, no technical issues, good tech support, insured, legit, no fees for withdrawals, good rates on shorts, and access to variety of products. Other prop traders I worked with also stuck with IB for those same reasons. If you open up non-professional account the data access fees are cheap. Also they have seamless integration with external algos, and 3rd party platforms.
IB is solid all around broker, have been with them for years as well. I don't trade spot FX much at all anymore, but they do have a weird restriction where you can't place limit orders at anything but 5 pipette increments. It doesn't matter for most unless you are extreme scalping, just thought it'd mention it as this is a spot FX forum.

Agree on the leverage comments as well, but the vast majority of people on this forum have small accounts so they need high leverage, that's why it's a common theme, they have to take the risk because they have no other good options.
To be one with the market, you must first be one with yourself.
  • #214
  • Sep 15, 2020 3:15pm Sep 15, 2020 3:15pm
Quoting Unforeseen
{quote} IB is solid all around broker, have been with them for years as well. I don't trade spot FX much at all anymore, but they do have a weird restriction where you can't place limit orders at anything but 5 pipette increments. It doesn't matter for most unless you are extreme scalping, just thought it'd mention it as this is a spot FX forum. Agree on the leverage comments as well, but the vast majority of people on this forum have small accounts so they need high leverage, that's why it's a common theme, they have to take the risk because they...
Hello, I have had account with IB (USA entity, interactivebrokers.com), but I wonder do I get same leverage, same restrictions as US residents (Majors 1:50 leverage, GBPUSD 1:20 leverage etc. ridiculous sh*t) or higher leverage? I'm from Azerbaijan. I have No ESMA no Cysec restrictions.
  • #215
  • Sep 16, 2020 9:52am Sep 16, 2020 9:52am
Hi All,

I have been using Vantage FX, and I was told that Vantage FX will no longer keep traders from Canada. Honestly, I am sick and tired of overseas brokers who initially accept Canadian traders and then ditch them.

Could I please solicit recommendation for brokers based in Canada ?

Thanks in advance.
  • #216
  • Sep 16, 2020 3:22pm Sep 16, 2020 3:22pm
Quoting fuadik88
{quote} Hello, I have had account with IB (USA entity, interactivebrokers.com), but I wonder do I get same leverage, same restrictions as US residents (Majors 1:50 leverage, GBPUSD 1:20 leverage etc. ridiculous sh*t) or higher leverage? I'm from Azerbaijan. I have No ESMA no Cysec restrictions.
Broker restrictions pertain to where the broker is. A good example is that if you trade with IB located in USA https://www.interactivebrokers.com/en/home.php you have no protection in case the broker goes bust. On the other hand If you trade with IB located in Canada https://www.interactivebrokers.ca/en/home.php you have a $1 million protection if the broker goes bust. It's a matter of choice.
  • #217
  • Sep 16, 2020 5:00pm Sep 16, 2020 5:00pm
How about OANDA (Canada) ?

Thanks,
Siva
  • #218
  • Sep 16, 2020 10:42pm Sep 16, 2020 10:42pm
I've been using Fusion Markets out of Australia. I've had no issues at all.
  • #219
  • Sep 16, 2020 10:47pm Sep 16, 2020 10:47pm
Based on the trend, it is a matter of time Fusion Markets would follow the herd.

Thanks.
  • #220
  • Sep 17, 2020 9:10am Sep 17, 2020 9:10am
Quoting msiva
How about OANDA (Canada) ? Thanks, Siva
Oanda is a good solid broker for Canadians. I know of several traders who have been using them for years. If I need another FX / CFD broker I will be going with them.

I have used FXCM (Canadian side is run by Friedberg Direct). I was unimpressed, shitty customer service and communication, and they messed up wires twice, so I pulled my account. Otherwise it was fine from an execution standpoint, but I didn't feel comfortable with them.
To be one with the market, you must first be one with yourself.
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