Canadian MT4 broker??? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Can an MT4 broker see what is in my MT4 platform's journal? 2 replies

ECN Forex Broker for Canadian Residents 13 replies

MT4 Broker Watch: Community Project to monitor MT4 Brokers 17 replies

respectable Canadian Broker 8 replies

Any effect with charting MT4 but executing trades with non-MT4 broker? 17 replies

Canadian MT4 broker???

  • #1
  • First Post: Jul 25, 2007 12:59pm Jul 25, 2007 12:59pm
Hey All-

im looking for a canadian broker that uses MT4. I heard Man financial will be offering MT4 sometime but until then...?

Specifically a broker whose bank accounts are in Canada and not just having a branch in canada.

I have scoured the list here at the factory and didnt find one. any help is appreciated.

Thanks
  • #2
  • Nov 1, 2007 1:03am Nov 1, 2007 1:03am
Have you made any headway with finding a solid Canadian MT4 broker?
  • #3
  • Nov 1, 2007 9:56pm Nov 1, 2007 9:56pm
I am also Canadian. May I ask why you want to find a Canadian broker?
  • #4
  • Nov 1, 2007 10:57pm Nov 1, 2007 10:57pm
I've mainly used U.S. brokers because the U.S. $ was worth more.

But, now that the Loonie has gone up...



Terry
  • #5
  • Nov 2, 2007 12:33pm Nov 2, 2007 12:33pm
US Brokers may still allow you to denominate your account in a
"foreign" currency. My Oanda account is denominated in CAD, and I know FXCM also offers this feature (as I'm sure there are others). I'm pretty sure Oanda offers account denominations in all the majors plus a couple others that i can't recall off-hand. Just thought I'd throw that out there.
B
  • #6
  • Nov 2, 2007 2:39pm Nov 2, 2007 2:39pm
Quoting static
US Brokers may still allow you to denominate your account in a
"foreign" currency. My Oanda account is denominated in CAD, and I know FXCM also offers this feature (as I'm sure there are others). I'm pretty sure Oanda offers account denominations in all the majors plus a couple others that i can't recall off-hand. Just thought I'd throw that out there.
B

Thanks. I appreciate the info.

It's funny, I never thought of anything but the USD for two reasons:

1) It WAS worth more than CAD

2) Close proximity to the border would save the hassles of exchanging.

Today I saw a sign in a store offering 95 cents for a USD. I can't remember the last time I saw that!

Terry
  • #7
  • Edited 10:18am Nov 4, 2007 9:56am | Edited 10:18am
Hello, anybody found the Canadian Broker ?

I have found one, but also I am observing and investigating are they a good and decent broker, not a scam. --> Link Removed Ottawa, Canada.

They offer 1 pip spread on 4 majors, also allow micro lot.
They use Metatrader4.

They don't allow U.S. & Canada clients (get confused ???) --> They told me that in Canada there is not a licensing for forex broker, is it right ?

But, in their website we can see their address, their number of a registration to Canada Ministry of..., licensed to PIPEDA, etc. --> what is your opinion ?

I have searched in forums, here and any other forums I knew, just couldn't find it, except in Link removed they are rated just 2 stars (not good, two respondences suspecting as a scam).

If anyone has experiences with them or know a good information, please help me...

Thank You.
  • #8
  • Edited 10:18am Nov 4, 2007 10:06am | Edited 10:18am
Quoting suhantoa1379
Hello, anybody found the Canadian Broker ?

I have found one, but also I am observing and investigating are they a good and decent broker, not a scam. -->located in Ottawa, Canada.

They offer 1 pip spread on 4 majors, also allow micro lot.
They use Metatrader4.

They don't allow U.S. & Canada clients (get confused ???) --> They told me that in Canada there is not a licensing for forex broker, is it right ?

But, in their website we can see their address, their number of a registration to Canada Ministry of..., licensed to PIPEDA, etc. --> what is your opinion ?

I have searched in forums, here and any other forums I knew, just couldn't find it, except in but they are rated just 2 stars (not good, two respondences suspecting as a scam).

If anyone has experiences with them or know a good information, please help me...

Thank You.
In looking at their site, I would avoid them.

The reason they don't want Canadian or U.S. clients is so they don't need to be licenced. True, there is no Forex licence, but if they accept Canadian clients then they would need a Securities licence, which would make them regulated. The fact that they wish to avoid that makes me doubt their sincerity, to say the least.

Basically, they're a Canadian company, but they will only deal with non-Canadian and non-U.S. customers to avoid any type of regulation. That should be a BIG red flag!

And, don't base any decisions on what you read on forexbastards. They only promote companies that they're affiliated with. It's been proven multiple times that they regularly delete any bad reviews for companies that they make money from, and they deliberately rate everyone else lower.

Terry
  • #9
  • Nov 5, 2007 2:48am Nov 5, 2007 2:48am
I too am Canadian and was hoping to find a Canadian broker for two main reasons:

First, convenience. It is my assumption that it will be easier to move my money around between a Canadian broker and my Canadian bank accounts. I realize this is not necessarily true, just an increased likelihood.

Second, safety. Should my broker be unscrupulous, I assume I will have better recourse through domestic regulatory channels. That is, I'll have more resources available to pursue an unscrupulous broker the closer to home they are.

I've managed to find two that seem to be on the up-and-up, but neither support MT. Oanda and Questrade, both located in Toronto. I don't know the forum rules (yes, I said I agreed but I didn't -really- read them) so I won't post the links, but they're easy enough to find.

Are there other reasons for a Canadian to prefer a Canadian broker?
  • #10
  • Nov 5, 2007 8:09am Nov 5, 2007 8:09am
Quoting Pippins
I too am Canadian and was hoping to find a Canadian broker for two main reasons:

First, convenience. It is my assumption that it will be easier to move my money around between a Canadian broker and my Canadian bank accounts. I realize this is not necessarily true, just an increased likelihood.

Second, safety. Should my broker be unscrupulous, I assume I will have better recourse through domestic regulatory channels. That is, I'll have more resources available to pursue an unscrupulous broker the closer to home they are.

I've managed to find two that seem to be on the up-and-up, but neither support MT. Oanda and Questrade, both located in Toronto. I don't know the forum rules (yes, I said I agreed but I didn't -really- read them) so I won't post the links, but they're easy enough to find.

Are there other reasons for a Canadian to prefer a Canadian broker?
I understand what you're saying.

I think, though, that the only way it would be easier to access your money is if they offer direct deposit, although even a wire transfer should be quicker within the same country.

As for safety, you may be right. From what I've learned recently, while there is no direct Forex broker licencing, any Canadian broker accepting Canadian clients needs to have a Securities licence, which makes them accountable to government regulations.

Oanda has a good reputation. I have a demo with them right now and plan on going live shortly.

I haven't heard anything about Questrade but didn't really get a good feeling when going through their site. No particular reason, I just didn't feel comfortable with what I read.

Terry
  • #11
  • Nov 7, 2007 1:46am Nov 7, 2007 1:46am
Hello fellow Canadians,

To which broker are you guys dealing with? I can't seem to find a decent MT4 broker around
{spam removed}
  • #12
  • Jan 19, 2008 4:10pm Jan 19, 2008 4:10pm
Hi All,
Thought I'd revive this thread as I would like to know who Canadians are trading with.

I'm demoing questrade and MF global. I don't know the systems well, but I seem to have problems placing stop loss orders, but i'm not experienced. Questrade has my interest because I can trade stocks as well. I only dabble so don't have the volume to use a broker like Interactive Brokers.

I got into demoing on fxdd and alpari who are MT4 brokers to practice with the Bill Williams indicators.

Thanks
  • #13
  • Last Post: Mar 3, 2008 9:54pm Mar 3, 2008 9:54pm
I'm looking for a Canadian Forex broker that handles US clients who is also backed up by the CIPF... anyone know any forex brokers like this? Also would like to find a place to do other trading as well (stock, futures, commodities, etc).

Questrade looked really nice, except whenever I try to fill out an app, a window pops up telling me they can't open trading accounts for US residents.

The only other place I've found that I'm willing to put my money is @ Saxo Bank, but the Guarantee Fund is only around $62K, so I'd prefer something with a bit more security (not that they'd go bankrupt, just that I don't want to lose another dime to poor US bankruptcy laws).
0 traders viewing now