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Broker with CAD Accounts

  • #1
  • First Post: Nov 29, 2008 11:50am Nov 29, 2008 11:50am
Anyone know a broker that will accept CAD as the base deposit?
  • #2
  • Nov 29, 2008 7:00pm Nov 29, 2008 7:00pm
Oanda
Same Whore .... Different Dress
  • #3
  • Nov 30, 2008 3:13pm Nov 30, 2008 3:13pm
Yes, i had looked at them but I was hoping that someone knew an ECN that I could trade in CAD.

Alternatively, for those whose home currency is not in USD, Euro etc what is the best way to hedge.

Not much sense in gaining lots of pips in EuroUSD if i lose them on converting profits to CAD before i take them out.
  • #4
  • Nov 30, 2008 5:52pm Nov 30, 2008 5:52pm
Interactive brokers does accept accounts with CAD as base currency
  • #5
  • Dec 1, 2008 6:15am Dec 1, 2008 6:15am
Just use any broker and open a USD/CAD long position (in case of a USD account) in the same size as your deposit to hedge the currency risk.
  • #6
  • Dec 1, 2008 12:23pm Dec 1, 2008 12:23pm
Thanks to all for the suggestions.

Also, thanks xaron, that is a fairly easy solution. i take it that I would just let the long hedge ride until I was ready to take my money out. No SL etc.
  • #7
  • Dec 2, 2008 3:41am Dec 2, 2008 3:41am
Quoting flyer415
i take it that I would just let the long hedge ride until I was ready to take my money out. No SL etc.
That is correct. You just hedge the currency risk nothing more. So if the CAD depreciates you will compensate that with your USD/CAD long position in your USD account.
  • #8
  • Jun 19, 2010 4:02pm Jun 19, 2010 4:02pm
Hi, I am a new member of the site. Over the past two years I have been searching it to gain information as I seek that “Holey Grail”. I have gained a tonne of information, but one which I am still searching for...a good ECN broker who accepts Canadians, and will open/hold an account in CAD currency. I lost my first 7k using MF Global (partly due to inexperience and partly due to on-going server connection problems).

I am wondering if you have come up with any other brokers over the years? I currently live in BC so I am heavily restricted to brokers I can open with - Interactive Brokers, Oanda, MF Global, and Questrade. I do plan to move to Toronto shortly, and anticipate greater options. I am looking for many of the same features/characteristics, such as reliability, stability, honesty, ECN model, and CAD account. I have read about the options to hedge the account, but to be honest, I don't want to have to worry about that; I just want to trade my strategy.

You have mentioned that you have tried to open an account with MB Trading, but were rejected. This is the broker I will apply to as soon as I arrive in Ontario and get my first utility bill with address (which is what they will require).

Can you explain why you were rejected from opening an account with MB Trading?

Some of the other brokers which I have received confirmation that I could apply with once in Ontario are: ATC Brokers; MB Trading; FXCM Active Trader; Ducascopy.

Really, what I am looking for is a relatively honest broker who will not actively work against me. Any further comments would be much appreciated.
  • #9
  • Edited 4:45pm Jun 19, 2010 4:43pm | Edited 4:45pm
Xaron - Would I be wrong to assume that I would get killed on rollover, week, after week, after week!! The USD has a lower interest rate than the CAD!
  • #10
  • Jun 20, 2010 12:44pm Jun 20, 2010 12:44pm
Xaron - this strategy of yours to hedge the CAD by opening a long USD/CAD in another broker would get a person into trouble quickly. It wouldn't take long to get a margin call if the USD/CAD drops in value.

Could you please give more detail on how you would execute this strategy of yours...thanks
  • #11
  • Jun 20, 2010 4:21pm Jun 20, 2010 4:21pm
Quoting flyer415
Anyone know a broker that will accept CAD as the base deposit?
Dukas quote... "The accounts can be opened in seven different currencies – USD, CHF, EUR, GBP, JPY, CAD, AUD."

There you go.

Trade to trade well, no excuses.
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #12
  • Jun 20, 2010 10:01pm Jun 20, 2010 10:01pm
Not sure about you guys, but for some reason I have this fear of sending my money overseas to a broker (ie. Ducoscopy). It just seems so intangible once it leaves North America!! Has anyone else had this psychological barrier? For this reason, I am leaning towards Interactive Brokers, and MB Trading and ATC, once I move to Toronto.

Has anyone had difficulty withdrawing money from overseas brokerages, compared to when you withdraw from Canadian or the U.S. brokerages.

Cheers
  • #13
  • Jun 21, 2010 12:15am Jun 21, 2010 12:15am
Quoting bigsteely101
Not sure about you guys, but for some reason I have this fear of sending my money overseas to a broker (ie. Ducoscopy). It just seems so intangible once it leaves North America!! Has anyone else had this psychological barrier? For this reason, I am leaning towards Interactive Brokers, and MB Trading and ATC, once I move to Toronto.

Has anyone had difficulty withdrawing money from overseas brokerages, compared to when you withdraw from Canadian or the U.S. brokerages. ...
Well Dukascopy is now a bank as they have just received their banking license which is the only way a Forex broker can operate out of Switzerland now. I don't want to sound like an ad but their one of the most respected brokerages around.

No problem wiring $$$ back to the states.

Hope that helped in some way.

Trade to trade well,
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #14
  • Jun 21, 2010 4:10am Jun 21, 2010 4:10am
Since you are Canadian, why don't you get in touch with Andre from molecule6.

He is also Canadian and I am sure he could answer any questions or doubts you might have regarding Dukascopy.

I used him as my IA for Dukascopy and have no complaints, he is always available on skype or via email.
  • #15
  • Last Post: Jun 21, 2010 10:07am Jun 21, 2010 10:07am
Hi DMA,

I actually have contacted him and he was great at answering my questions. The answers I received, may have also added to my concerns with Ducoscopy. He had mentioned that they would open an account for anyone, from anywhere. This is much different than any other broker that I have contacted. Because I live in BC there are tight securities restrictions. So far, Ducoscopy, is the only brokerage which is willing to slide around these local reg's and open an account for me. With that being said, I am not sure if it is a brokerage decision to slide around, or if its the Switzerland regulations which allow it? If they are willing to break the rules for me, as crazy as it sounds, it makes me think twice about the decisions they make there. I don't want to beat this Canadian/Ducoscopy issue to death...I have read reviews, and many people are satisfied with them. They will also be on my list, for serious consideration.
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