Hi,
I was previously trading with MF global canada and certain love doing business with them (i understand their system is FXCM but i would prefer dealing with brokers that are IIROC regulated after what happended to MF global). Too bad their big boss screwed up the parent company so MF global canada had no choice but to liqudate as well. I'm currently looking for a replacement broker that is IIROC registered (so that i know my money is protected). Does anyone have any recommendation except the followings?
1) Oanda, they are not good in limiting how much i can trade with my acct. Telling me that they need to follow the regulation and provide risk management to their client as well (only allow them to trade up to certain acct balance based on income). It makes no sense at all. This is like checking people's income before letting them go into casino to gamble.
2) Questrade, they don't have CAD based acct. Given that their system doesnt allow hedging. I dont want to introduce an extra FX risk to my acct so best not dealing with them anymore unless they provide CAD account. I can technically hedge my fx exposure by shorting usd/cad, but that would mean i can't buy the pair unless i close my usd/cad short (too much trouble). I used them before and lost thousands on exchange rate alone because i wasnt paying attentoin to the FX exposure on the usd/cad pair alone.
3) Interactive broker, their fx trading system (or their system in general) is just way too old. Looking at the installation icon i think their system is created back in win95 days and hasn't changed since. Very hard to use for retail fx traders. I've been trading FX for 7 years but their system just go beyond my fx trading experiences. Too hard to ask my wife to learn their system and guarantee that she will not make mistakes.
Your comment is much appreciated.
Thanks.
I was previously trading with MF global canada and certain love doing business with them (i understand their system is FXCM but i would prefer dealing with brokers that are IIROC regulated after what happended to MF global). Too bad their big boss screwed up the parent company so MF global canada had no choice but to liqudate as well. I'm currently looking for a replacement broker that is IIROC registered (so that i know my money is protected). Does anyone have any recommendation except the followings?
1) Oanda, they are not good in limiting how much i can trade with my acct. Telling me that they need to follow the regulation and provide risk management to their client as well (only allow them to trade up to certain acct balance based on income). It makes no sense at all. This is like checking people's income before letting them go into casino to gamble.
2) Questrade, they don't have CAD based acct. Given that their system doesnt allow hedging. I dont want to introduce an extra FX risk to my acct so best not dealing with them anymore unless they provide CAD account. I can technically hedge my fx exposure by shorting usd/cad, but that would mean i can't buy the pair unless i close my usd/cad short (too much trouble). I used them before and lost thousands on exchange rate alone because i wasnt paying attentoin to the FX exposure on the usd/cad pair alone.
3) Interactive broker, their fx trading system (or their system in general) is just way too old. Looking at the installation icon i think their system is created back in win95 days and hasn't changed since. Very hard to use for retail fx traders. I've been trading FX for 7 years but their system just go beyond my fx trading experiences. Too hard to ask my wife to learn their system and guarantee that she will not make mistakes.
Your comment is much appreciated.
Thanks.
