Which broker accepts Canadians?

I am a manitoban looking to open an account with a respectable broker and Questrade is a canadian MT4 broker that seems to have their business together. You can also trade NinjaTrader with your money in a TD Ameritrade (OR just plain old TD for us canucks) account which covers FX/Futures/Etc (As far as I know). Or you could use ThinkorSwim to trade FX if you are really desperate. Im not sure but I think you can use Ameritrade/TD as your broker for MT4 as well (not sure like I am for Ninja, its fairly easy to setup ameritrade as your broker for FX/Futures in NinjaTrader).

The other option would be to use one of the swiss brokers/banks like Dukas. It would seem like they don't give a damn where you are from and you can wire your cash into a swiss account with an accredited swiss bank insured up to 100k CHF.

Anyone have any experience with any of the brokers aforementioned in regards to customer service, spreads, etc? Thx

If a broker accept US trader, can they also accept Canadian trader?

Not sure, apparently a few brokers will accept Canadians but not US Citizens due to the SEC regulations and such. However after reading this thread apparently some of the provincial regulators are sticking their noses in places they dont belong and getting Canadians (from certain provinces) brokerage accounts closed and revoking the ability to sign up with certain providers.

xtrader101, I'm on the hunt for a broker and was wondering how you get around a broker, like Global for example, not having an account in CAD? Do you hedge it somehow? Who do you like the best out of the ones you are using now? Thanks for the help.

not necessarily. It doesn't depend on geography, it depends on US laws. So a lot of brokers accept Canadians

Hello everyone.

This thing has bothering me for months.

I am a Chinese citizen and a permanent resident of Canada.

Currently I am using FXCM(uk). I trade and live in both country.

Is this Ok according to Canadian law?

If not, what should I do now?

Thanks guys.

Thanks.

Questrade is a MM bucketshop with the most outrageous spread when it comes to Forex trading. They started off as a broker for daytrading stocks and when they saw that Forex trading took off, they expanded their business to forex trading. Their stock daytrading business is not too bad as they are more experienced in that area but their forex trading side of business leaves much to be desired. If you want to trade with them still that's your choice but just be aware of these caveat. The only advantage for them is that they are located in Canada and is a member of CIPF so if they go under, you get your money back up to $100K CDN and thanks to those useless regulatory bodies, and I agree, sticking their noses in places where they don't belong instead of really monitoring and regulating brokers properly which is what they should be doing, the choice of reputable brokers for us Canadians are getting smaller and smaller. Many of the highly regulated and reputable brokers are off-limit to us Canadians.

I don't know what those regulators are trying to achieve by forbidding Canadian traders from trading with reputable brokers. They need to understand Forex trading is NOT going away. It's been in existence for more than 10 years and is here to STAY. So they are either with us or with us or with us.

Canada has NO law that forbids you to trade FX but I do know that FX trading is illegal in China (I don't know about now since many of the fx trading brokers do have offices in China and even offer their services and platform in Chinese) so since you are a Chinese citizen, the Chinese law might still apply to you. You should consult a lawyer just to be sure.

Thank you.

My concern is that will Canada allow me to use fxcm(UK) ?

As long as you are not breaking any laws of China with your FX trading, Canada will be fine with you using FXCM(UK) because FXCM is also a registered brokerage in Canada.

Then why do they have a FXCM(CA) which I guess is for Canadians?

Check E.X.N.E.S.S (remove dots) for Canadian traders.

"Exness" who has its head office in Cyprus, you gotta be kidding right. Should we experience another event like the SNB flash crash you're money must be as secure as gambling at a Casino. I dunno... Exness has NO mention of Canada here; http://www.cysec.gov.cy/en-GB/entiti...cypriot/37681/

Gotta say this about Quebec. I'm from the Q and spent many years in clubs as an entertainer. I've been around since the pre Casino days and when the illegal Poker machines were run by shady individuals until the Govt. caught on and saw the lost dollar potential they could tap into.

Now we have a few Casinos in the Province and many electronic machines in clubs that offer a very low monthly average payout, the club owner is allowed upto 5 machines per permit (sometimes 2 permits per bar) of which he gets a cut of around 20% monthly from the dollars injected in his establishment to do the money handling (a sort of partneship) which helps pay for the monthly overhead. All machines are network controlled by the Government, so when the 1st of the month comes around, people on welfare receive their direct deposit allowances they go out and play the machines in hopes of doubling their money, but the odds are rigged, that's the time of the month when the machines accumulate and then slowly distribute gains throughout the rest of the month. (there are other dates that the Govt issues pension money and TPS/TVQ returns)

Bottom line is the govt. recovers a portion of the machines payout and club owners can survive since the alcohol prices have gone up, driving impaired has high consequences, business has gone down quite a lot over the past years and people still need a local place to go and put money back into the system and the govt. needs those establishments to get the locals' money. Then the Govt. goes and advertises on TV that playing those machines / gambling can be addictive and have all sorts of negative consequences... Get it?

Now what happens if a new player (FX) comes in and starts taking away a portion of those electronic machine profits away from the local Govt? That's unwanted competition! The poor must stay poor! They must keep feeding the machines!
In Quebec the financials are regulated by the AMF. "L'autorité des Marchés Financiers" which recently have stuck their noses into "Crowd Funding", of course...

That new FX player could tell people that they can put a few hundred bucks a month into FX brokerage account, practice and then go "Live" and MAKE / Lose money rather than wasting it into a stupid rigged machine. That lost FX money goes out of the Country. Gone poof! If the new FX player makes money, he'll have to declare it and add it to his revenue bracket maybe if he makes too much money in a year he'll have to get off welfare! Mind you not every poker machine player is on welfare but FX & the Govt. are both competing for the same "gambling" dollars. (I've seen a old guy with $3,000 in one hand and booz in the other hand and lose it all in one night. he'd come back the next week-end and repeat, rarely leaving with more than what he walkid in with) If he'd had lost in Forex it was gone, poof out of the Country, that's not good for our economy... But losing it this way, the club owner is happy with his 20% and so is the Govt. The one time winners will lose it back in the long run, if they aren't overalll loser already.

As for the Accredited investor it's mainly aimed at High Net Individuals who want to hedge their assets and the Large Corprations such as Bomdardier who makes Trains, Planes, Ski-doo, Sea-doo, Spyders, they also maintenance Military Jets... they need to hedge their costs of parts production and manufacturing from many different countries and assembling in others all the while having to deliver their goods at the predetermined price. They need Forex to do that. Just like any Multi National such as Mercedes, Toyota etc. Some corps are better than others at managing / hedging their exposure.

I once read in one of Martin Pring's Forex Books that Mercedes was making more money in the Forex market than Selling cars! The Bombardier Stock at 1.71 C$ is beyond me, IMO they could be making a lot more money in Forex if they only knew how to better manage / hedge their funds.

I've been trading and a student of the markets for 25+ years, I'm still amazed of how many Quebec residents are ignorant of the ever growing FX markets and it's flexibility, especially being that the CAD is heavily weighted on Oil prices, what'll happen when Oil will become "obsolete"? What'll happen to the CAD?
When I tell friends that I trade Forex I get this grimace look with a "Hein? C'est quoi ça?" Ah never mind... and I switch the conversation to "Well the Habs had a really rough one this year huh..." that topic they understand very well and know every detail.

Another thing the Govt. caught on in the mid 70's was "preserving the French language". By preventing the French speaking people to go to English schools and posting French only signs, the following generations became somewhat averse to English, "j'comprends pas"! If you're not good at English you have a very small chance at anything. While most Trading & Teaching is done in English, I must say it is improving in other languages (Google translating pasges etc) but just like any oppressing country it's been done deliberately so that the population stays local.
"Vive le Qubec Libre"... my ass!

I'm just grateful that being a Canadian Italian from Montreal, I had the chance of growing up Tri-lingual and have added Spanish to my arsenal. That's one thing I like about the Swiss is that they speak Italian, French, German & English. I might use my European passport and move there some day, who knows? For a successful Forex trader i'ts the best place to be in order to protect your capital and not get clobbered by the Canadian Taxes.

If I had a few patents with lucrative potential, I'd probably create a "Double Irish With A Dutch Sandwich" just like "Apple" and many other large Corporations.

Arrivederci!

So how do you suggest a Quebec resident start an account ?

no more axitrader for ontario residents

Vantage FX are still happy to service Canadian traders in all provinces bar BC.

We get the question whether we are pulling out of Canada in anticipation of regulatory changes a lot, and we assure you that we're not going anywhere.

Get in touch.

Ill vouch for you guys Vantage. I havent had any problems since I came across. Its tough out here!