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Best Broker for Canadians from Alberta

  • #61
  • Apr 11, 2015 11:17am Apr 11, 2015 11:17am
Quoting aa1
I did not know that Dukas was founded by Russians. Can you post the link? I would not open any account with any broker in Russia. They stocked a lot of money in Europe so I know that Alpari UK was run by them and that is why it crashed, I believe. There is a lot of Russian money in Switzerland so maybe that is why you are saying Dukas is run by them? I don't want to withdraw money on a regular basis, I want to grow my accounts as the position size gets bigger as I have bigger balance. It is an important factor in my overall strategy. Once I reach...
Hi aa1,

I am with you as Canadian living in Montreal.


Sai Ram
Being a fxtrader is not easy. Ones must working hard.
  • #62
  • Apr 11, 2015 3:47pm Apr 11, 2015 3:47pm
[quote=MZen;8199011 Interactive Brokers are terrible for Forex. Leverage 1:50 at best and reports are stuffed with rounding errors you cannot delete. Charts are obsolete. They stop trading forex for one hour every day. Is it worth protection? [/quote]

Only the rounding errors on Interactive Brokers report that you mentioned has some merit. The leverage for forex at Interactive Brokers is NOT 50:1 at best; it's 40:1. for the most liquid and least risky currency pairs and they do NOT stop trading forex for an hour; they only stop it for 15 minutes each day 5:00 PM to 5:15 PM EST to coincide with the daily rollover and maintenance, which is a practice that is observed by many brokers.
Make your losses in demo. Earn your profits live.
  • #63
  • Apr 11, 2015 4:00pm Apr 11, 2015 4:00pm
Quoting aa1
I did not know that Dukas was founded by Russians. Can you post the link? I would not open any account with any broker in Russia. They stocked a lot of money in Europe so I know that Alpari UK was run by them and that is why it crashed, I believe. There is a lot of Russian money in Switzerland so maybe that is why you are saying Dukas is run by them? I don't want to withdraw money on a regular basis, I want to grow my accounts as the position size gets bigger as I have bigger balance. It is an important factor in my overall strategy. Once I reach...
History of Dukascopy Group
1998 Dukascopy Trading Technologies Corp.
Dukascopy project was launched in 1998 by a group of physicists headed by Dr. Andre Duka Their mission was to research, develop and implement complex financial system via novel mathematical and econophysical techniques.

https://www.dukascopy.com/europe/english/about/company/

That's why the brokerage is called Dukascopy. It was founded by Andre Duka and his wife Veronika Duka. The company has a Board and all Board of Directors are Swiss citizen and permanent residents of Switzerland. Andre Duka and Veronika Duka along with the rest of the founders who now sit on the executive committee are all permanent residents of Switzerland but might be Russian nationals. So they might be a little different with Alapri. I am not too familiar with Alpari's company structure but am only aware of the identity of its founder and his background after the collapse of Alpari UK.
Make your losses in demo. Earn your profits live.
  • #64
  • Apr 14, 2015 2:47pm Apr 14, 2015 2:47pm
Going with Pepperstone. Thanks everyone for your help.
  • #65
  • Apr 14, 2015 4:48pm Apr 14, 2015 4:48pm
Quoting aa1
Going with Pepperstone. Thanks everyone for your help.
Let us know how Pepperstone works out. Good trading and good luck!
Make your losses in demo. Earn your profits live.
  • #66
  • Apr 20, 2015 6:15pm Apr 20, 2015 6:15pm
Quoting aa1
I did not know that Dukas was founded by Russians. Can you post the link? ...
There is Dukascopy tread you can read.
http://www.forexfactory.com/showthread.php?t=219286&page=99
Veronica Duca's maden name is Makarova and it is Russian name. They have office in Riga and Moscow. In the 90s there was huge outflow of capital from Russia through Riga banks. Mostly cash.
Connect dots...
  • #67
  • Apr 20, 2015 6:52pm Apr 20, 2015 6:52pm
Quoting aa1
I am looking for some feedback if you are in somewhat the same position. I am from Alberta, Canada. I am currently trading with Vantage FX in Sydney, Australia. I like everything about them except for the fact that they are regulated by ASIC which offers no protection if the company goes down. I lost a little money with Alpari so this question is important for me as it may happen with everybroker I believe. I want to open an account and start trading with a second broker and if it is a protected broker and I like what I see I might switch to them...
ASIC has a protection policy of segregation of client funds against working capital for FX margin brokers.
So I would seriously look at the brokers who have strong balance sheets first if thats your concern.
In Australia IG markets and Invast would be the two .

I would then look at platform product offering in FX.
IG has there own plus MT4
Invast has C trader maxx trader and MT4
Im not a MT4 fan because of bridge latency and liquidity execution limitations.

You can of course diversify and have two accounts with separate brokers if you are that concerned.
Professional traders have multiple avenues for execution as you probably well know
  • #68
  • Edited 8:28pm Apr 20, 2015 8:05pm | Edited 8:28pm
Quoting lasty
{quote} ASIC has a protection policy of segregation of client funds against working capital for FX margin brokers. So I would seriously look at the brokers who have strong balance sheets first if thats your concern. In Australia IG markets and Invast would be the two . I would then look at platform product offering in FX. IG has there own plus MT4 Invast has C trader maxx trader and MT4 Im not a MT4 fan because of bridge latency and liquidity execution limitations. You can of course diversify and have two accounts with separate brokers if you are...
Invast is PURE Market Maker EVEN with on their cTrader account just so you know. They are only DMA for ASX stock trading and CFD's. They are very well capitalized only because they are the Australian arm of a major FX trading firm based in Japan established back in 1960.
Make your losses in demo. Earn your profits live.
  • #69
  • Apr 20, 2015 8:14pm Apr 20, 2015 8:14pm
Quoting aa1
Forexia, thank you for your feedback, that's what i was looking for. Contacted all 3 brokers that you suggested. 24 hours later there is no answer from any of them. In my book this is the first test that all of them failed. If they don't answer a potential client, how can I trust them with my money? Hate to be with Australians again but they are good. Probably will go for Pepperstone if Europe does not kick in soon.
Hello my friend I am a canadian citizen as well and i must say you cannot rely on the regulation of your home country for the choice of your preferred brokerage. i mean, the best bet would be to use multiple brokers and distribute your funds across various brokers that way you can minimize your downfall risk. I use pepperstone and tickmill as they offer the bets spreads and most reliable feeds. If you withdraw regularly you wont need to worry. I have been with pepperstone for years and never an issue, only been good to me even during the CHF dilemma. and i am a 5digit size account holder. just want to help out my fellow canucks! CAD brokers suck BALLS! stay away from them. I mean im sure they offer great regulation but the spreads ! WOW and leverage you get is shit!! lol last choice would be a canadian broker. and forget IB, i mean they a good prime broker but they dont offer mt4.
All posts are my personal opinion
  • #70
  • Edited 10:40pm Apr 20, 2015 10:17pm | Edited 10:40pm
Thank you. For now I am using Vantage and Pepperstone. Once I increase my account to the next level I will be reconsidering my broker options so my next broker search may be in a year or two hopefully if the trading goes well. Vantage spreads are higher now so I will see what I am going to do about it.

I found that every couple of years the broker picture changes so you have to start the search all over again, at least that is how I see it. This was my n-th circle.

I like a couple of other brokers as well.
  • #71
  • Apr 20, 2015 11:43pm Apr 20, 2015 11:43pm
Quoting Forexia
{quote} Invast is PURE Market Maker EVEN with on their cTrader account just so you know. They are only DMA for ASX stock trading and CFD's. They are very well capitalized only because they are the Australian arm of a major FX trading firm based in Japan established back in 1960.
Don't you mean PURE STP broker ? They dont have a B-Book model
  • #72
  • Apr 21, 2015 1:33am Apr 21, 2015 1:33am
Quoting lasty
{quote} Don't you mean PURE STP broker ? They dont have a B-Book model
Uh NO pure Market Maker B-Book Model. If you look at their PDS, they state VERY clearly they are a market maker on ALL products except on ASX listed stocks and CFD's. Same as the rest of the Australian brokers. With those brokers, DON'T ever look at what they put on their website. It's their PDS that discloses the true nature of their business model.
Make your losses in demo. Earn your profits live.
  • #73
  • Apr 26, 2015 5:16am Apr 26, 2015 5:16am
Quoting aa1
{quote} bigsteely, and how do you like trading with Dukascopy?
sunshine, I will stay away from mauritius broker. whatever they say I don't trust them.
Hi aa1,

You have made a sweeping blanket statement that implies my broker, FxPrimus, are a dishonest lot.

 

  1. Q1. are u speaking from experience or the experience that other FxPrimus traders had ?
  2. Q2. what do you have against any broker that is domiciled in Mauritius ? ...are Mauritius brokers crooks and charlatans ?
  3. Why don't u trust them ?

​i look forward to your answers as i am with this broker and the statements u made worry me. i have noted a few traders here at Forex Factory have live trade explorers with FxPrimus as their broker but i did not come across any of them complaining about their broker.

Lastly, did u find a broker that fit your "stringent" criteria ? may i know who u selected and why please ? Your answer may influence my decision of whom to open another brokerage account with. if u haven't selected one yet, can u please be so kind as to let me know when u do so eventually.

Thank You.

PS: please quote my post should u answer so that i may be notified...in other words, please don't hide your reply to me inside an answer to someone else as u did with your 1st reply, simply because i will not receive a notification of your reply.

  • #74
  • Apr 27, 2015 6:03pm Apr 27, 2015 6:03pm
Quoting sunshine
{quote} Hi aa1, You have made a sweeping blanket statement that implies my broker, FxPrimus, .
sunshine, I don't claim to be an all-knowing or objective. This is my subjective decision that I would not trust any broker from Mauritius, same as I would not trust any broker from Russia, for example, or many other places in the world. No matter how they look or what they say.

For now I will stick with Pepperstone as my second broker. I looked at few others and each of them did not have what I wanted.

I am not sure if your question is serious, but if it is, then I will be boring and answer what I really think - I would like to trade with the broker from the country where people and businesses generally abide the law. Of course there are cheaters everywhere but some countries consist of them 99% and others only 3%. I think Australia is a good place so overall it should work.

When I looked through the forums here on FF there were quite a few posts claiming very strange things happening to clients of your FxPrimus but again, once I saw where it is it did not matter, just was an extra confirmation. I am expecting it to happen with them if you stay there long enough.
  • #75
  • Apr 27, 2015 6:17pm Apr 27, 2015 6:17pm
Quoting Forexia
{quote} Uh NO pure Market Maker B-Book Model. If you look at their PDS, they state VERY clearly they are a market maker on ALL products except on ASX listed stocks and CFD's. Same as the rest of the Australian brokers. With those brokers, DON'T ever look at what they put on their website. It's their PDS that discloses the true nature of their business model.
The market maker reference refers to the ASIC license conditions as there is no central exchange on FX, hence making a market.
That doesn't automatically imply B-Book model.
  • #76
  • Apr 27, 2015 7:24pm Apr 27, 2015 7:24pm
Quoting lasty
{quote} The market maker reference refers to the ASIC license conditions as there is no central exchange on FX, hence making a market. That doesn't automatically imply B-Book model.
That might be true BUT if the broker is REALLY operating in a pure "agency model" where ALL of the trades are passed to the liquidity providers to be executed, they will CLEARLY and EXPLICITLY stated in their PDS either in an Addendum or in some kind of additional statements. Trust me, IF they are REALLY operating with ABSOLUTELY NO b-booking, they will want the World to know about it! LOL

The fact that none of them do except maybe INVAST with regards to their ASIC-traded CFD's cannot rule out the possibility of b-booking. And in fact I have actually sought clarification regarding this issue to a broker before I signed up with them and they were not able to confirm clearly and unambiguously that they never operate in market-making i.e. b-booking model against traders.

So b-booking exists. What it comes down to essentially is how much we are able to tolerate it. If we are still able to make consistent positive profits, then those traders might not care as much about it but if we can't make profit, then it becomes an issue. We traders are in a business to make profit too via trading forex. If we can't make money, why would we want to put our money with those brokers when we have lot other safer places to put our money?
Make your losses in demo. Earn your profits live.
  • #77
  • Apr 30, 2015 12:10pm Apr 30, 2015 12:10pm
Maybe FinFx? They will become CySec regulated 15 May... https://www.finfx.fi/en/news/important-news-finfx
  • #78
  • Apr 30, 2015 12:31pm Apr 30, 2015 12:31pm
Quoting LEXngton
Maybe FinFx? They will become CySec regulated 15 May... https://www.finfx.fi/en/news/important-news-finfx
I have heard many positive reviews and testimonials from traders who have or are trading with FinFx when they were unregulated. Now that they are becoming regulated, I hope nothing will change although it puzzles me greatly WHY they would choose to be regulated by a regulatory body that has some of the most lax regulations.
Make your losses in demo. Earn your profits live.
  • #79
  • Edited 1:19pm May 10, 2015 9:12am | Edited 1:19pm
Forexia or anyone please?

Few days back I had a gap on Pepperstone on GBPCHF. I get used to gaps on the weekend but this one was inside of the week which does not happen too often, I think. I know that it was because of UK election but on the other brokers that I looked at that gap was not present. I think I checked FXCM and Vantage only, did not really go and do a full scale research on it as it really did not influence my trading.

Not that it changed anything for me but out of curiosity - I think there are 2 ways to look at it:

1. Pepperstone has a low quality feed, at least their Razor account that I have.

2. It is a 'true' feed as there were no orders in the real market for some time because of the uncertainty with election results and this gap really represents what was happening on the market at this point. Then the brokers without that gap are not providing a true representation of what is in the open.
  • #80
  • May 10, 2015 10:23pm May 10, 2015 10:23pm
Quoting aa1
Forexia or anyone please? Few days back I had a gap on Pepperstone on GBPCHF. I get used to gaps on the weekend but this one was inside of the week which does not happen too often, I think. I know that it was because of UK election but on the other brokers that I looked at that gap was not present. I think I checked FXCM and Vantage only, did not really go and do a full scale research on it as it really did not influence my trading. Not that it changed anything for me but out of curiosity - I think there are 2 ways to look at it: 1. Pepperstone...
I see a gap in Interactive Brokers, but it is not just a price gap, it is also a 15 minute time gap. Similar gaps in GBP.USD. Did you check the spread with those other brokers at that time? If liquidity tanked, showing a price may not get you very far if the spread blows out to hell.
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