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Need help finding a new broker for a Canadian

  • #1
  • First Post: Sep 26, 2015 2:38am Sep 26, 2015 2:38am
Moving from Oanda. They're great, but leverage is too small and spread too big.

Need a few things in a spot FX broker:

- min 100:1 leverage
- competitive spread
- low account minimum
- mini/micro lots
- decent execution platform/charting


Not asking for much. Just a quality, reliable broker who offers higher leverage and tighter spreads, basically.

Any help?
  • #2
  • Sep 27, 2015 8:13pm Sep 27, 2015 8:13pm
try pepperstone
focus while relaxed to see better
  • #3
  • Sep 27, 2015 9:10pm Sep 27, 2015 9:10pm
Quoting Achilles28
Moving from Oanda. They're great, but leverage is too small and spread too big. Need a few things in a spot FX broker: - min 100:1 leverage - competitive spread - low account minimum - mini/micro lots - decent execution platform/charting Not asking for much. Just a quality, reliable broker who offers higher leverage and tighter spreads, basically. Any help?
1. Has a strong balance sheet
2. STP broker whose interest is solely to give you best execution rather than B Book and trade against you.
3. Has multiple servers that lowers latency.

You stick with those principles first up and it will make your selection easy.
  • #4
  • Oct 1, 2015 3:33am Oct 1, 2015 3:33am
Quoting lasty
{quote} 1. Has a strong balance sheet 2. STP broker whose interest is solely to give you best execution rather than B Book and trade against you. 3. Has multiple servers that lowers latency. You stick with those principles first up and it will make your selection easy.
Care to elaborate?

So far, the short list :

Pepperstone
IC Markets
FXMTF (LMAX IB)

A few others offer more competitive cost structure, but registered in tax-havens and countries I never knew existed. Sketchy, imo.
  • #5
  • Oct 1, 2015 6:48pm Oct 1, 2015 6:48pm
Quoting Achilles28
{quote} Care to elaborate? So far, the short list : Pepperstone IC Markets FXMTF (LMAX IB) A few others offer more competitive cost structure, but registered in tax-havens and countries I never knew existed. Sketchy, imo.
Yes sure.

A broker with a good balance sheet can access better liquidity with their credit arrangements either via Prime Broker or Direct.

B Book brokers aren't interested in your trading volume. They are interested in you losing. IMO they should be outlawed.

Quality brokers have servers in NY LDN and Tokyo. This reduces latency
  • #6
  • Oct 2, 2015 12:23am Oct 2, 2015 12:23am
Quoting lasty
{quote} Yes sure. A broker with a good balance sheet can access better liquidity with their credit arrangements either via Prime Broker or Direct. B Book brokers aren't interested in your trading volume. They are interested in you losing. IMO they should be outlawed. Quality brokers have servers in NY LDN and Tokyo. This reduces latency
Who do you recommend? Who do you have experience with?
  • #7
  • Oct 12, 2015 1:21pm Oct 12, 2015 1:21pm
have you considered CMC? just wondering... i have accounts with OANDA & FXCM at the moment but looking for a new broker as well
  • #8
  • Jan 9, 2016 11:05am Jan 9, 2016 11:05am
Hi Achilles28, have you found your ideal broker? which one you're using?
  • #9
  • Jan 9, 2016 10:58pm Jan 9, 2016 10:58pm
Quoting trendyman
How much money are you gonna trade? Brokers with NFA only allow max levarage 1:50 so I don't think your account balance will be safe with these brokers with higher levarage. Any way, I think you should look for Autralia Brokers

why does higher leverage link to safer brokers?
  • #10
  • Aug 19, 2017 5:44am Aug 19, 2017 5:44am
IC Markets with CTrader was a dud. Wasn't happy. CTrader is a poorly designed, second rate charting app. Execution was bad with IC Trader. Regular slippage trading microlots (Give me a break)....

Coming from Oanda, this was a disappointment. Oanda charting and execution FAR superior to IC Markets. Oanda has its faults (low leverage, cumbersome deposit/withdrawl protocol, higher spreads), but really a superior broker.

Back to Oanda and will keep searching for alternatives in the meantime.
  • #11
  • Aug 21, 2017 1:58am Aug 21, 2017 1:58am
Quoting Achilles28
IC Markets with CTrader was a dud. Wasn't happy. CTrader is a poorly designed, second rate charting app. Execution was bad with IC Trader. Regular slippage trading microlots (Give me a break).... Coming from Oanda, this was a disappointment. Oanda charting and execution FAR superior to IC Markets. Oanda has its faults (low leverage, cumbersome deposit/withdrawl protocol, higher spreads), but really a superior broker. Back to Oanda and will keep searching for alternatives in the meantime.
Dear Achilles28,

We appreciate the fact that you have expressed your opinion about cTrader. We are always open to constructive feedback and to suggestions on how to improve our platform. We would like to ask you to elaborate on your comment regarding cTrader's poor design. Can you please explain to us what you did not like about the platform? If we know what is bothering you, maybe we can improve it.

Regarding the execution and slippage, we do whatever required on our side to offer the best execution possible to traders. However execution is not only affected by the trading platform but by other factors as well, so it would be better to discuss this issue directly with the broker.

Best Regards,

cTrader Team
cTrader, a premium trading platform trusted by over 11M traders worldwide
  • #12
  • Aug 21, 2017 4:57am Aug 21, 2017 4:57am
Quoting Achilles28
IC Markets with CTrader was a dud. Wasn't happy. CTrader is a poorly designed, second rate charting app. Execution was bad with IC Trader. Regular slippage trading microlots (Give me a break).... Coming from Oanda, this was a disappointment. Oanda charting and execution FAR superior to IC Markets. Oanda has its faults (low leverage, cumbersome deposit/withdrawl protocol, higher spreads), but really a superior broker. Back to Oanda and will keep searching for alternatives in the meantime.
It sounds almost as if you don't use Metatrader with any brokers?

IC Markets has True ECN

I find them very good, Australia is blessed with many good brokers and good regulators, as far as we know, maybe when the schitt hits thew fan it could be different

You would be very limited with Metatrader, learning new platform for each broker
It takes a lot for me to IGNORE you, but you can try.
  • #13
  • Edited 8:31pm Apr 1, 2019 7:09pm | Edited 8:31pm
So now that VISA and MASTERCARD funding is banned in Canada, how are all the Canadian FOREX pikers getting their daily gambling fix?

I'm still with Oanda but looking for a higher leverage, tighter spread broker. Preferably overseas and away from the Ninny State assholes in Canada.

IC Markets shut down Mastercard funding. Now Global Prime shutdown Mastercard funding.

Any other Non-pussy brokers out there?
  • #14
  • Apr 3, 2019 1:09pm Apr 3, 2019 1:09pm
Quoting Achilles28
So now that VISA and MASTERCARD funding is banned in Canada, how are all the Canadian FOREX pikers getting their daily gambling fix? I'm still with Oanda but looking for a higher leverage, tighter spread broker. Preferably overseas and away from the Ninny State assholes in Canada. IC Markets shut down Mastercard funding. Now Global Prime shutdown Mastercard funding. Any other Non-pussy brokers out there?
Only way to do that is with Wire Transfer. Less and less brokers are using Cad dollars as well which makes deposit withdraw even more expansive. CC are not accepted anywhere from what i can see. I gave up and I'm using Oanada with paypal...brutal retarded spread and leverage...but not much we can do. Fucking Canadian IIROC... bags of shit.
  • #15
  • Apr 4, 2019 8:39am Apr 4, 2019 8:39am
Quoting Achilles28
... Now Global Prime shutdown Mastercard funding. Any other Non-pussy brokers out there?
Global Prime Au? They are switching merchant processors. It might be 3-5 weeks before the integration is complete. They should have both Visa/MC. Not sure if RubixFx is doing the same. You are lucky a real Prime of Prime broker actually accepts CCs.

I do know that credit card funding has been increasingly viewed as higher risk transactions as binary options related transactions particularly had a spike in chargeback requests.
  • #16
  • Apr 4, 2019 8:56am Apr 4, 2019 8:56am
Open a company offshore and trade through it
Don't Worry Be Happy
  • #17
  • Apr 9, 2019 10:12pm Apr 9, 2019 10:12pm
Quoting Redbaron81
{quote} Only way to do that is with Wire Transfer. Less and less brokers are using Cad dollars as well which makes deposit withdraw even more expansive. CC are not accepted anywhere from what i can see. I gave up and I'm using Oanada with paypal...brutal retarded spread and leverage...but not much we can do. Fucking Canadian IIROC... bags of shit.
How were you able to fund your Paypal account? E-transfer isn't hooked up to Paypal. So either way, I have to wire the money to Paypal or wire the money to Oanda. Wires cost 150 bucks. For piking, this is ridiculous and not worth it. Canada is a ninny state.

Oanda is done. I just use their charting. Surprised people actually pay the wire fee.
  • #18
  • Apr 11, 2019 11:06am Apr 11, 2019 11:06am
Quoting Achilles28
{quote} How were you able to fund your Paypal account? E-transfer isn't hooked up to Paypal. So either way, I have to wire the money to Paypal or wire the money to Oanda. Wires cost 150 bucks. For piking, this is ridiculous and not worth it. Canada is a ninny state. Oanda is done. I just use their charting. Surprised people actually pay the wire fee.
....You can connect paypal to your bank account and you have transfers from bank account to paypal at no cost. To and from...so its all free. Oanda account was instantly credited 10k with zero problems and no fees.
  • #19
  • Apr 11, 2019 12:33pm Apr 11, 2019 12:33pm
Quoting Achilles28
Moving from Oanda. They're great, but leverage is too small and spread too big. Need a few things in a spot FX broker: - min 100:1 leverage - competitive spread - low account minimum - mini/micro lots - decent execution platform/charting Not asking for much. Just a quality, reliable broker who offers higher leverage and tighter spreads, basically. Any help?
what are this mini/micro lots?
  • #20
  • Last Post: Apr 24, 2019 12:01pm Apr 24, 2019 12:01pm
The law in Canada is that if the broker is not regulated in Canada, then it can't accept Canadian clients.

Other brokers who don't follow the rules are operating in a shady area. It doesn't matter if they are regulated in Australia either. A few complaints to the Canadian authorities can result in a ban for Canadians trading with any regulated Australian or New Zealand broker. Something similar happened with ICMarkets and other brokers such as Capital Trust Markets of New Zealand.
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