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Recommended Brokers for Canadians

  • #1
  • First Post: Nov 25, 2015 6:44am Nov 25, 2015 6:44am
Hi everyone,

I was wondering what broker fellow traders living in Canada (Ontario) use or anyone with some experience trading live would recommend. I have looked into;

Oanda:
Pros - CAD based account
Cons - Huge spreads, MM, only one withdrawal a month before incurring extra fees

IC Makets:
Pros: good spreads, regulated, CAD based account, decent commissions
Cons: Only wire withdrawals $20 each

Pepperstone:
pretty much identical to IC.

FXOpen
similar to the previous two.

Tickmill
Pros: best spreads out of everyone, supposedly free wires, best commissions
Cons: less-than-legit regulation

Interactive Brokers
Pros: Professional level broker, good commission, easy/cheap EFT withdrawals
Cons: trades settle in base currency of pair , minimum commission and trade size per trade, inactivity fees etc etc.

FXCM(friedberg)
Pros: nothing really
Cons: Huge commissions, only Wires it seems

Questrade
bit of a joke for forex

It seems that finding an appropriate broker is harder that I initially anticipated. As a canadian should I be looking into a broker that offers CAD based accounts? Also, how do you guys deal with regular withdrawals? $20+ a wire seems rather expensive as a method for routine withdrawals. You guys in Australia seem to be quite well off with the local brokers and their local bank transfers! They only thing that comes close for Canadians seems to be Interactive Brokers.

If anyone has an opinion or can offer some advice based their own experiences I would greatly appreciate it!
  • #2
  • Nov 25, 2015 7:04am Nov 25, 2015 7:04am
I am from Quebec and I trade on Etoro
  • #3
  • Nov 25, 2015 7:33am Nov 25, 2015 7:33am
all you mentioned are ok brokers and go for card deposit and withdraw it is better and less expensive unless you want to trade more than 10000$
then 20$ will not be a problem .
i will add tradking also .
have a nice day please
focus while relaxed to see better
  • #4
  • Nov 25, 2015 11:41am Nov 25, 2015 11:41am
Anyone from BC here? Seems due our the BCSEC, most brokers will not offer accounts to BC residents. If you are from BC, can you list who you are trading with?

I want an offshore account, to avoid taxes of course. I started trading with ODL many years ago, then they were purchased by FXCM. I was flying under the radar for a several years, but once they figured out I was from British Columbia, they promptly closed my accounts, which was too bad, cause I had a very good run with them.

So now I am on the hunt for a new reliable broker.

thanks
  • #5
  • Nov 25, 2015 2:36pm Nov 25, 2015 2:36pm
Im from Toronto and I'm with Oanda. So far so good, their spreads can be a bit annoying. I so far didn't do any withdraws so i cannot give you an honest review. One thing i do really like about Oanda is that they have fast fill ins.
  • #6
  • Nov 25, 2015 5:25pm Nov 25, 2015 5:25pm
Cdawg it really seems like the west coast there has people by the balls with regards to trading there.

Oanda seems pretty decent for a Canadian based broker, I have just heard some thigns regarding absurd widening spreads at times and, like you said, the spreads arent very competitive anymore.

Anyone use Tickmill or Global Prime? They both either cover or partially cover outgoing wires supposidely. Global Prime has awesome feedback on Forex Peace Army while Tickmill, like I mentioned earlier, isnt really "regulated". Would you guys trust a broker like that with 10-20k? Forex brokers seem so sketchy compared to futures brokers.
  • #7
  • Nov 26, 2015 2:05pm Nov 26, 2015 2:05pm
I have decided to move to Dukascopy.

Oanda wont offer an account to BC residents either, FXCM does through Friedberg which is based in Canada but then there's the taxman.

Since I don't trade the news, I have never really been affected by spread widening, I am more of a swing trader nor do I mind service fee for a wire transfer. $20 buck on a couple thousand isn't much.

Stefan, if you are trading in the 5 digits or more, I would suggest a regulated broker with a long track record.

Best of luck
  • #8
  • Nov 26, 2015 3:50pm Nov 26, 2015 3:50pm
Cdawg, I feel you on the need for a stable trustworthy broker. Can I ask why you've decided on duka? Swiss or Europe division? Im guessing you'll be using their Java platform entirely? I really wish more brokers would have ninjatrader as an option. It makes mt4 look likea toy especially with DOM order entry which is great for short term trades and placing limit orders.
  • #9
  • Nov 27, 2015 1:53am Nov 27, 2015 1:53am
I 've experience with Hotforex and FXCM both accounts performing fine if get used to account type features like fixed spread for news at Hotforex, good scalping account at FXCM etc. Both pays, but if I'm not mistaken Hotforex doesn't accepts Canadian residents..

Quoting stefan416
Hi everyone, I was wondering what broker fellow traders living in Canada (Ontario) use or anyone with some experience trading live would recommend. I have looked into; Oanda: Pros - CAD based account Cons - Huge spreads, MM, only one withdrawal a month before incurring extra fees IC Makets: Pros: good spreads, regulated, CAD based account, decent commissions Cons: Only wire withdrawals $20 each Pepperstone: pretty much identical to IC. FXOpen similar to the previous two. Tickmill Pros: best spreads out of everyone, supposedly free wires, best commissions...
  • #10
  • Nov 29, 2015 1:53pm Nov 29, 2015 1:53pm
Quoting stefan416
Cdawg, I feel you on the need for a stable trustworthy broker. Can I ask why you've decided on duka? Swiss or Europe division? Im guessing you'll be using their Java platform entirely? I really wish more brokers would have ninjatrader as an option. It makes mt4 look likea toy especially with DOM order entry which is great for short term trades and placing limit orders.
I picked Duka Swiss, because they have a longstanding track record, and I feel very comfortable with my 5 figure trading account with them. Yes, the java platform will be the one I use.

I looked at Pepperstone as well, I suspect they are a MM. Might be tough to make any money with them when they are taking the other side of your trade.
  • #11
  • Dec 5, 2016 4:47pm Dec 5, 2016 4:47pm
I know it's been a while since anyone has been on this thread. Hoping someone sees this. I heard Pepperstone was good for Canadians. Really, I'm interested in finding a broker that allows hedging. Two trades, in opposite directions, on a single asset, at the same time. I'm not overly concerned about withdrawals or withdrawal fees. I'd obviously prefer a tight spread but it's the hedging that I'm really interested in finding.

I've heard brokers out of the UK or out of Australia would be my best bet. Any thoughts?

Also, because I'm pretty new to this and I haven't traded live yet (just demo) I really like the Tradestation platform. Is that exclusively for FXCM?
  • #12
  • Dec 5, 2016 6:41pm Dec 5, 2016 6:41pm
Gotta add Vantage FX to the list at the top.

I have no idea why Pepperstone stopped accepting Canadian traders but Vantage (also in Australia) have kept me on board.

Give them a try.
  • #13
  • Edited 3:16pm Dec 6, 2016 2:59pm | Edited 3:16pm
Quoting Dasilvja
Also, because I'm pretty new to this and I haven't traded live yet (just demo) I really like the Tradestation platform. Is that exclusively for FXCM?
Welcome to the forum, Dasilvja!

All three versions of Trading Station (Desktop, Web and Mobile) were developed in house by FXCM's software team. However, as a Canadian resident you can trade on our platforms with the ability to hedge by opening an account through Friedberg Direct. Friedberg is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), so your funds with them are insured for up to $1 million: http://bit.ly/1WRjcjl
  • #14
  • Dec 6, 2016 5:52pm Dec 6, 2016 5:52pm
Quoting Badem
Gotta add Vantage FX to the list at the top. I have no idea why Pepperstone stopped accepting Canadian traders but Vantage (also in Australia) have kept me on board. Give them a try.
Just confirming that Vantage FX can accept Canadian clients (excluding those in British Columbia).
Australian Forex Broker - Try a Vantage FX RAW ECN Account Today.
  • #15
  • Dec 13, 2016 4:58am Dec 13, 2016 4:58am
It is very difficult to find brokers for Canadian because they usually require tight spreads and lowest possible commissions. The most of the brokers in the industry are currently offering either huge spreads or commissions. If they are good at spreads and commissions, they do charge on deposits & withdrawals.
  • #16
  • Dec 13, 2016 5:39am Dec 13, 2016 5:39am
Quoting Badem
Gotta add Vantage FX to the list at the top. I have no idea why Pepperstone stopped accepting Canadian traders but Vantage (also in Australia) have kept me on board. Give them a try.
Sorry to hear that, I just opened a demo account at Pepperstone and like it so far. I had tried to open an account at Axi trade in Australia and was advised that the cannot open Canadian accounts for residents of Ontario but can everywhere else in Canada. Big Brother strikes again.
  • #17
  • Dec 18, 2016 6:50pm Dec 18, 2016 6:50pm
Quoting kminler
{quote} Sorry to hear that, I just opened a demo account at Pepperstone and like it so far. I had tried to open an account at Axi trade in Australia and was advised that the cannot open Canadian accounts for residents of Ontario but can everywhere else in Canada. Big Brother strikes again.
That's interesting that AxiTrader said no to a client in Ontario. We've been advised that we can only not accept British Columbia.

Good luck in your trading mate!
Australian Forex Broker - Try a Vantage FX RAW ECN Account Today.
  • #18
  • Dec 19, 2016 10:41am Dec 19, 2016 10:41am
OANDA doesn't allow traders from Alberta.
  • #19
  • Dec 19, 2016 7:08pm Dec 19, 2016 7:08pm
Quoting Knoive
I am from Quebec and I trade on Etoro
EToro is really IC Markets just so you know. IC Markets claims that they have no affliation with EToro but if you check the company registration info. on ASIC it shows that IC Markets came from EToro.
Make your losses in demo. Earn your profits live.
  • #20
  • Dec 19, 2016 7:12pm Dec 19, 2016 7:12pm
Quoting ammy
It is very difficult to find brokers for Canadian because they usually require tight spreads and lowest possible commissions. The most of the brokers in the industry are currently offering either huge spreads or commissions. If they are good at spreads and commissions, they do charge on deposits & withdrawals.
The biggest problem for Canadian traders for finding a forex broker is because of the stupid IIROC regulations that set up stringent requirements for brokers in taking on Canadian traders that scared away many decent brokers like LMAX who used to take on Canadians traders but not anymore so all you are left are brokers who charge huge spreads and/or commissions. It's the regulators who set up what's called trade barriers to disrupt otherwise free market which would've resulted in competitive prices and services for traders.
Make your losses in demo. Earn your profits live.
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