Recommended Brokers for Canadians | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Brokers for Canadians? 325 replies

Any suggestions on choosing brokers for Canadians 0 replies

Brokers for Canadians 1 reply

Why are brokers ditching Canadians? 2 replies

Recommended broker to trade Stocks? (for Canadians) 6 replies

Attachments: Recommended Brokers for Canadians
Exit Attachments

Recommended Brokers for Canadians

  • #21
  • Dec 19, 2016 9:23pm Dec 19, 2016 9:23pm
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...
For IC Markets: I just want to add that they DO allow withdraw to credit cards but it has to be the same credit card that was used to deposit funds. Withdraw by credit cards is free btw. So what you do is make a small deposit via credit card and then use the same credit card to withdraw everything. You will get charged for service charge by the credit card company but it sure is less than $20.

And as a Canadian, you should NOT be looking to find a broker that offers CAD based accounts. Instead you should be looking for a broker that gives you decent fills with low or non-existent slippages especially if you are a scalper, doesn't trade against you and has low spread and/or commissions just like anyone else. Whether they offer CAD based accounts is irrelevant because in forex trading, everything is still settled in USD which is the quote currency for most of the major pairs so even if they do offer CAD based accounts, you would still have to convert it into USD to trade and it's a pain in the a** to convert. So keep everything in USD with the broker and then convert all the profit back into CAD with TD once they have safely arrived in Canada.
Make your losses in demo. Earn your profits live.
  • #22
  • Jan 20, 2017 4:35pm Jan 20, 2017 4:35pm
Quoting Jason Rogers
{quote} ...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
I thought those regulators didn't allow hedging in Canada? I love the trade station platform.

And thank you everyone for your help. I'll look into these. Cheers!
  • #23
  • Feb 1, 2017 1:49pm Feb 1, 2017 1:49pm
If I were from the Canada and got a chance to select online broker, i would surely choose the best among lmfx, fxcm ..etc!
  • #24
  • Feb 1, 2017 7:06pm Feb 1, 2017 7:06pm
Quoting Dasilvja
{quote} I thought those regulators didn't allow hedging in Canada? I love the trade station platform. And thank you everyone for your help. I'll look into these. Cheers!
Hi Dasilvja, I'm glad you're a fan of Trading Station.

I can confirm for you that as a trader in Canada you can hedge on our platform when you trade through Friedberg Direct: http://www.forexfactory.com/showthre...06#post9322906
  • #25
  • Mar 8, 2017 10:31am Mar 8, 2017 10:31am
Without using practically that’s really difficult to recommend at any brokers because lots of brokers are available in retail market place and most of them are found to be scams.
  • #26
  • Mar 30, 2017 11:42pm Mar 30, 2017 11:42pm
I live in Vancouver BC and used IAMFX ad pepperstone and would highly recommend both.
Depending on you position sizes and needs; both have mt4.
I found the customer service at Pepperstone to be better then IAMFX but that may have changed.
I would use Currenex if its possible for you.
  • #27
  • Apr 18, 2017 3:00pm Apr 18, 2017 3:00pm
At present that’s really difficult to recommend at any kinds of brokers, because in this retail market there are almost thousands online broker are available and most of them are found to be scams. We can choose the broker which is regulated basically by the US or UK due to secure environment for trading at all times.
  • #28
  • Apr 20, 2017 12:13pm Apr 20, 2017 12:13pm
I recommend xm.com

no one here has mentioned philips capital austrlia? The good thing is that they have forex, cfd, futures and stocks. It is one shop for all, just like interactivebrokers.

invast au and FP markets also have stocks and accept canadians. I am suspicious about FP markets though because the price feed is often far away from other brokers'.

I think tickmill is a good one too

IC markets and global prime are not good in my experience. IC markets plays with negative slippage on entry and exit. I did nit see any positive slippage and thought they could put the money in their own pocket. global prime makes the killing on major events, for example NFP, and I think they believe no one would blame them for playing the game.

The best solution for Canadians is however moving out of this country. Only then u have personal and financial freedom.
  • #29
  • Apr 23, 2017 12:06pm Apr 23, 2017 12:06pm
Does Interactive Brokers impose any forex trading restrictions on Canadian customers? I live in BC.
  • #30
  • Apr 24, 2017 11:14pm Apr 24, 2017 11:14pm
Quoting johnmaster
if you live in canada then its better to use FCA regulated brokers instead of canadian ones
why ? please explain
  • #31
  • Apr 24, 2017 11:18pm Apr 24, 2017 11:18pm
Quoting Sonofsin5
I live in Vancouver BC and used IAMFX ad pepperstone and would highly recommend both. Depending on you position sizes and needs; both have mt4. I found the customer service at Pepperstone to be better then IAMFX but that may have changed. I would use Currenex if its possible for you.
why recommend IAMFX and pepperstone , but then say to use Currenex if possible?
  • #32
  • Apr 25, 2017 12:05pm Apr 25, 2017 12:05pm
Best brokers:

http://www.wvwv.org/forex-brokers/fo...s-ranking.html
  • #33
  • Apr 25, 2017 2:58pm Apr 25, 2017 2:58pm
Quoting Cdawg
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
i am, which broker are you using at the moment?
  • #34
  • May 1, 2017 7:05pm May 1, 2017 7:05pm
Quoting forexvert
{quote} why recommend IAMFX and pepperstone , but then say to use Currenex if possible?
Because you cant open an account at currenex with $100 for a mini account., the are for real money traders.
IAMFX just got caught up in the Gallant bankruptcy. Very disappointing and at this moment in time, horrible non existent customer service. Scratch them off the list.
  • #35
  • May 9, 2017 8:36am May 9, 2017 8:36am
XM.COM no longer accepts Canadians... I'm heart broken
I'll pick up the crumbs don't need the whole pie
  • #36
  • May 29, 2017 11:17am May 29, 2017 11:17am
Quoting Knoive
I am from Quebec and I trade on Etoro
Hi, I want to give this etoro a try but they say you can't trade with them from quebec. How did you manage to be able to do it ?

Thanks !
  • #37
  • May 30, 2017 8:26am May 30, 2017 8:26am
Quoting Jason Rogers
{quote} Hi Dasilvja, I'm glad you're a fan of Trading Station. I can confirm for you that as a trader in Canada you can hedge on our platform when you trade through Friedberg Direct: http://www.forexfactory.com/showthre...06#post9322906

Is there room for negotiating commissions with Friedberg? Currently its 0.7 pips per side while IB for instance is 0.2 per side with razor thin spreads). I currently use Multicharts so there arent many options for forex brokers. FXCM, IB and Oanda basically.
  • #38
  • May 31, 2017 5:16am May 31, 2017 5:16am
Quoting demark1
Best brokers: http://www.wvwv.org/forex-brokers/fo...s-ranking.html

thank you demark .

nice statistic about good brokers. rating is good but it would be greet if there is traders review about their brokers performance.
  • #39
  • May 31, 2017 5:50am May 31, 2017 5:50am
Lol.
By seeing brokers rating it is not possible to rate a broker a good broker until you trade practically in that broker.
And traders review is more appropriate to ensure a good a broker than brokers rating.
  • #40
  • Jun 8, 2017 1:22pm Jun 8, 2017 1:22pm
Quoting demark1
I recommend xm.com
Not anymore man. I was with them for about half a year, fooling around with a micro account. Then I checked the members area yesterday, and they blanket banned all Canadian traders. Originally it was just BC and Alberta, now it's all Canadian traders.

Each province regulates things like forex, securities, etc. That's why the regulations vary throughout the nation. Alberta is the worst. You have to have something like $250k in cash and assets, and be an accredited investor to be allowed to do forex. So in other words, only the wealthy can become wealthy via forex out there.

Our only options in Canada are Oanda (MM with big spreads during news) and FXCM (which allows hedging and no FIFO which is nice). Only problem with those brokers, are Canadian regulations on leverage. To put it simply, for me to open a 1 standard lot on the GBP/JPY with max leverage (500:1 with their razor account, although I'd never use that much leverage) with XM, I would have to put down a deposit of roughly $450. With a Canadian brokerage, I'd have to put down over $10,000. That's the killer part. They also lie about the definition of one standard lot, to make them seem competitive with other brokers. One standard lot anywhere outside of Canada is 100,000 units of currency. Yet in Canada, their definition is 10,000 units of currency. So while it looks like $450 internationally vs. $1000 locally, it's really $450 vs. $10,000. To me, that just shouts that these brokers are either incredibly greedy, or incredibly broke, if they offer such poor leverage rates. I mean FXCM did lose a branch out in Europe after the Swiss national bank snap decision a while back.

I originally was with FinFX years ago, and I miss them so much. Their execution was top notch, since their servers were in New York, so I had very fast ping. Only wire transfers for cash, but it was all done swiftly. Then US regulations came around, they caved, and sold off their brokerage to a sketchy one that just opened in Cyprus. Needless to say, that sketchy one didn't even last a year.

I'm going with dukascopy for my next account. They have been around for a very long time. I know a trader from the U.S., and when I told him my next account's with them, he was so envious it's not even funny. I'm still trying to figure out their commission structure, but it seems like the more you trade, the less commissions you pay, which is nice.
0 traders viewing now