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Looking for a good broker to trade FX in Toronto, suggestion?

  • #1
  • First Post: Dec 27, 2016 3:52pm Dec 27, 2016 3:52pm
Hi i have been trading FX for a long time, however these couple of years i have to move from Asia to North America for family reasons, specifically i m residing in Toronto, does anyone know a reputable, decent broker in Toronto that i can put my money in? I do not want any complicated issues like withdrawing problems etc. I am thinking of going for OANDA or IB, any other broker suggestions? Or any opinions on those brokers? Thanks
  • #2
  • Dec 27, 2016 9:27pm Dec 27, 2016 9:27pm
There is also OANDA, fresheshforex, MB trading and others. IB, MB Trading and OANDA offer wide variety. Have tried them at some points. OANDA has expanded the list including for Canadian division which included non-FX too. OANDA is Canadian so easier to contact in Canada and has the best flexibility in trading probably as very small lots, which gives more basket options for less and the fastest retail platform out there . About 2 months ago they got this v20 platform. Try demo before deciding and can chat about it. More than a decade with them and therefore can to help with good referral bonus and other brokers . Btw, do you have any suggestions on brokers too? Asian FX changed so much over the years, but that is a totally separate story.

Best Luck.
  • #3
  • Dec 30, 2016 12:54pm Dec 30, 2016 12:54pm
Quoting yukiiv
Hi i have been trading FX for a long time, however these couple of years i have to move from Asia to North America for family reasons, specifically i m residing in Toronto, does anyone know a reputable, decent broker in Toronto that i can put my money in? I do not want any complicated issues like withdrawing problems etc. I am thinking of going for OANDA or IB, any other broker suggestions? Or any opinions on those brokers? Thanks
Onada, IB and FXCM are your only choices. IB is the best if you have more capital, at least 10K as the start-up capital otherwise the other two are fine as well. There is also Questrade but I wouldn't recommend them. They are fine for stock trading but NOT fx trading as they are a pure market maker, casino broker for fx trading. Questrade is good for stock trading because stocks are traded on a central exchange so less chance of unfair trading practices.

Happy new year and hope you are adjusting well to our weather here!
Make your losses in demo. Earn your profits live.
  • #4
  • Dec 30, 2016 3:05pm Dec 30, 2016 3:05pm
Quoting Forexia
{quote} Onada, IB and FXCM are your only choices. IB is the best if you have more capital, at least 10K as the start-up capital otherwise the other two are fine as well. There is also Questrade but I wouldn't recommend them. They are fine for stock trading but NOT fx trading as they are a pure market maker, casino broker for fx trading. Questrade is good for stock trading because stocks are traded on a central exchange so less chance of unfair trading practices. Happy new year and hope you are adjusting well to our weather here!
Thank you! Yea i am also thinking for either IB or OANDA, thanks for the opinion, and weather here is pretty harsh especially winter, really cold.
  • #5
  • Dec 30, 2016 7:21pm Dec 30, 2016 7:21pm
To add to the broker discussion OANDA got 20th year anniversary and use them more after as they updated with v20 platform. IB is popular in US but not purely FX platform. Btw, wrote you message, cause OANDA has been among top platforms for me over decade.

Good luck with any broker in 2017.
  • #6
  • Jan 3, 2017 12:53am Jan 3, 2017 12:53am
Quoting yukiiv
{quote} Thank you! Yea i am also thinking for either IB or OANDA, thanks for the opinion, and weather here is pretty harsh especially winter, really cold.
Ah you will love our weather after living here for a couple of years especially if you can learn a winter sport or two like ice skating or at least snowshoeing which is REALLY to learn. Good luck!
Make your losses in demo. Earn your profits live.
  • #7
  • Jan 3, 2017 7:43am Jan 3, 2017 7:43am
Welcome to Canada, the issue for you may be the leverage rates, by law, in Canada brokers cannot offer more than 50:1 and not unusual to see 20:1 or even 10:1, if your money management system allows you to have multiple trades open for any length of time then the margin requirements will severely limit your trading.

That being said, OANDA has a very good reputation, I have no experience with IB and if you try FXCM, they will shunt you to Friedberg whom I dislike and who have ridiculous margin requirements.

You might be better off going to an offshore broker online.

Hope this helps.
  • #8
  • Jan 3, 2017 9:03am Jan 3, 2017 9:03am
Quoting yukiiv
{quote} Thank you! Yea i am also thinking for either IB or OANDA, thanks for the opinion, and weather here is pretty harsh especially winter, really cold.
Just to add and sum up the leverage and other discussions the 1:50 margin in Canada with OANDA has one benefit that US account does not. They offer metals and CFD. They also used to have $50 bonus when account is opened with no deposit http://www.financemagnates.com/forex...an-fx-clients/. Other good offers can tip on. The general trend in the industry is lower margins now.

Look for feedback from you or someone about other brokers. http://www.forexfactory.com/showthread.php?t=627078
Have a great year.
  • #9
  • Jan 3, 2017 11:23am Jan 3, 2017 11:23am
Quoting kminler
You might be better off going to an offshore broker online. Hope this helps.
Thanks, 50:1 is fairly ok for me, i would prefer 100:1 though but i will see what i can get. Offshore? Any good suggestions? I dont really want any reliable issue especially withdrawing. Thanks.
  • #10
  • Jan 3, 2017 11:25am Jan 3, 2017 11:25am
Quoting Forexia
{quote} Ah you will love our weather after living here for a couple of years especially if you can learn a winter sport or two like ice skating or at least snowshoeing which is REALLY to learn. Good luck!
Yea i went to Blue Mountain, snowboarding is fun! Think i will be going every year after.
  • #11
  • Jan 3, 2017 5:04pm Jan 3, 2017 5:04pm
Quoting yukiiv
{quote} Thanks, 50:1 is fairly ok for me, i would prefer 100:1 though but i will see what i can get. Offshore? Any good suggestions? I dont really want any reliable issue especially withdrawing. Thanks.
Btw, just about time to hit these slopes in some places in US. One thing about margins is that the margins for pairs change pretty often and overall broker margin might be irrelevant in that case. Sometimes broker with lower margin overall offers better margin on particular pair. The actual margin used is less than that as something is left for stop loss, hedge or other.

Kind of found out that pairs affect profits differently besides just volatility. It is having a large impact on calculations and strategies. Many pairs have less than max leverage with 1:50 or 1:100, for example some have 1:33 or lower, so individual pairs might have different leverage independent of overall margin max. That is another reason to have more than 1 broker, to be flexible.

Wish you like on the snowboard or currency board. Not to be too repetitive, but ask if anything.
  • #12
  • Jan 3, 2017 5:20pm Jan 3, 2017 5:20pm
Will be able to refer you or anybody as friend as 10th anniversary with OANDA. I thinks it is like you get $300 for $1,000 plus New Year. Not sure about other Canadian brokers.
  • #13
  • Jan 3, 2017 9:33pm Jan 3, 2017 9:33pm
Quoting yukiiv
Hi i have been trading FX for a long time, however these couple of years i have to move from Asia to North America for family reasons, specifically i m residing in Toronto, does anyone know a reputable, decent broker in Toronto that i can put my money in? I do not want any complicated issues like withdrawing problems etc. I am thinking of going for OANDA or IB, any other broker suggestions? Or any opinions on those brokers? Thanks
Being in Ontario, you'll have no problem signing up with Vantage FX or the ASIC regulated brokers if you're looking for a trusted, ECN alternative to those listed above.

We have many Canadian clients on our book.

Hope the weather isn't treating you too harshly this last week!
Australian Forex Broker - Try a Vantage FX RAW ECN Account Today.
  • #14
  • Last Post: Feb 16, 2017 2:04pm Feb 16, 2017 2:04pm
Quoting Forexia
{quote} Onada, IB and FXCM are your only choices. IB is the best if you have more capital, at least 10K as the start-up capital otherwise the other two are fine as well. There is also Questrade but I wouldn't recommend them. They are fine for stock trading but NOT fx trading as they are a pure market maker, casino broker for fx trading. Questrade is good for stock trading because stocks are traded on a central exchange so less chance of unfair trading practices. Happy new year and hope you are adjusting well to our weather here!
I feel she should do more research on the two brokers you have suggested, and if there are others that can fit in.
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