OANDA (canada)
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Thread: OANDA (canada)

  1. #1
    Just got my cheque back from MF international canada and I am looking for a fx broker in canada to trade with. Contacted Oanda to apply for an account and discovered that they limit how a client can trade based on their risk management version. What kinda broker is that? I am not asking them to notify me? They said they are currently following law. Does anyone know of some regulated brokers?

  2. #2
    Canadian controlled brokers need to follow the know your customer rules for Canadian residents.

    Basically, if you don't earn much and don't have a lot of resources, then they will limit how much you can deposit you don't hurt trading.

    I use them myself and they have been fantastic, worth the excess hassle to acquire CIPF protection in your account.

  3. #3
    However, they only allow me to exchange becasue my income is low and the issue is that I have 250k in cash, I dont understand what kind of risk model is that. I dont see that bank is doing that to their client. Knowing your client doesnt mean you control everything you customers do, you'd advise but not restrict. It is really their responsiblity to control their client, but rather give guie to them. Is not like their customers are borrowing from them. I think they are over doing it and asking theirs customers to walk away rather.

  4. #4
    Huh... and writing down the 250k of liquid resources in your appliion didn't loosen that limit?

    From what I understand, regulations base risk assessments around debt to revenue ratios, resources, and provided experience.

    Maybe you can give them a call? I got mine raised after detailing exactly what I needed and speaking to them.

  5. #5
    I'm also concur with Jack_Larkin suggestion calling them will be right choice in such situation. Since OANDA is a dominant Currency Market broker.

  6. #6
    Do not bother with any Canadian Broker, span. Whether MT4 or, they're a mild joke; throw in the 'nannying' of telling you how much you can trade, and then farther crippling your trade ability with limiting leverage and margin requirements, ie. On a10K Oanda account, you can not have greater than $2.2K invested in EURUSD, and, if it moves you into drawdown land, they might liquidate you.

    Not sure if you're playing $250K or not, however Citibank is you to look at (no, sadly your deposit doesn't get insured under their FDIC program), however, they are in exactly the top-3 of liquidity suppliers - a $50K account provides you a 1 pip spread on EURUSD, and decent MT4 functionality. Past MT4, $50K accounts do have a spot in MT4's world: there are respectable and run futures brokers in Chicago, but that does demand a mild step up in trading platforms, IMO, all for the greater.

  7. #7
    Quote Originally Posted by ;
    ie. On a10K Oanda account, you can not have more than $2.2K invested in EURUSD, and, when it moves you into drawdown territory, they might liquidate you.
    What the heck are you referring to?

    Attempt to actually contribute, do not talk out of your ass...

    At a USD denominated account, Oanda Canada requires 3.5 percent for margin. That means a $10k USD account can hold a position worth ~$285,714.29. . (that can be ~30:1 leverage)

    Oanda does not set this, it is done by regulations. .

    I know this since I trade with Oanda and my account functions exactly as stated.

    Resource: (click the USD based account tab)

  8. #8
    Have you ever believed InteractiveBrokers?

  9. #9
    Quote Originally Posted by ;
    Don't bother using any Canadian Broker, period. Whether MT4 or, they're all a mild joke; throw at the 'nannying' of telling you you can trade, and then farther crippling your commerce skill with restricting leverage and margin requirements, ie. On a10K Oanda account, you can't have greater than $2.2 % invested in EURUSD, and, when it moves into drawdown territory, they might liquidate you.

    Not positive if you're playing $250K or not, but Citibank is you to look at (no, unfortunately your deposit doesn't get insured under...
    Agreed about the leverage restrictions in Canada, but to me the biggest problem is that the uneven leverage across pairs, not the level of leverage it is self.

    I really would not desire 100:1 anymore, 50:1 is perfectly good for retail trading, also when I'd 250k in my own trading account at this moment I'd be using only 20:1 leverage.

    It puts you into a place of trading predied more about the pairs that provide you the best leverage instead of only being able to concentrate on the best pairs to trade.

    A fantastic instance is Usd/Cad vs. Eur/Nzd, the Eur/Nzd is your way easier pair to go with at the present time, however, the Usd/Cad pair is about 50:1 and the Eur/Nzd is all about 15:1, so if you would like to trade it with a Canadian account you need to join alot more of your account on a single trade to make it worth your time.

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