Brokers in British Columbia
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Thread: Brokers in British Columbia

  1. #1
    Does anyone know of a Foreign Exchange traders that will allow British Columbia residents to open an account? I'm searching for a dealer that offers low spreads, dependable rates and decent charting. I'm currently using Oanda, but am pleased with them.

    There are a couple traders listed on the BC Securities and Exchange Commission site, but none of them appear to offer what I am looking for.

    If anyone has any suggestions they would be greatly appreciated.

    Sean

  2. #2
    Hey Sean. I am trading on the BC coast. I exchange using a 3rd world provider if I need to get my money out of there until the next wave of collapse gathers steam and although it's been going well, I know, banks fall and I can't get my money out. So I have been looking in to solutions that are Canadian that are neighborhood.

    Clearly one wants to exchange in a way that you is not paying capital gains tax. People talk about the pros and cons of different trading platforms, spreads and such, and while all that is vital, if you are paying a capital gains tax in the end of it all, doesn't that eat into profits in a pretty major way? Like, you take the risk, and the government takes half the profits? Sounds to me.

    So as a BC trader enjoy you, I have been looking at different trading choices which are more neighborhood, and where my money is more secure if the economy goes deep to recession and banks begin collapsing such as in '08. Could happen again, after all. And I think it will.

    Therefore, it looks like Questrade is a good alternative. I say this although I haven't even called them to ask about spread, trading platforms etc.. I enjoy MT4 and don't think they utilize it. But start looking to it, I could be wrong. However, what I enjoy about them and there are other brokers out there who offer this, who knows -- is that they allow you to hook up your trading account to your Tax Free Savings Account. Remember that your TFSA is actually a Tax Free INVESTMENT Account. You pay no capital gains on earnings from this acct.

    Following the new year when I am qualified to deposit into my TFSA, I will start an account with Questrade and try them out. I'd look to it. The most essential feature of your trading account is not to pay tax on earnings; so far as I can see it appears that Questrade allows that, which makes them a alternative that is good , and so, it needs to be run through your TFSA.

  3. #3
    Hi Wavesurfer,

    If you don't mind me asking, where in in BC are you? I am in Victoria myself.

    I've thought about Questrade, but after reading some reviews for them I am kind of leery about using them for the own trading. Most were related to the stock market, but still I assume their forex isn't much better. In case Oanda hasn't been used by you before they wouldn't be bad to attempt. Everybody has a different experience, although I am not a huge fan of them.

    What offshore broker do you use? At this point I am eager to use a well rated offshore broker. Our options are really limited by the BCSEC.

  4. #4
    I truly feel for you guys out in BC. I have no idea why my birth's state made a decision to get into FX regulations. Does not make sense.

    As a side note, I noticed some one posting about taxes. Using a TFSA is a great short-term solution to getting around some taxes but please consult with an accountant with reference to what kind of taxes you will pay on profits from FX. My accountant were convinced you could pay capital gains on FX trading profits but as it turns out, FX is taxed at regular income rates.

  5. #5
    I believe that Currency Market profits in Canada are considered capital gains and are therefore taxed at normal rates, however, as it is a capital profit only 50 percent of your profit will be taxed at the normal rate.

  6. #6
    I know! Our government is socialist and will meddle in our affairs. ICBC is a prime example! They create a profit of $500 million annually and still insist on raising insurance rates. Our business is constantly meddled in by the BC government.

    The same goes for Currency Market trading. Yes, it's high risk, but that I don't need the BC government telling me how to spend or with who. Not to mention most of the brokers that they allow us to exchange with have horrible customer service and therefore are suspicious at best.

    Quote Originally Posted by ;
    I really feel for you men out in BC. I've no idea why my birth's state made a decision to get into FX regulations that are finicky. Doesn't make sense.

    Just as a side note, I noted some one posting about taxation. Employing a TFSA is an excellent short term solution to getting about some taxation but please consult with with an accountant in relation to what sort of taxes you'll pay on profits from FX. My accountant were convinced that you could pay capital gains on FX trading profits but as it turns out, FX is taxed at regular income rates.

  7. #7
    About the Questrade point.. .they are a tag for FXCM. You cannot trade forex through your TFSA account. I asked and they said no.

    As for capital gains, the best approach to trade forex in canada is through a corporation. Create a company and use that as the account owner with you or your trust as the beneficial owner. It'll be thought of a CCPC and taxed at 11% over the first $500,000 of profits yearly. Note that this is profits so your expenses can be deducted from the top.

    Then simply dividend out the funds to your own confidence and move those through to your self, your spouse/kids that are older then 18. In BC that you can make somewhere around $42,000 tax if the CCPC dividend is the only source of income.

  8. #8
    Good thread guys. I also am from BC and had exactly the exact same issue about which broker I'm allowed to exchange with. I have opened a couple of accounts; they comprise MF Global, Oanda, GoMarkets, and Dukascopy.

    I had been trading quite a but with MF Global before I lost most of my money (not their fault however!!) . But this is a great example where regulations and security from the BC gov't didn't shield us from this broker collapsing.

    I started the account with Oanda since BC gov't said its okay. Unfortunately, when I tried using the demonion MT4 system it had been horrendous. Pip spreads and time to execute a transaction weren't acceptable in my thoughts. So I never funded the account and will definitely stay away from them.

    I started an account with GoMarkets and funded the account. . .lost everything because of my lack of skill. I ran everything through everything and my programmed EA ran smooth. I'll use again in the future.

    Dukascopy is my dominant broker and that I like the way they operate. Order implementation is fast and spreads are fair. Did I have an problem with lack of volume. It was only at end and the begging of the trading.

    Hope this helps, and also keep adding information on taxation, as it sounds its a very confusing situation for everybody. By way of instance, I thought for sure it could be redeemed as Capital Profits, but apparently not according to Wacky Canuck.

  9. #9
    I'm going to attempt Dukascopy. Oanda has rubbed me the wrong way with a couple things. Enormous spreads during news, bad customer service and the fact it appears like their rates are a little off at times.

    Is anybody in Victoria?





    Quote Originally Posted by ;
    Great thread guys. I am from BC and had exactly the same issue regarding which broker I am allowed to exchange with. I've opened a couple of accounts; they comprise MF International, Oanda, GoMarkets, and Dukascopy.

    I had been trading a long time with MF International before I dropped almost all of my cash (not their fault however!!) . However this is a good example where regulations and security from the BC gov't did not shield us from this broker collapsing.

    I opened the account with Oanda because BC gov't said its okay. Unfortunately, once I attempted using...

  10. #10
    Forex profits are taxed as capital gains in Canada, just called the CRA and verified it. They supplied me with a reference to the Capital Profits booklet T4037 in Chapter 2 and also in the department Bonds, debentures, promissory notes, and other properties under exchange.

    Anyone who has or is using Dukascopy:
    I am looking to open an account with them only plan on depositing a sum of about 2500 which would mean that I would need to use the Dukascopy Europe division....their office is situated in Latvia. Is anyone working with this and if so does it seem reliable and legit for an overseas individual such as myself?

    Due

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