Recommended Brokers for Canadians
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Thread: Recommended Brokers for Canadians

  1. #1
    Hello everybody,

    I was wondering what broker fellow traders residing in Canada (Ontario) use or anybody with some experience trading reside would urge. I have looked into;

    Oanda:
    Pros - CAD based account
    Cons - Tremendous spreads, MM, just 1 withdrawal per month prior to incurring additional fees

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

    Pepperstone:
    pretty much equal to IC.

    FXOpen
    Much like the previous two.

    Tickmill
    Pros: best spreads out of everybody, supposedly free cables, best commissions
    Cons: less-than-legit law

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

    FXCM(friedberg)
    Pros: nothing actually
    Cons: Huge commissions, just Wires it sounds

    Questrade
    bit of a joke for Currency Market

    It seems that finding an proper broker is tougher that I initially anticipated. As a canadian if I be looking into a broker that offers CAD based accounts? How do you guys deal with withdrawals? $20 a wire appears costly as a method for withdrawals that are routine. You men in Australia appear to be rather well off using the brokers and their bank transfers! They only thing that comes close for Canadians seems to function as Brokers.

    If anybody has an opinion or can offer some guie based their own experiences I would greatly appreciate it!

  2. #2
    Quote Originally Posted by ;
    Also, because I'm pretty new to this and that I haven't traded live yet (just demonion) I really like the Tradestation platform. Is that exclusively for FXCM?
    Welcome to the forum, Dasilvja!

    All 3 versions of Trading Station (Desktop, Web and Mobile) were created in house by FXCM's software group. However, since a resident it is possible to exchange on our platforms together with the ability to hedge by opening an account via Friedberg Direct. Friedberg is governed by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), which means that your funds together with them are guaranteed for up to $1 million: http://bit.ly/1WRjcjl

  3. #3
    Anyone from BC here? Appears because our BCSEC, many brokers won't offer accounts to BC residents. Can you record who you are trading with, if you are from BC?

    I need an offshore account, to avoid taxes of course. I began trading with ODL many ages back they were bought by FXCM. I had been flying beneath the radar for a several decades, but once they figured out I was from British Columbia, they immediately closed my accounts, that had been too bad, cause I had a good run with them.

    So today I'm on the hunt for a new trusted broker.

    thanks

  4. #4
    I am from Quebec and I Exchange on Etoro

  5. #5
    All you mentioned are okay brokers and go for card deposit and withdraw it is better and less expensive unless you would like to trade more than 10000$
    then 20$ won't be a problem .
    i will add tradking also .
    Have a nice day please

  6. #6
    Im from Toronto and I Am with Oanda. Thus far so great, their spreads can be a bit annoying. I so far did not do any withdraws so that I cannot offer you an honest review. 1 thing I do really like about Oanda is they have fast fill ins.

  7. #7
    S?nchwz
    Guest
    Cdawg it with respect to trading actually seems like the coast there's people by the balls there.

    Oanda appears to be pretty decent for a Canadian established broker, I've just heard some thigns regarding absurd widening spreads at times and, like you mentioned, the spreads arent very competitive.

    Anyone utilize Tickmill or Global Prime? They partially or cover cover incoming wires supposidely. International Prime has opinions on Forex Peace Army while Tickmill, like I mentioned isnt controlled. Can you guys trust a broker just like this with 10-20k? Forex brokers look sketchy compared to futures brokers.

  8. #8
    I've decided to move to Dukascopy.

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

    Since I don't trade the news, I have never really been affected by spread widening, I'm more of a swing trader nor do I mind service charge for a wire transfer. Buck on a couple thousand is not much.

    Stefan, even if you're trading in the 5 digits or more, I would suggest a controlled broker with a lengthy track record.

    Best of fortune

  9. #9
    S?nchwz
    Guest
    I feel you about the demand for a trustworthy broker. Can I ask why you have decided on duka? Swiss or Europe branch? Im guessing you'll use their Java platform completely? I wish brokers could have ninjatrader as an option. Mt4 seem likea toy is made by it especially with DOM order entry which is very good for short-term transactions and setting limit orders.

  10. #10
    I 've experience with Hotforex and FXCM both accounts performing fine should get accustomed to account kind features such as fixed spread for news at Hotforex, good scalping account at FXCM etc.. Both pays, but if I'm not mistaken Hotforex doesn't tolerate residents. .

    Quote Originally Posted by ;
    Hi everyone, I was wondering what broker fellow traders living in Canada (Ontario) use or anybody with some experience trading reside could urge. I have looked into; Oanda: Pros - CAD based account Cons - Huge spreads, MM, only 1 withdrawal per month before incurring additional fees IC Makets: Pros: good spreads, regulated, CAD based account, adequate commissions Cons: Only wire withdrawals $20 each Pepperstone: pretty much equal to IC. FXOpen similar to the previous two. Tickmill Pros: best spreads from everybody, supposedly free cables, best commissions...

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