I've been practicing with OANDA for the past couple months and am looking to open a trading account
But during registration OANDA Canada just informed me I have to be an accredited investor to be able to open an account with them (which means I need to have an income over 200k a year or own >1 million asset beside my residence...)
Is there any other platform Canadian can use without having to meet this requirement?
Questrade should be fine ( i used them before i went to the one below )
Dukascopy should be fine too ( i use them now )
But it seems like I can only deposit USD into the account for Questrade, even if I deposit as CAD it will convert to USD immediately... but then the chance of losing profit happens there as I mainly trade CAD/XXX...
ya, if memory serves in the stocks account (Questrade) you could settle in CAD but in FX you had to settle in USD.
Dukascopy can settle in USD, CAD, EUR, and a handful of others. opening is a bit more involved than with Q and you have to account for initial funding fees (bank wire) which i think could be $10 to $50 depending on $$$ value being wired. once you get past that, D kicks Q's butt like there's no tomorrow.
there may be other options too, like FXCM. last time i looked at them, they looked pretty darn good.
I'm in the same boat. Just now, I went to sign up for a real account with Oanda, and... surprise!... I can't because I'm not a millionaire, literally!
Oanada says for a Canadian to open an account, you must be qualify to be an Accredited Investor. That basically means Canadians are required to have at least $1,000,000 in assets, or an income of $200,000. Ridiculous! I'm gonna miss Oanda's 1 pip spread on EUR/USD
I kinda got in a panic, and got pretty worried that other brokers might have this same requirement. I just emailed 26 brokers, asking about their requirements for Canadians, including Dukascopy and Questrade.
So do you guys know for sure that it's not the same BS with all brokers?
Same situation here.. I've been demo trading on Oanda for three months.
My trading plan is based on Oanda's spread and I've been spending time trying to famliarize myself with their platform which isn't the greatest.. Last night I go to sign up and I found out about this rule! Funny I've scoured through the forums a few months back trying to find a broker and there was no previous mention of this.
Are there any brokers with spreads similar or better then OANDA? So far I've heard Dukascopy had better spreads but their minimum deposit say $5000 on the Swiss site and Europe site $100 ??
MB trading advertises better rates as well. But they only offer the MT4 platform which is not good for one click trading ..
Anyone have experience with any of these guys or suggestions for other brokers?
Any Canadians try opening accounts with them? Seems Dukascopy is a bit harder to open an account with.
Is it possible to open through Oanda's other branch??
The biggest thing my trading plan was relying on was the fact that Oanda lets you trade single units of currency.. This was key in my trading plan so that lot sizes don't have to be increased from 0.2 to 0.3 instead you could go to 0.233 for example.. Man how frustrating!
Last edited by Pip sayh fun; 07-21-2012 at 08:07 PM.
my Dukas account lets me trade from 1000 units (which is 1 micro lot i think) without problem and it's a normal account (no special settings as far as i recall). i was able to open my account with them with no more than $2k CAD a year and a bit ago, so i guess their opening limits have changed! though to be fair, if you really want to make solid amounts of money, then a $5k opening balance isn't all that huge.
i wouldn't say that opening an account with Dukas is HARD. sure, you need a few solid dollars to put up, and the process needs a bit more paperwork, but it's not hard, just takes an extra half day to get the things in order.
what you could do is open an account with Questrade (Canadian), build up your experience and equity to over $5k (or save up to add to what you have) and then make the move to Dukascopy if you like their platform / spreads / etc.
what are FXCM's requirements??? i hear good things about them overall.
I agree that you need at least $5k and that's not enough, but I'm a noob so opening a $500 account is in between demo and live. If that works out I can justify increasing the amount if it has to be more it's not the end of the world. Oanda has a feature that you can set for you trade size NAV net value of account. That way if you set it for example that a 30 pips gain is a 1% increase in your account it will always be so since your trade value increases as your account increases.. This works well with Oanda because you can literally trade 1 single unit.. So you can have positions of say 1544 where as if you're trading micro lots you can only go up in 1000 unit increments hence NAV with small accounts wouldn't work.
I hear quest trade has a typical spread of 3-5 on eur usd and Dukascopy is around .7 and mb around .5? I don't know if anyone can confirm. Quest trade spread is too high.
Your right about the setup with Dukascopy it's not impossible just a bit harder, Ie on their site it says you have to mail them your docs where Oanda you can email or fax.. Much easier.
I've heard a lot of horror stories about fxcm but then again it seems like there is stories about every broker .. Anybody know their typical spread? Any Canadians have experience opening an account with them recently?
Anybody have experience with MB? I still don't understand what an exn is vs an ecn, but their spread seems good they have a lot of awards listed from Barron's only thing I hear they don't have as much money so they are considered small not sure if that's true and how important that is
I just want to say between learning technical analysis, money management, and market psychology I've found picking a broker to be the most difficult aspect of trading so far..