I am a Canadian trader and wanted to get with a broker. I see a few credible brokers like Questrade and Oanda. However the margin they give you is very low. Are there any other brokers that are credible brokers with a better margin in Canada? I was recommended XM Markets but saw some shady reviews about them.
There are many good brokers out there. First step is to ensure they are regulated, either FCA or CySec. Have a look through Plus500, let me know what you think.
I was playing with Plus500 on a trial basis last year but now when I browse to the site, I get a message that this site is not available in Canada. It won’t even let me log on.
I was looking at FXCM Canada, but when I searched them to get more info they sent me to Friedberg Direct who said they are only using their technology. I can’t find a FXCM Canadian website
Friedberg is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). That means clients have their funds protected for up to $1 million each. That is why FXCM has chosen to offer our trading services to all traders in Canada through Friedberg Direct (www.fxcm.ca).
Where did you read that Friedberg is a market maker?
All Friedberg Direct clients trade forex using FXCM’s No Dealing Desk (NDD) execution.
The purpose of our NDD model is to provide transparent and fair execution. Every trade is executed back to back with one of multiple liquidity providers that compete with each other to provide you with price quotes. The best bid and ask prices available to Friedberg Direct are streamed to your FXCM platform with a fixed pip markup added which acts as a commission. NDD execution offers the following benefits:
[ul]
[li]No conflict of interest between broker and trader
[/li][li]No dealer intervention in trades
[/li][li]Liquidity providers do not see your stops, limits, and entry orders
[/li][li]Competition reduces the potential for market manipulation by price providers
[/li][/ul]
Thanks for telling me about that website. Unfortunately, the info they provide for Friedberg Direct is incorrect. Friedberg uses FXCM’s NDD model for their forex execution.
Furthermore, the website you referred to says the minimum to open an account with Friedberg is $600 for a mini account and $6000 for a standard account. That information is also incorrect. There is only one account type at Friedberg which allows you to trade micro lots, mini lots, standard lots and even larger order sizes provided your account has adequate margin. And as you can see FAQs on the Friedberg site, the minimum to open a Friedberg account is $2000.
Thank you for clearing it up. I believe traders should take as much time to select the right broker as they do their trading method. Im sure most traders like to make their decisions on accurate information.
Gp