A question for the Canadians (or anyone that can help!)

Beginner Questions
1

Hello,

I am new to the forums and have recently begun the babypips school :). I had a question regarding brokers, specifically those who cater well for a Canadian resident.

I have searched and read the forums and see a lot about AlpariUK, FXCM, ACM a lot; possibly a few others I am missing. But as a Canadian (or long time forex investor), what do you suggest? I know the bit about trying the demo accounts etc etc, but aside from that, is there a broker that is better suited for my geographic location, provides the BEST spreads, etc etc?

Any help is greatly appreciated. Thank you!

3

Hello,
Are you from BC or other? Reason is that some brokers only accept residents from Ontario and not BC…not sure about the other provinces.

Then, if you’re from BC, there aren’t really any good brokers that use MT4 so depending on what indicators if any you’d be using, you may have to run MT4 demo charts to signal your trade entry, and then place the trade with your live broker…that’s what I’m doing so just something to keep in mind, but ya never know, things could change.

At present I use FXCM Canada, mini account, and the spreads are decent. I funded the account in Canadian dollars too.

:slight_smile:

4

Nope I’m in Ontario so I think I’ll be safe.

I’ll look into FXCM Canada however on pipreviews I did some looking and a lot of the names I see a lot of on the forums don’t have the best reviews; how has you experience been with them? How long have you traded with them as your broker?

5

You could try Gft, they accept Ontario residents and it’s a good broker. Also you could try Oanda. I’ve seen good reviews about them and they have a Toronto branch office. Both have nice spreads and are well respected in the industry.

:slight_smile:

6

Yes being in Ontario gives you more options brokerwise.

However FXCM Canada has been alright so far. I’ve been with them 8 months now. A couple of weeks ago I asked them a question by chat about something and one of the guys there actually called me on the phone right away to discuss it…that was impressive :slight_smile:

By having the IBFX’s demo MT4 charts going at the same time as FXCM’s live charts, there are occasionally some price discrepancies between them but nothing I’ve seen to say they manipulate it to take out stops or anything like that.

:slight_smile:

7

Hi Sweet Pip! I’m curious, why B.C. has this retrictions for so many brokers. :slight_smile:

8

BCSEC has the toughest compliance regulations in Canada. Most brokers do not want to go to the effort of being compliant for such a small demographic.

BC is also the capital of investment fraud in Canada as well, so the two go hand in hand.

FX brokers in Canada are required to be compliant with our version of the SEC.

Anyway, I use ODL in the UK, been with them for quite some time and the few times I’ve had to contact them, they have been very responsive.

Cheers

9

Yeah I’ve seen the report on this guy who commited the biggest fraud on the history of BC letting thousands of people out of their life savings.

Tough story though. :eek:

10

I would think fraud would be less prevalent with tougher regulations and vice versa?

11

I think the tougher regulations have come in as a result of the prevalent problems throughout the years. I guess in a way to combat the growing issue of all the fraud and scams that occur.

What do you guys have to say about Alpari UK? I want to stay away from the whole FSA regulations that placed some restrictions on the US accounts and have heard good reviews on Alpari UK. Think it’s a good choice? I still have to test their platform of course but they offer MT4 which is a bonus as I like how it’s set up.