Another noobie here

Hey guys, so after months of demo trading and lurking around here and nearly 3 years of procrastination and (admittedly a lack of saving) I’m finally looking to get some skin in the game and throwing 1k US for a minimum buy in. Just wondering if you guys had any tips on brokers for a canadian, no one here really touches it but i’ve been demo-ing with questrade for the past 3 years and am wondering if I should go with them? I’ve read google horror stories but most of that seems like people getting mad about commision on there small trades on the stock side of things.

Also wondering if you guys think I should wait another few days/ weeks before I switch the currency over into USD. Also I;m really looking for any other tips some of you veterans have for me, I figured you can only demo trade so much before you’re not learning anything cause it’s completely different when real money is on the line.

All comments welcome! Thanks everybody.

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Don’t know if has Canadian accounts, but I know Oanda does, and they are also very reliable, except for that swap thing

The Ever Helpful VIPER

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I would recommend that never ask for the recommendation as there are lots of brokers and also there are so many advertisers of the brokers, who be a trader but in actual are just their promoters, thus, you should do research and find an appropriate one for yourself.

Hi @thepantherking

Is your question about converting Canadian dollars into US dollars related to your interest in trading with real money?

If so, it’s worth noting many forex brokers will let you open an account denominated in CAD. The advantage of this option is that you won’t have to worry about the cost or timing of physical conversions from CAD to USD for deposits, or vice versa for withdrawals. Also, your balance and P/L will appear in CAD on your trading platform.

Best of all, if you choose a forex broker that’s regulated by the Investment Industry Regulatory Organization of Canada (IIROC), you will benefit from enforcement of financial rules in your own country. In addition, IIROC-regulated brokers are members of the Canadian Investor Protection Fund (CIPF) which means your money with them is covered for up to $1 million.

Hi @TradeViper

For the record, does have Canadian accounts. We are regulated by IIROC, a member of the CIPF, and we offer CAD-denominated accounts. Also, our swap rates are competitive and only apply to trades that are open past 5pm New York time, not to intraday trades. You can see our live swap rates (AKA rollover rates) on our FOREXTrader platform.

Others wanting to learn more about swap/rollover may be interested in this earlier discussion: Can someone explain to me what rollover interest is?

What are your demo trading results?