I live in Canada and am looking for a way to trade with some leverage . I’ve tried options and they are pretty useless because of time decay . And Forex brokers in Canada offer 50:1 leverage only .
So that leaves me with having to choose some overseas broker . How safe is this ? When I read some of the stories on the forums , it is scary . Has anyone actually made lots of money like tens of thousands and were able to withdraw funds without a problem ? Because I know most people come on the internet to complain only so maybe there is still some hope …
Having said that I did used to have a small forex account in Canada long time ago and what I remember from that experience is to never set a stop loss . They will take it out on the exact stop , even if it is far away , and run in the other direction .
for starter you better use small amount deposit before decide with initial amount deposit. try out their trading condition, cash in-out flow, and ask their support with any suspicious question you may have. and best method of all never put your investment in single brokers account, put diversity among any potential broker you found. you can always check clint thread for any offshore broker list : 301 Moved Permanently
personally I use Tickmill service, you can always checking their trader of the months result if you’re looking for ten thousand profitable result, they also publish winner statement, and most of the profit result are over 10k, january (if i’m not mistaken the month) winner even got 77k profit upon 140k deposit amount.
What makes you trust a Canadian broker? Look for the same in any broker regardless of location.
Maybe you are right and they are not to be trusted either . Kind of hard to believe reputable companies like Questrade and InteractiveBokers are crooks plus funds protected by IIROC . But like I said leverage sucks .