Hello, looking for trustworthy brokers that accept canadians
I would go with oanda, its big, its regulated, you can use mt4 and if ■■■■ hits the fan, i believe its backed by big corporations or banks. Check flash crash eurxchf where fxcm got decimated but it was backed by banks so no one lost their money.
I was in the same place as you a few days ago and I am based in Denmark but I am planning on relocating to Canada and I wanted a broker with whom I could move with when I do the move and I did an assessment of different brokers and I had a whole list of questiosn which I had to research on and I can safely say that I just opened with OANDA Europe Ltd.
What was also appealing about OANDA is that they are regulated in Canada and if they go bankrupt I think you can get back your money and the maximum you get is 50 000 CAD if I am not mistaken.
Here is a list of questions you can use to assess the next broker if you want to conduct your own research.
How to pick the best Forex broker for your needs
- Are you licensed and regulated, and if so, with what regulatory body?
- Do you offer a range of currency pairs, and if so, which ones?
- Are client deposits segregated? In other words, are they lodged separately from your operational capital?
- Is hedging allowed?
- Are you an ECN broker,Market Maker or STP or is there a dealing desk?
- When is your customer service available, and how do I get in touch?
- Do you offer MT4, or is there an alternative? Can I trade using a mobile device?
- What is the process for making a deposit, and how do I make a withdrawal?
- Where can I find the terms and conditions that relate to any bonuses?
LastlyOnce you have made sure that the broker is regulated and trustworthy, some other factors to consider are trading costs, efficiency and customer support. Needless to say, you will always want the broker who offers the lowest fees and the best spreads. Check the efficiency of trade execution and choose a local broker to make sure that there are no language issues between you and customer support.
Another great way to check your future broker is to read the testimonials written by fellow traders. Take into consideration that certain dishonest brokers write phony reviews and try not to be fooled by them.
I would also suggest you check any broker suggested on Forex Peace Army ( http://www.forexpeacearmy.com/)
I hope that helped
In Canada, take a look at FOREX.com and OANDA.
I live in Calgary, Alberta, and in this province our masters make it next to impossible to trade forex with a regulated broker. they somehow think making the rules soo damn tight that traders won’t trade FX. But, people still trade FX, just with unregulated brokers, offshore brokers - not much choice really. BC, I think also has some restrictions, every province is different.
Any suggestions for AB traders? Just getting into this and also in Calgary… sigh!
I traded with tradeview markets and now with IFC Markets because they have the most assets to trade. I was able to fund and withdraw from both of these brokers just fine.
I’m also in Calgary.
City Index as for me
FlorinFX, have you decided on TradeView or IFC? Saw a review you put on forexpeacearmy on TradeView. Thx!
Hey! I actually tried both, was able to withdraw money from both brokers without any problems… However, I went back to tradeview for a few reasons.
- lower spread
- more funding options, especially that they have interac etransfer
- they have ctrader which I like using more than mt4 or mt5.
Tradeview indeed is more convenient in my opinion. You’d have less worries because of the additional things they have.
Awesome, thx for the info. I saw the interac etransfer! Totally pissed about the AB rules for forex, so hope this option pans out. Just learning forex trading but will be dipping my toes with a live account in the next few months. As you mentioned, integrated trading with tradingview would be a great addition…fingers crossed.
Thanks for the info i got recomended Tradeview by a friend but saw some bad review regarding withdrawal.
Avatrade look interesting but so is cTrader and forex dot com.
Pretty hard to find something convenient for quebec but at least its my biggest concern right now…
P.S.dont mind my name stay safe and good trade gents.
I never had any issues with withdrawals from tradeview. most reviews on forexpeacearmy are really good, probably has the highest reviews of most brokers. and they have been around since 2004. dont be fooled by a few bad reviews when most of them are really quite good.
For me, I’ve tried many brokers, and this is the best one so far. and i like the fact that I can deposit and withdraw money within 1-2 using interac money transfer.
you do you.
obviously but thats why i lurk forum et review channel. I’m here we all have the same interest and i want to hear about experience of other costumer around so i do my homework before i dive in
also thanks for the quick reply.