Broker for Canadian (BC) Residents?

  1. I asked this question on several threads but I got no answer. Therefore I decided to share with you what I found on a different website (no link because I am a newbie :mad:)
    According to this website there are four brokers registered with IIROC and BCSC:
  • Interactive Brokers
  • MF Global Canada
  • Trade Freedom
  • Questrade

Please let me know if you have any experience with these brokers.

  1. Related question (for a newbie): which platform should I choose (FX Trading station II or MetaTrader4)?

Thank you!

Hi Windsurfer,

There are a couple of threads here dealing with this already, however, there are only a few here from BC, if that, on this forum on any kind of a regular basis that may be trading live to have to worry about this yet.

Right now my broker is MF Global and to be honest, I haven’t actually made a live trade with them yet, although I have it open and ready to go. I’m still using my demo IBFX account until I get a more solid track record as this will be my 2nd attempt. I had been with FXCM Canada, (but as you may know, they dropped us as customers), where I lost 1/2 my deposit, so this feels like starting again…lol.

In comparing the price feeds, there isn’t any real discernible difference with IBFX. However the margin requirement is quite high…like minimum $300 for USDJPY, $500 for EURUSD if using a mini account. :frowning:

As far as platforms go, use the one you feel more comfortable with. I demoed on MT4 for too long and when I went with FXCM they only let me use FS TS II…and I didn’t like it. With MF Global I can use MT4 and am very happy about that.

:slight_smile:

Hi Sweet Pip,
Thank you for the prompt response.
I suppose that dealers in Canada are regulated and therefore your money are safe®. Would you use brokers outside Canada?

MF Global allows you to choose between FX TSII and MT4. However, they advertise only FX TSII as a “No dealing desk execution”, feature which is recommended by many people on this forum. I spent only two days with the demo FX TSII (FXCM :mad:) so changing to MT4 would not be a problem. Is there a thread related this topic (FX TSII versus MT4)?
Thank you!

YW :slight_smile:

At this point I don’t think I would go outside Canada…just afraid of not being able to get my money back if for some reason they chose not to. For me the leverage thing isnt’ as big a detriment to trading the way I do as it may be for others that put on multiples of trades at the same time, but there are some pairs I won’t be able to trade due to the exceptionally high margin requirement until I increase my account balance. If I couldn’t trade any of them, then I’d be forced to look outside Canada, but for now there are some pairs that I can trade so I will work with them. :cool:

As far as which is better…MT4 or Trading Station II…it’s really a matter of personal preference. Each have their pros & cons. I don’t think there’s a thread on this already so go ahead, start one…:smiley:

So where in BC are you if I may ask?

:slight_smile:

High leverage is not my concern right now. Being able to get my money back is :). Most likely I will try MF Global.

In the meantime I will open a new thread for the FX Trading Station II versus Meta Trader 4.

Thank you!