Could any one suggest some brokers that accept Canadian clients please? I have been with hotforex for over a year, and without advance information, they have decided to block Canadian clients. I am in the process of getting my money back from them,
But would like to have some suggestions in finding brokers that accept Canadian clients.
Hi, donsls. Sad to hear this. I can offer you several variants of good brokers (IMO). Dukascopy, SaxoBank, Gainsy, GFT Forex. All of them accepts Canadian traders.
Just my advice)
FXCM accepts US & Canadian trader, you can try, I don’t trade with them but I remember min dep is $50.
Thanks for all the replies. Much appreciated. I thought FXCM had an issue with Canadian clients. This was some time ago.
I will check these brokers out.
Hi Donsls,
As Moreoption mentioned, Canadian residents* can trade on the FXCM platform.
Specifically, your can open your account through Friedberg Direct (www.fxcm.ca) which licenses our technology and brand in Canada. It’s the same FXCM pricing and trade execution that our clients enjoy worldwide with the added advantage that Friedberg is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Furthermore, funds deposited with Friedberg are protected for up to $1 million per client by the Canadian Investor Protection Fund (CIPF).
Please let me know if you have any further questions.
Jason
*[I]A special note only for residents of Alberta:[/I] To be approved for an account with Friedberg Direct powered by FXCM Technology, you must qualify as an Accredited Investor. Click here to review the Accredited Investor Form, which includes qualifications in Schedule A. If you do not qualify as an Accredited Investor we are unable to open an account for you at this time.
Hi Donsis
How can you say that Canadians have the same FXCM pricing worldwide when they have to use the specified pricing/margin outlined by the IIROC?
Can Canadians trade outside Canada now or does the IIROC limit them to only registered IIROC brokers?
Canadian traders have access to FXCM’s No Dealing Desk (NDD) pricing (including Active Trader) that’s identical to what’s available to US residents. However, DD forex execution is not available to our clients in Canada.
While margin requirements differ in Canada, FXCM pricing remains the same. For example, I live in the US and the margin requirement set here by the CFTC on forex trades is 2% (allowing up to 50:1 leverage). On the other hand, the margin requirement in Canada is about 3% (allowing about 30:1 leverage). However, the NDD prices I see on my Trading Station (the bid and the ask) is the same as what’s available to traders in Canada.
Please PM, I’m broker, freelance, can trade with you, have clients from Canada!
New rules for Forex trading in some provinces in Canada
Funds have been sent back to me as FXCM can no longer legally service me as a customer.
From FXCM
After April 11, 2014, Forex Capital Markets LLC (“FXCM”) will no longer act as the counterparty for retail customers that are residents of Alberta. As such, FXCM can no longer service your retail customer account. If you qualify as an Accredited Investor, you can transfer your account to Friedberg Direct, a division of Friedberg Mercantile Group Ltd.
Accredited Investor
A resident of Ontario, British Columbia, Alberta who meets the definition of “accredited investor” and has completed the Certificate of Accredited Investor in the subscription agreement.
an individual who, either alone or with a spouse, beneficially owns financial assets (cash, securities, contracts of insurance, deposits and evidences of deposits that are not securities for the purpose of securities legislation), having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who,
net assets of at least $5,000,000, as shown on its most recently prepared financial in either case, reasonably expects to exceed that net income level in the current calendar year,
an individual who, either alone or with a spouse, has net assets of at least $5,000,000,
a person, other than an individual or investment fund, that has statements, and that was not formed for the sole purpose of making a representation to this effect in order to qualify as an accredited investor.
80% of residents in Ontario, British Columbia, Alberta will not qualify as an Accredited Investor.
I am going to fight this but first become a good trader. At least 50% profit a year.
Hi Upanddn,
For clarification: do you live in Ontario, British Columbia or Alberta?
If you live in Ontario or British Columbia, then you do not need to qualify as an accredited investor to continue trading on FXCM’s platform through Friedberg Direct (www.fxcm.ca). However, if you live in Alberta, then you will need to qualify as an accredited investor in order to trade forex. This is a regulation of the Alberta Securities Commission.
Hello Jason
Thank you fro your reply. I do live in Alberta .
Wilson
Are there any reputable brokers you can recommend that have better margin for a Canadian?
I only can find Questrade and Oanda. I am looking for a margin with a minimum of 1:100.
[QUOTE=“RyanHirji;646548”]Are there any reputable brokers you can recommend that have better margin for a Canadian? I only can find Questrade and Oanda. I am looking for a margin with a minimum of 1:100.[/QUOTE]
XM Markets have been with them for almost 3 years couldn’t ask for a better broker
I to live in Canada ,.
Thanks!
I was looking at XM markets earlier, but I saw a lot of bad reviews. I was a bit hesitant to use XM. How quickly can they transfer funds back to your bank account?
[QUOTE=“RyanHirji;646551”] Thanks! I was looking at XM markets earlier, but I saw a lot of bad reviews. I was a bit hesitant to use XM. How quickly can they transfer funds back to your bank account?[/QUOTE]
Within 2-3 days usually
Why do all traders from America can’t freely choice broker for making money online.
Hey,
Avatrade is now working with Friedberg Direct, totally regulated by IIROC
If you wish to know more drop me a line on skype: david.avapartner
XM’s website specifically says they do not offer FX for Canadian residents?!