I think I will take your advice and stay away from Questrade. This is not the first complaint I’ve seen regarding their customer service. Not to mention the clunky platform.
I’m definitely leaning towards MFGlobal.ca. Please keep us updated with your experience.
What trading platform is MFGlobal using? They are kind of vague on their website on the description if it is their platform or if they are using MT4 or something else.
MF Global FX recognizes that each client is unique and that is why we offer customizable trading platforms that can meet your specific needs. The online FX trading platform used by MF Global Canada is virtually without rivals when it comes to reliability and efficiency. Even during the most turbulent market conditions, our FX trading platform has a track record of stability.
They say “used by” and “our” in the same paragraph which is confusing me. The work truck “used by” me is not mine. Could just be too many years of proof reading reports to pick out a grammatical error lol :rolleyes:
Personally, I am going to go with a company that uses the MT4 platform. I have been demoing with it for over 2 months and enjoy all the custom indicators that are available for it.
Hi Skeebo,
Have you had any luck finding a broker? I’ve looked at both InvesttechFx and MFGlobal myself.
I haven’t seen anything indicating that MFGlobal has a MT4 platform. And I’m wary of the lack of information about the scalping fee that InvesttechFX implements.
It’s hard for a BC resident to find a good broker IMHO. Any insight from other BC residents would be helpful.
Cheers,
Hi Nudo,
I have FXCM as my broker and my account is in CAD funds too. They do have an MT4 platform but the min deposit is $2k.
Their micro MT4 account for us I think they told me is coming in the next couple of months.
That’s about all I know.
What part of BC do you live in?..I’m just outside Vancouver.
Hi Sweet Pip,
I assume you are using FXCM Canada, or from what I’ve heard on other forums FXCM BC…hahaha.
I did look at FXCM, but they don’t offer microlot trading and yes the $2k min deposit is over what I want to put in as a newbie. If they are coming out with a micro MT4 platform though, that is something I might be interested in. As I’m demoing right now, I don’t really plan on opening a live account until after September, so that might be good timing for me.
I’ll keep an eye out and thanks for your feedback. I live in Burnaby.
Yes FXCM Canada.
Not far then…I’m in Coquitlam.
I just signed up for an MF Global account and discovered that they have their own platform, FX Trading Station. I too have grown accustomed to MT4 and hope to find a solution in Canada that can take advantage of TFSA. Does anyone have suggestions?
You could look at questrade as well, they are a canadian broker. I dont use them personaly, but I know another vancouverite that does and no complaints.
I use ODL, they are a UK broker and been pretty good.
Good luck
Thanks for the headsup. Questrade does not appear to use MT4, unfortunately. I see that ODL does use it. How are the spreads? Are they ECN or trading desk?
Thanks.
Spreads are decent, no major widening at news events and such. They are a trading desk.
Good customer service the few times I’ve had to contact them, so I’ve ben happy with thier service.
Sorry for the late response. One of those things I kept meaning to do LOL.
Anyways, I had no luck with any Canadian MT4 broker. I’m also in the same boat as you and don’t want to dump 2K in to forex yet.
I sent an email to Investtech FX and never even got a response. That there is a big red flag for me. I emailed MFGlobal a couple of times and they got back to me within a day. Good customer service, no MT4 platform.
I’ve been avoiding the American companies now because of the FIFO rules and the no hedging rules.
Who knows what the future holds, we may get lucky sooner or later!
In another forum the broker forex.com is recommended, although they are based in Britain. I believe forex.com is a subsidiary of Gain Capital.
QuestTrade is just another Canadian “Fee’s Out The Ass” bucket shop of FXCM. Get this, with ****TIER software than FXCM & services. It’s the Canadian Gimmick of FXCM.
I didn’t know it was possible.
Anyways. Yeah stay very far away from Quest.
I recommend Oanda if your starting out and are un-sure of what kind of broker you REALLY need. And Oanda is as close to Canadian as you can get as far as I know Oanda’s headquarters are in Toronto.
The only thing against Oanda is their ****ty ass platform and there gay ass charting.
For this you find a good MT4 broker and match the charts up, preferably a broker with the same daily close, even though I follow NY close. And use MT4 for everything, even place the same orders in the MT4 Demo if you’d like. But, charting, price setups, you can do it all in MT4 if your like me and are a die hard MT4 fan. And then just set up Oanda to place the orders, **** those charts, lol.
Anyways. Research, do your due diligence, but realize as a canadian there is less out there for you to sign with, a lot of this has to do with Canada’s Trade Laws if I am not mistaken. But in general, Canada has a very small population, and small business. Which is GREAT, but as a Canadian, you do have to shop around a bit longer until you find a good broker.
It’s not rocket science though, as a trader if this is your career, you should be used to opening accounts with all kinds of Brokers. If your newer, then get used to opening accounts sooner, open a small account with your top 3 Broker picks, and trade live with them and you will slowly gravitate towards what suites you and close out the accounts that don’t.
But, have more than 1 Broker in mind, and definitely have a look at ECN brokers, and brokers that work on the Exchange.
Later.
And when I mean your top 3 picks, small live accounts, I mean, trade 10 cents a pip until your comfortable to trade a $1 a pip and so forth.
And Oanda is great with that they “invented” the “pipette” or trading in ANY unit size. So you won’t have a problem opening a $50 account and trading fractions.
Where as say if you want to open a small account with an ECN. You’ll probably have to put down at least $1000 and even then it will probably be on a standard account with a specialized option to trade at $1 a point within that standard account, or 0.10 of a standard unit.
Most ECN’s are around $5000 and up, but there are some you can start at with $1000.
Quest isn’t affiliated or a part of FXCM.
And MF Global has the MT4 platform.
Hi
Is it mandatory to register British Columbia Securities Commission (BCSC)?
another question, how is works forex profit for income tax?
thanks
Why are you limiting yourself to only Canadian Brokers, cant you open an account with most US brokers as well?
Some can…depends on which Province we live in. Those of us in BC can’t unless the broker abides by the regulations imposed by the BC Securities Commission. I’ve tried and have been turned down.
We could probably go to some broker overseas, but can we trust them? What if we do make some money…what resources would we have if they come up with some reason not to let us withdraw it?..just too risky.
Canadians are more than welcome to use brokers from around the world, but I think that the original point may have become clouded.
Currently, I’m avoiding US brokers because of the FIFO ruling. I know that hedging is banned with US brokers (and yes I know that some of them are getting creative with multiple accounts and blah, blah, blah…). However, that is pretty much a non issue for me as I do not hedge trade. But I do often open multiple trades in the same direction (during retraces) on the same currency. And the FIFO ruling screws me there.
I think another thing that people are unaware of is the fees associated with international withdrawals. One of the main reasons that I’m looking for a Canadian broker is so that I can just get a check mailed out to me for free. I have spent a considerable amount of time looking at the withdrawal policies of various companies.
Lastly, I love the MT4 platform. I have thought about running a demo MT4 and another account for live trading side by side, but I don’t know if my poor brain can handle it 
Maybe I’ll try an Oanda demo again and see how that goes.
On a sad note I did find another Canadian MT4 company - FXClearing. Why so sad? They do not accept Canadians. Their reason? If they did then they would have to be LICENSED! Scary eh?