I’m trying to find a reputable broker. This has been, by far, the most difficult part of getting into this industry for me. I’ve taken a few courses, read a few books, and practiced with a few demo accounts. I’m ready to take my first baby step into trading live (cautiously of course).
I’m a Canadian. I live in Ontario. Ideally I’d like an ECN broker that allows hedging, has competitive spreads and commissions, reasonable margin requirements, a solid trusted reputation, and regulated by a legitimate authority. Unfortunately IIROC (the Canadian regulating body) doesn’t allow hedging. This basically means no Canadian broker will allow it. And from what I understand the margin requirements in Canada are so high that it would take forever to build a significant income with only a modest initial investment (say, $500 - $2000).
I’m willing to try an overseas broker but I can’t seem to find one that fits my criteria. Is it wishful thinking that one even exists? Am I just too picky? Or out of luck because I live in Canada?
Would love to hear thoughts and experiences from others. Especially other Canadians.
Well am not a Canadian, but I can offer a few tips on we can choose good brokerage companies.
See if they are regulated
check for transparency
check the commission they charge and their
withdrawal and deposit mechanism.
I am not from Canada, so I am not exactly sure the situation there, but I don’t think you should really seek for Canadian broker, as any good broker should be fine UNLESS you have some other reason that I am not aware of. I think majority of the brokers allow you to hedge, so are there any other requirement you are looking at apart from hedging and perhaps the security meter.
who are you replying to? my link is to a thread that is updated monthly, scroll to the top to see that the OP has been updated with this month and year.
Finding your first broker is really hard because they are so many to choose from.
Make research and compare them, like what are theirs spreads, leverages, etc.
At the moment I trade with Forex24 and I am having better results by the day.
Perhaps you are being a bit picky, there’s plenty of regulated options around. XM, Fxview, XTB are some that I have used. Leverage is good, in fact awesome, but be careful with high leverage. You know what they say about it being a double-edged sword. It is more blunt than what they say :> anywho, brokers I mentioned are legit, you can try them out on their demos. Being fca and cysec regulated, pretty safe to rely on.