If you’re looking for an off-shore broker, I’ve been looking at xm.com. Granted I’m in Ontario, so I don’t have those insane Alberta rules to deal with, but IMO forex brokers in Canada are a joke. Sure you get that investors protection fund, but our leverage rates are the worst in the world.
I was using FinFx for about a year and a half. Never had a problem. Lost a bunch of money due to noob mistakes, now caught in a tough financial spot, so I’ve been looking at throwing $500 or so into an account on xm.com and make some small money on the side. The reason why I’ve been leaning towards XM as opposed to FinFx lately is the higher leverage. It’s way too difficult to make money with $500 even at 200:1 leverage. You can get up to 500:1 leverage on their zero account, which gives the tightest spreads I’ve ever seen. You just have to pay commission on each trade.
Another thing I really like about them, is they offer a debit card. Which is great. Means no more costly and time-consuming wire transfers. You just put in a transfer request, and usually within 24 hours they’ll move the money from your account, to your XM Mastercard.
They are based in Cyprus (and registered with CySec), which is worrisome on its own, but they are also registered with MiFID, which is the continental governing body. Which equals more assurance in my books that they’re legit. Oddly enough though, a lot of Cyprus brokerages survived the SNB’s snap decision, that caused larger, more established brokerages like Alpari and FXCM to close up some of their branches. It seems Cyprus brokerages have cleaned up their act lately.
That’s a broker worth looking into. I’ve found with brokerages, a key thing is seeing how good the server ping is. If you can find a broker that has their servers in say New York, it’s better than one that has theirs in London.