So I did a quick search and found some messages mostly from 2010 and mostly about brokers leaving Canada. So I was hoping I could get some up to date recommendations on brokers that allow Canadians. I know about Oanda and have used their demo accounts for awhile, but would like some other recommendations so I can weigh my options.
Thank you!
Hi there,
FXCM Canada has worked it out so they can accept Canadians again. I received a phone call from them a few weeks ago, and then the guy sent me an application form. Seems they go through another agency called Friedberg Direct which is a division of Friedberg Mercantile Group Ltd Friedberg Direct . They are a member of IIROC, CIPF and All Canadian Exchanges, so if they go bust, you should get your money back…that’s what happened to me with MF Global, and thankfully I did get my money back.
I asked if they had MT4 and micro accounts which the guy said they did…so I’ll be sending in my application soon instead of FXDD Malta where I was considering, but aren’t a member of above so wasn’t comfortable with that.
Hope that helps 
I want to suggest you for AVAFX forex broker. It is good broker for US and Canadians and one of the prominent brokers.
Thank you both, I’ll check them both out. Looking to start real money trading in 2012. So I’ll test out some demo’s until then!
hi there,
just to be clear - are fx operations outside of canada (eg UK) not allowed to solicit business in Canada? I know they dont go for US citizens…not sure why though.
Except for BC, I think the rest of Canada can go with certain non-Canadian brokers. I tried going with IBFX once and they told me they couldn’t accept me because I was in BC, but if I was from Ontario, they could. We have a rather strict regulatory agency here. However, if you have some kind of mailing address or whatever in another country, then you could probably get around that, but I don’t know how secure your funds would be if that operation went broke or absconded with your funds…risky.
As for the US, it may have to do with being allowed to hedge which the US has disallowed for it’s citizens, and some other constraints it imposed to help “protect” the innocent that other countries don’t have.
I use Oanda but I used to use Questrade. The spreads on questrade are quite ridiculous
[QUOTE=Sweet Pip;309325]Except for BC, I think the rest of Canada can go with certain non-Canadian brokers. I tried going with IBFX once and they told me they couldn’t accept me because I was in BC, but if I was from Ontario, they could. We have a rather strict regulatory agency here. However, if you have some kind of mailing address or whatever in another country, then you could probably get around that, but I don’t know how secure your funds would be if that operation went broke or absconded with your funds…risky.
Sweet Pip does that mean it is illegal for Canadian citizens to open accounts with brokers not regulated in Canada or it is illegal for foreign brokers to solicit Canadian residents…or both? I am confused?