Brokers for Canadians? - Page 3
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Thread: Brokers for Canadians?

  1. #21
    Quote Originally Posted by ;
    Yep since when ASIC will prohibit canadian, we'll just have Dukascopy or Non-regulated broker somewhere in lost island... just for your information, I used too Pepperstone (currently shut my account yesterday once I receive the funny notice and Axitrader have same disperse,implementation , quickly withdraw, of Pepperstone. Allow me to understand your feeling if you will have tested dukascopy. And the minimal of 5k$ deposit still there ?
    I think... minmum $5000, and 200:1 max.

    However, when I set up the demo on the Fair Trade Tech, the maximum allowable leverage is 100:1.

    For all those who belongs 100 percent EA, bigger leverage is definitely to our advantage.

  2. #22
    Quote Originally Posted by ;
    Canadians will eliminate access to Australian brokers?? When is this occurring and why? . . .Im with IC markets, will get kicked out?
    They aren't saying all the Australian brokers will kick the canadians out now, but together with Canada and US are pushing so hard on their law and limit to those brokers, I think its only a matter of time.

    I've my EA egy spreading onto a very long term program, now it really stinks all the sudden I had been told that only three weeks will be allowed till the CLOSE ONLY mode kicks in. And then after one month, the account will be closed down.

    Ironically, the IB account will probably be still open and functioning, obviously they're still trying to use us to secure more non-canadian clients, how dumb that is. I'm switch all my IB clients to cashbackforex.

  3. #23
    Have been trying on FTT for many years now, not noticing any items, so I have been to see the executions but largely using my EA.

    However, I did tried manually open and shut postions, at the exact same time doing the samething on pepperstone, execution time on pepperstone (demo, not real account differently we're comparing apple to organge) is faster than FTT.

    I'm curious to discover how you guys do with FTT?

  4. #24
    Obviously, there are other threads nowadays showing. I can curiously found out that a number of our Canadian fellows are already with Dukascopy

  5. #25
    Pepperstone was also emailed by me for a justifiion for why they no more service customers that were Canadian. Here is the vague answer:

    Thanks for your email.
    Pepperstone made the commercial decision to exit the Canadian market sometime ago and hasn't accepted new Canadian customers because 2016. Its connections are now winding down with its limited number of remaining customers as part of the final stage of its procedure.
    Pepperstone doesn't provide legal or regulatory guie, so unfortunately we are unable to supply you with the information that you are seeking.
    We apologise for the inconvenience that we've caused and wish you all the best for your future trading endeavours.
    Kind regards,

    As you can see, very vague. I believe it is because of IIROC regulations specifically stating any broker offering Canadians Forex accessibility must be IIROC regulated. Furthermore each province has their own Securities Commission - absurd. To acquire a permit costs money; moreover IIROC is the only company I'm mindful of the changes enabled leverage requirements often. This makes business for a broker very difficult. Pepperstone chose conducting business isn't worth it. This is probably the exact same story with many brokers that offer us Forex access.

    My only worry with Duka is that they may go down this route as well, in the near future. I'll ask them and try to find an answer if this is in the works.

  6. #26
    Quote Originally Posted by ;
    I also emailed pepperstone for a justifiion for why they no more service Canadian clients. Here is the vague answer: Thank you address. Pepperstone made the decision to depart the market some time back and has not accepted new Canadian clients since 2016. Its relationships are winding down with its small number of remaining clients as part of the last stage of its process. Pepperstone doesn't offer legal or regulatory guie, so sadly we are not able to provide you with the advice that...
    I myself have attempted a lot of times through online speaking, the only answer I got is yes, I do accept Canadian clients, but no corporate accounts, therefore small Canadian retailers are still approved. When I asked about what is coming in the future, they said they have no idea, it is the upper management's decision.

  7. #27
    I've talked. He has an account with Dukas and didn't use it too much due to the platform. Trading contests were won by him here in Canada trader. And he explained that the reason he opened that account with Dukas is because it's been a broker for many decades.

    He is currently trading in IronFX, perhaps not the very best but looks as though they are not booting any Canadians outside yet. Might worths checking it all out. I believe it's situated at Cyprus.

  8. #28
    Seems like even though FTT asserting to be 24/7, the server, throughout the entire weekend shows not connected. Not sure if it is the case with the actual account. I do my assignments including downloading the information and analysis on weekends. This kinda sucks.

  9. #29
    Quote Originally Posted by ;
    quote Oanda only 50:1 correct? for Canadians.
    Oanda is a market maker, so only one position going one way at one time each pair. So no downtime, pyramiding, etc.. No, Oanda isn't 50:1. It's worse than that. Canada has the worst leverage rates on earth. I'm fairly certain that you can discover the rates on their website. I found them at fxcm's website. It changes from pair to pair, and also varies depending upon in the event that you're trading in USD or CAD. It's like that for many Canadian brokers. Some pairs have leverage rates across 12:1. Exotics? Forget it. Those ones are worse. You have to be careful when studying the fine print with Canadian brokers. They changed the definition of 1 lot, from 100,000 units of currency, to 10,000 units of currency. They did that so they would seem comparable to overseas brokers. Together with my current broker, the deposit needed to start a 1 lot trade on the gbp/jpy is less than $500 usd. Over $ 10,000 usd, the deposit will be with a Canadian one. Now you do have the CIPF, that's that the Canadian Investors Protection Fund. So that your account using a Canadian broker is guaranteed up to $250,000 CAD. The one problem is, you want to get a account to become profitable. I think it's about 7 times the cash needed with other brokers to produce the same profits. Therefore, if you have a little account, it would take to build up it in Canada. If you have a large account, like $80,000 or more, you can earn a living off forex with a Canadian broker.

  10. #30
    Quote Originally Posted by ;
    quote Oanda is a market maker, so only one position going one way at a time each pair. So no hedging, pyramiding, etc.. No, Oanda isn't 50:1. It is worse than that. Canada has the worst leverage rates in the world. I'm pretty certain that you can find out the rates on their website. I found over them at the website of fxcm. It varies from pair to pair, and varies depending upon if you're investing in USD or CAD. It is like that for many Canadian brokers. Some pairs have leverage rates across 12:1. Exotics? Forget it. Those ones are worse. You have to...
    Yes, superbly explained. thank you

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