Brokers for Canadians? - Page 7
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Thread: Brokers for Canadians?

  1. #61
    Quote Originally Posted by ;
    quote hello , can you tell me how you are going to transfer funds to new broker you select my bank RBC would charge $55USD for a 23k cable out to bank outside canada, I am thinking of switch to IB canada now. Thank you
    I don't believe IB is a fantastic spot to exchange forex. Costs too high and leverage low for you to do anything. I also have IB account, I believed I used transport. Sorry could not remember cuz I just wired once, after that all withdraws

  2. #62
    Quote Originally Posted by ;
    quote Have a Peek at TD. Exchange rate is better compared to RBC and if you do your own banking they won't bill you. They bill but give it back. Atleast they did me anyway. Hope that helps Gp
    what about the spread?

  3. #63
    Im funding my Prime account with mastercard. And 3.25% will be charged for handling fee. I call a rip off. However, I know it's the exact same. Just $500 will be deposited to check the water

  4. #64
    Quote Originally Posted by ;
    quote Your feared about 55 USD but not the exchange? Banks charge 2.5% in addition to the spread. Thats where they will get you. Your best bet is to utilize Transferwise.com if your looking to utilize an account abroad. The money is transferred by you to your TW account in Canada, then with Transferwise will find a person or many members of the nation you would like and the money is traded by you. Canada is not left by any actual money. Cuts down on price. Your money is in the TW account in w/e currency you desire. Just transfer it to a broker. Go there...
    in my case, funds transfer from pepperstone in usd back to RBC (total cost: $60usd), subsequently RBC cable out the funds in usd to new broker (could cost $55 ) , no exchange involved. Thank you anyway.

  5. #65
    Quote Originally Posted by ;
    quote Have a look at TD. Exchange rate is far better compared to RBC and if you do your own banking they won't bill you. They bill but then give it all back. Atleast they did me anyhow. Hope that helps Gp
    I will take a look. Thank you

  6. #66
    Quote Originally Posted by ;
    quote I don#8217;t even believe IB is a good spot to trade FX anyways. Costs too large and leverage too low for you to do anything. I also have IB account, I believed I utilized online transport. Sorry couldn#8217;t recall cuz I just wired once, after that all withdraws
    Yes, can utilize EFT transfer (both CAD and USD) into IB free of charge.

    As of cost, I really do one lot all of the time, so the commission is 2x2=4 usd. That is a lot superior

    only bad thing is the 20-33 leverage. I'd incorporate some more funds into my trading account in addition to 23k. One pip PnL is the same as with a 400 leverage broker, no difference.

  7. #67
    Quote Originally Posted by ;
    quote in my instance, funds move from pepperstone in usd back to RBC (overall charge: $60usd), subsequently RBC cable out the funds in usd to new broker (would charge $55 ) , no trade involved. Thanks anyway.
    Perhaps Im miss knowing this, did the funds return to Canada?


    On another note: Pepperstone doesnt accept Canadians

  8. #68
    Quote Originally Posted by ;
    quote Maybe Im miss knowing this, did the funds return to Canada? On a different note: Pepperstone doesnt take Canadians
    I have been trading using pepperstone since 2012. The capital will have to return first to canada.

  9. #69
    Quote Originally Posted by ;
    quote I have been trading with pepperstone because 2012. The funds might have to be back first to canada.
    What rate did they give you and what date did the transaction occur?

  10. #70
    Quote Originally Posted by ;
    quote What rate did they provide you and what date did the transaction occur?
    What rate, trade?

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