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Author Topic: Brokers For Canadians  (Read 2540 times)

Online nwboater

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Brokers For Canadians
« on: June 27, 2018, 02:00:59 PM »
For whatever reasons IC Markets is stopping trading for Canadian residents. I have been notified that I have 1 month to close my accounts.

This happened a few months ago with Pepperstone. Thus I have lost access to two of the best Aussie brokers.

Now the search is on for a new broker that will accept Canadian residents. My preference is for another Aussie broker because of the good ASIC regulations. I need an ECN broker that has good conditions for scalpers. Also I need a broker that has CAD accounts.

I have previously used AxiTrader, but not in the last 3 years. Are there any members here that still use them? For scalpers such as Cyborg, Best Scalper, etc? Any reports would be appreciated.

Also any other broker suggestions would be appreciated.

Thanks.

Cheers,
Rod
« Last Edit: June 27, 2018, 02:17:22 PM by nwboater »
EA's (Run on separate accounts): Cyborg, Best Scalper MT4 V. 2.3

Signal: Hans Trend 2 Beta (On hold until new version)

Darwinex: Portfolio of 12 Darwins

Broker: AxiTrader, Darwinex
VPS's: Amazon EC2
Rebates: HFT Group

Offline HFT Group

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Re: Brokers For Canadians
« Reply #1 on: June 27, 2018, 03:05:17 PM »
There are big changes pending in the retail FX business. UK brokers are already emailing out notification of the implementation of new ESMA leverage changes. I have received notification from both VIPRO (Tickmill Europe) and Varianse this week.

ASIC brokers will be tightening up requirements in the not too distant future I believe. Obviously we are already seeing tighter restrictions on account opening by non-Australian residents. Once one ASIC broker starts implementing stricter requirements it's only a matter of time before others will do likewise.

For Canadian residents the only viable option could be reputable brokers with regulation other than FCA and ASIC. Tickmill Seychelles and FXPIG are two that come to mind. EA's that are less broker/spread dependent will be the way going forward. Forex Cyborg being one that fits this criteria.

Offline Trunk

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Re: Brokers For Canadians
« Reply #2 on: June 28, 2018, 03:56:35 PM »
There are big changes pending in the retail FX business. UK brokers are already emailing out notification of the implementation of new ESMA leverage changes. I have received notification from both VIPRO (Tickmill Europe) and Varianse this week.

ASIC brokers will be tightening up requirements in the not too distant future I believe. Obviously we are already seeing tighter restrictions on account opening by non-Australian residents. Once one ASIC broker starts implementing stricter requirements it's only a matter of time before others will do likewise.

For Canadian residents the only viable option could be reputable brokers with regulation other than FCA and ASIC. Tickmill Seychelles and FXPIG are two that come to mind. EA's that are less broker/spread dependent will be the way going forward. Forex Cyborg being one that fits this criteria.

Yeah Vipro (part of Tickmill group) is adapting quite quickly to new restrictions and its a very good sign that broker is ready to play fair according to new rules. Waiting for other brokers like Hotforex to accept changes and move their business to the better side

Online nwboater

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Re: Brokers For Canadians
« Reply #3 on: June 29, 2018, 05:16:13 AM »
I've been communicating with AxiTrader the last couple of days. I asked them if they are approved by the Canadian regulatory bodies. They replied that they are except in the province of Ontario (I'm not there).

I have now opened an account with them and will start trading there next week. Also they will fund an account in CAD.

Cheers,
Rod
EA's (Run on separate accounts): Cyborg, Best Scalper MT4 V. 2.3

Signal: Hans Trend 2 Beta (On hold until new version)

Darwinex: Portfolio of 12 Darwins

Broker: AxiTrader, Darwinex
VPS's: Amazon EC2
Rebates: HFT Group

Offline rsmereka

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Re: Brokers For Canadians
« Reply #4 on: June 29, 2018, 05:39:25 PM »
I am also in the same situation as a Canadian residing in Ontario with IC Markets accounts,

For whatever reason, I just got my email from IC Markets today.

Since I am in Ontario, I cannot sign up with AxiTrader like nwboater did. I prefer to stick with mainstream brokers if I can find one. I also prefer deposit funds in CAD (like I now have with IC Markets) but I guess I could be persuaded to use USD.

I'll check out Tickmill Seychelles and FXPIG (thanks HFT Group).

Online Humble Trader's Fx

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Re: Brokers For Canadians
« Reply #5 on: July 02, 2018, 05:42:49 PM »
I am also in the same situation as a Canadian residing in Ontario with IC Markets accounts,

For whatever reason, I just got my email from IC Markets today.

Since I am in Ontario, I cannot sign up with AxiTrader like nwboater did. I prefer to stick with mainstream brokers if I can find one. I also prefer deposit funds in CAD (like I now have with IC Markets) but I guess I could be persuaded to use USD.

I'll check out Tickmill Seychelles and FXPIG (thanks HFT Group).

I don't know if this is helpful but I have been in touch with Darwinex and they have assured me that they have no intention of closing Canadian accounts; according to HTF, however, he doubts this because they are under the same legal supervision. I asked a Darwinex administrator to make a post here and they did not agree.

Regards,
HumbleTrader
We humbly approach the Forex Market and take only what is earned through our hard work and intelligence.


Offline HFT Group

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Re: Brokers For Canadians
« Reply #6 on: July 02, 2018, 11:21:19 PM »
I am also in the same situation as a Canadian residing in Ontario with IC Markets accounts,

For whatever reason, I just got my email from IC Markets today.

Since I am in Ontario, I cannot sign up with AxiTrader like nwboater did. I prefer to stick with mainstream brokers if I can find one. I also prefer deposit funds in CAD (like I now have with IC Markets) but I guess I could be persuaded to use USD.

I'll check out Tickmill Seychelles and FXPIG (thanks HFT Group).

I don't know if this is helpful but I have been in touch with Darwinex and they have assured me that they have no intention of closing Canadian accounts; according to HTF, however, he doubts this because they are under the same legal supervision. I asked a Darwinex administrator to make a post here and they did not agree.

Regards,
HumbleTrader

It's not that they will close accounts of Canadian residents. It's that Darwinex are FCA regulated and could impose ESMA leverage restrictions at some point. Unless they offer 'Professional' account types with none of the former FCA safeguards as a few other FCA brokers are offering, the leverage reduction makes it impractical for most traders. In addition, a lot of traders may not meet the criteria for 'Professional' accounts even if they are willing to forgo the safeguards.

Online Humble Trader's Fx

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Re: Brokers For Canadians
« Reply #7 on: July 03, 2018, 11:47:14 AM »
I am also in the same situation as a Canadian residing in Ontario with IC Markets accounts,

For whatever reason, I just got my email from IC Markets today.

Since I am in Ontario, I cannot sign up with AxiTrader like nwboater did. I prefer to stick with mainstream brokers if I can find one. I also prefer deposit funds in CAD (like I now have with IC Markets) but I guess I could be persuaded to use USD.

I'll check out Tickmill Seychelles and FXPIG (thanks HFT Group).

I don't know if this is helpful but I have been in touch with Darwinex and they have assured me that they have no intention of closing Canadian accounts; according to HTF, however, he doubts this because they are under the same legal supervision. I asked a Darwinex administrator to make a post here and they did not agree.

Regards,
HumbleTrader

It's not that they will close accounts of Canadian residents. It's that Darwinex are FCA regulated and could impose ESMA leverage restrictions at some point. Unless they offer 'Professional' account types with none of the former FCA safeguards as a few other FCA brokers are offering, the leverage reduction makes it impractical for most traders. In addition, a lot of traders may not meet the criteria for 'Professional' accounts even if they are willing to forgo the safeguards.

Thank you for the clarification, HFT. It would, however, be interesting to see how these seasoned and successful traders, available to copy trades at Darwinex, will adjust themselves to the new leverage rules: Darwinex has responded back to me:

"The leverage restrictions to be imposed by ESMA will apply to all our customers, regardless of where they live.  You can learn more about these changes here ( https://blog.darwinex.com/esma-product-intervention/ ).

Regards,
HumbleTrader
We humbly approach the Forex Market and take only what is earned through our hard work and intelligence.


Offline rsmereka

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Re: Brokers For Canadians
« Reply #8 on: July 03, 2018, 03:04:27 PM »
I looked up where Darwinex is and it's UK-based... correct,

Going forward, I don't think the UK is a good choice for people not living in the UK. I also checked Darwinex's overall rating on FPA (ForexPeaceArmy) and it's decent at 4.125/5 but there are reports of the support staff being 'clueless' and suspected fake positive ratings.

HFT got me started looking at New Zealand brokers starting with FXPig. I also found BlackBullMarkets.com which is also based in New Zealand and it's got a 4.864/5 rating on FPA. I don't like FXPig's rather limited leverage (200:1 tops) and I cannot have CAD as my base currency and they don't accept any alternative payment source other than Skrill and some other, highly dodgy, payment sources .

My current broker hunt favorite is BlackBullMarkets. They allow CAD as a base currency but do not accept Paypal and I don't like Skrill.

Note that I am using FPA only as a source of possible information. I don't necessarily believe what is said.

Also note that I have no relationship with any company I mention here (including FPA) except for the fact that I am a current IC Markets account holder (as stated in a previous post in this thread).

Offline Paul.Trafford

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Re: Brokers For Canadians
« Reply #9 on: July 03, 2018, 03:51:55 PM »
I am also in the same situation as a Canadian residing in Ontario with IC Markets accounts,

For whatever reason, I just got my email from IC Markets today.

Since I am in Ontario, I cannot sign up with AxiTrader like nwboater did. I prefer to stick with mainstream brokers if I can find one. I also prefer deposit funds in CAD (like I now have with IC Markets) but I guess I could be persuaded to use USD.

I'll check out Tickmill Seychelles and FXPIG (thanks HFT Group).

I don't know if this is helpful but I have been in touch with Darwinex and they have assured me that they have no intention of closing Canadian accounts; according to HTF, however, he doubts this because they are under the same legal supervision. I asked a Darwinex administrator to make a post here and they did not agree.

Regards,
HumbleTrader

It's not that they will close accounts of Canadian residents. It's that Darwinex are FCA regulated and could impose ESMA leverage restrictions at some point. Unless they offer 'Professional' account types with none of the former FCA safeguards as a few other FCA brokers are offering, the leverage reduction makes it impractical for most traders. In addition, a lot of traders may not meet the criteria for 'Professional' accounts even if they are willing to forgo the safeguards.
ESMA is going to make the trading complicated for all traders with EU regulated brokers ☹ Hope they will find other solutions or lower the criterias for professional

Offline Trunk

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Re: Brokers For Canadians
« Reply #10 on: July 03, 2018, 06:58:13 PM »
Yeah brokers work in this direction for example on Tickmill or Hotforex high leverage is still available if you can prove your qualification. So no worries, serious traders are unaffected with this rules wherever they're located

Offline nick3232

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Re: Brokers For Canadians
« Reply #11 on: July 19, 2018, 03:02:58 PM »
Leverage will go from 1/500 to 1/30, except for professional trader

Offline drunkfx

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Re: Brokers For Canadians
« Reply #12 on: August 30, 2018, 03:45:48 PM »
Leverage will go from 1/500 to 1/30, except for professional trader

I know some ways how to avoid that, especially how to claim you are professional trader. Really easy to avoid rules and brokers will readily help you in that, because they want high-risk traders.

 

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