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Canadian Brokers
After some interesting posts on MT4 Brokers thread (I would you recommend you read all thread to obtain a clear view)
I started this thread to give information at all interested in Canadian Brokers and the fund protection of the CIPF. First of all, the main question is: foreign citizens would be covered? I wrote to CIPF to obtain the official answer. However, in a chat with Questrade, they tell me, all customer are covered no matter of citizenship. Only members of CIPF listed in the official web site are covered by the fund. I checked one by one all brokers who appears in the list There are no many Canadian Brokers. I only found 4 retailers and no one ECN. And if you know about someone else, pls post here. I think with big money you can open an account with some broker bank listed in the CIPF web site or another. Another thing is and I guess some of them are forwarding the trades to US brokers. Here you have what I find: Questrade is using gft and gain platforms. Tradefreedom is only for Canadians. E-trade Canada doesnīt offer forex like e-trade UK. Man Financial (ex-Refco) which platform is FXCM like. I canīt find any MT4 broker and because of that I opened this thread.
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RefcoFX Canada which was bought by Man Financial was covered by CIPF. I had an account at RefcoFX Canada and was easily able to withdraw my funds even when the larger American holding company was going bankrupt.
I would fully recommend a broker that is covered by CIPF unfortunately there's just not that many. Canadian regulations for brokers are very strict so very few companies out there can abide by it.
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com |
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looks like very limit choice in canada,so can I use USA broker,and how about the tax issue,any idea? |
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You can find RefcoFX Canada @ Man Financial Canada FX
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com |
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MetaTrader4 Correspondence
FX Clearing Group, Inc. http://www.fxclearing.ca Spread: 1 pip on 4 majors for Mini Accounts 2-3 pips on majors for Pro Accounts For full spread list Leverage/Margin: Up to 500:1 on Mini Accounts Up to 400:1 on Pro Accounts Account Sizes: Mini Accounts: $250 - $5,000 Pro Accounts: $5,000 and up Contract Sizes: Mini Accounts: 1k (micro), 10k (mini), 100k (standard) Pro Accounts: 10k (mini), 100k (standard) |
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"Due to regulations, accounts for Canadian and US residents may not be opened at this time." You know what that means? It means that this broker doesn't meet any Canadian regulations in order to allow it to open accounts for Canadian or U.S residents without it getting into trouble with the law. "There is no forex licensing in Canada, and we are not required to obtain a security license if no Canadian clients are accepted." The above just means that they are not at all regulated by any governing body in Canada as long as they do not have Canadian clients. They're not even a member of CIPF so you wouldn't get any account protection.
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com |
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thanks
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I tried their demo a momth,one word----SxxK! when big move come ,even you have $4000 in account,they will not let you open 1 lots.I uninstalled it just few days ago. |
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