Found this wiki page on Reddit that gives info on Canadian forex regulators and brokers Canadians can use: https://www.reddit.com/r/Forex/wiki/index/canadian_brokers Looking for 500:1 leverage, which I can't get with a local broker in Canada but there's an offshore and regulated option in the wiki for this, so I'm happy. What do you guys think?
500 leverage is normal for offshore but for beginner, should try 100 to avoid unnecessary risk. You can add turnkey forex broker in the research, they offer leverage upto 500:1, spreads and commission are low.
I would recommend LMFX broker or OandA. LMFX broker offers an extensive set of trading tools and calculators. Perfect for the more experienced trader that wants to asses his levels of risk/reward or conduct more extensive technical analysis. OandA is in fact licensed in Canada by the IIROC. They have also been granted licenses to operate by the CFTC (US), NFA (US), the FCA (UK), the Monetary Authority of Singapore and also the Dubai Financial Services Authority. They offer a low minimum deposit amount and a leverage of 50:1
Go for it! Offshore brokers are the best. They will be able to offer you exclusively many things that regional ones can’t. Fxview, Oanda are some great options. For 500:1 leverage on major commodities and indices, Fxview is an excellent choice. They offer the very essential negative balance protection. Plus they are regulated. Like Oanda, which is regulated by 6 regulatory bodies.
Check offshore brokers like turnkey forex, lmfx, tradersway. All have high leverage options. But would recommend you to be rational with using your leverage; high leverage got quite many risks attached to it.
Offshore brokers. They help save on the tax front, plus charge super low as commissions. For 500:1 as leverage, you can trade with Fxview or LQDFX. They offer trading in forex, commodities, metals and indices. I have used them both and found them quite good on the withdrawal front as well.
Agree on the tax front, not much convinced going with an ECN broker. They have high fixed commissions and much complicated trading platforms.
Yes but that’s not the case with all. As I myself have chunked out a lot of money sorting out the commissions which were on a higher side. Plus the additional charges for using the research tools. Wasn’t too long that I got along with that, just researched and consulted a couple of traders to tell me a way to cut on commissions. Out of all they suggested, I found choosing a low commission broker much easier as it’s not only trading that I do. Seeing Fxview charging $1 for standard 100K and $2 for RT, made up my mind to stick with it and still with it since the last 3 months.
You can never get high leverage with a local broker as they are bound by strict regulations. I find it an unnecessary hinderance.