Hi everyone,
I was wondering what broker fellow traders living in Canada (Ontario) use or anyone with some experience trading live would recommend. I have looked into;
Oanda:
Pros - CAD based account
Cons - Huge spreads, MM, only one withdrawal a month before incurring extra fees
IC Makets:
Pros: good spreads, regulated, CAD based account, decent commissions
Cons: Only wire withdrawals $20 each
Pepperstone:
pretty much identical to IC.
FXOpen
similar to the previous two.
Tickmill
Pros: best spreads out of everyone, supposedly free wires, best commissions
Cons: less-than-legit regulation
Interactive Brokers
Pros: Professional level broker, good commission, easy/cheap EFT withdrawals
Cons: trades settle in base currency of pair , minimum commission and trade size per trade, inactivity fees etc etc.
FXCM(friedberg)
Pros: nothing really
Cons: Huge commissions, only Wires it seems
Questrade
bit of a joke for forex
It seems that finding an appropriate broker is harder that I initially anticipated. As a canadian should I be looking into a broker that offers CAD based accounts? Also, how do you guys deal with regular withdrawals? $20+ a wire seems rather expensive as a method for routine withdrawals. You guys in Australia seem to be quite well off with the local brokers and their local bank transfers! They only thing that comes close for Canadians seems to be Interactive Brokers.
If anyone has an opinion or can offer some advice based their own experiences I would greatly appreciate it!
I was wondering what broker fellow traders living in Canada (Ontario) use or anyone with some experience trading live would recommend. I have looked into;
Oanda:
Pros - CAD based account
Cons - Huge spreads, MM, only one withdrawal a month before incurring extra fees
IC Makets:
Pros: good spreads, regulated, CAD based account, decent commissions
Cons: Only wire withdrawals $20 each
Pepperstone:
pretty much identical to IC.
FXOpen
similar to the previous two.
Tickmill
Pros: best spreads out of everyone, supposedly free wires, best commissions
Cons: less-than-legit regulation
Interactive Brokers
Pros: Professional level broker, good commission, easy/cheap EFT withdrawals
Cons: trades settle in base currency of pair , minimum commission and trade size per trade, inactivity fees etc etc.
FXCM(friedberg)
Pros: nothing really
Cons: Huge commissions, only Wires it seems
Questrade
bit of a joke for forex
It seems that finding an appropriate broker is harder that I initially anticipated. As a canadian should I be looking into a broker that offers CAD based accounts? Also, how do you guys deal with regular withdrawals? $20+ a wire seems rather expensive as a method for routine withdrawals. You guys in Australia seem to be quite well off with the local brokers and their local bank transfers! They only thing that comes close for Canadians seems to be Interactive Brokers.
If anyone has an opinion or can offer some advice based their own experiences I would greatly appreciate it!