Looking for IIROC (Canada) regulated fx broker?

thread: Looking for IIROC (Canada) regulated fx broker?

  1. #1

    Looking for IIROC (Canada) regulated fx broker?

    Hello,

    I was previously trading with MF international canada and certain love doing business with them (I know that their system is FXCM but I would like dealing with brokers which are IIROC regulated after what happended to MF international). Too bad their big boss screwed up the parent company so MF international canada had no choice but to liqudate as well. I am currently looking for a replacement broker that's IIROC enrolled (so that I know my money is shielded). Does anyone have any recommendation except that the followings?

    1) Oanda, they're bad in limiting how much I could exchange with my acct. Telling me that they need to stick to the law and supply risk management to their own client as well (just let them trade up to specific acct balance based on income). It makes no sense in any respect. This is similar to checking people's income before letting them enter casino to bet.

    Two) Questrade, they don't have CAD established acct. Given that their system doesnt allow hedging. I dont need to introduce an extra FX risk to my acct so best not coping with them unless they supply CAD account. I will technically hedge my fx vulnerability by shorting usd/cad, but this would mean I can not buy the pair unless I close my usd/cad short (too much trouble). I used them before and dropped thousands on exchange rate because I wasnt paying attentoin into the FX vulnerability on the usd/cad pair.

    3) Interactive broker, their fx trading platform (or their system in general) is just way too old. Looking at the setup icon I think their system is created back in win95 times and has not changed since. Very hard to use for retail fx traders. I've been trading FX for 7 years but their system just go past my fx trading adventures. Too hard to ask my wife to find out their system and guarantee that she won't make mistakes.

    Your comment is much appreciated.

    Thanks.

  2. #2

  3. #3
    I was previously trading with MF global canada and certain love doing business with them (I know their egy is FXCM but I would like dealing with brokers that are IIROC regulated after what happended to MF global).
    Hi katongogo,

    Now You Can utilize the FXCM platform through Friedberg Direct's FXCM Canada offering, and accounts together with Friedberg Direct fall under IIROC regulation. The website together with information is defined to be launched and you may request more information by calling customer services by telephone or live chat.

    Jason

  4. #4
    That's awesome. Please do reply when more information is available like maintenance margin requirement, deposit/withdraw. I'll try to start up the acct first while waiting for your resonse before I deposit.

    Thanks

  5. #5
    That is wonderful. Please do answer when more information is available such as maintenance margin requirement, deposit/withdraw. I will try to start the acct first while awaiting your resonse before I residue.

    Due
    Hi katongogo,

    FXCM Canada offered by Friedberg Direct was launched today; http://www.fxcm.ca . Information on maintenance margin requirements can be found http://www.fxcm.ca/forex-margin-leverage-guide.jspand deposit information http://www.fxcm.ca/deposit-forex-funds.jsp#FAQ. Withdrawals can be requested online through http://www.myfxcm.com once you've got a live account username and password to login.

    Jason

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