I know some might be surprised to see this question coming from me - since I used to answer questions related to forex till some years ago.
Anyway, having been away from forex trading for almost two years or more, I want to start it again. In these two years, seems many companies have popped up providing internet trading, but at the same time, it seems that there have been quite a few scams with some companies offering this trading.
I had started trading with REFCO and was very happy with its service. However, they went bankrupt and Man Financial took it over. Later, for some legal reasons, they increased the margins for Canadian accounts. I was then advised to shift my account to UK which had smaller margin requirements and I did.
It seems that now my account is transferred to a company called FXCM and though I have got a reasonably good response from the guy I have talked to a few times, I have read on the net that it is termed as a SCAM company - though the website of NFA does not show any actions against this. I am therefore a bit skeptical about putting my money with the new company unless someone tells me otherwise.
What I want to know now is - if anyone (and I am sure there are a few here) is regularly doing fx trading, what company would he recommand. Ideally, the company would have an office in Toronto, but would also have lower margin requirements (say 2-3% for a trade). Or else, a foreign company which is reliable.
How about opening accounts with local banks?
Advice appreciated.
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Chandresh
Advice is free – lessons I charge for!!
First decide upon the Broker's suitability. List provided is Canadian.
Such as Platform, Pip differentials, their services during the Off hours and Peak Hours. A scenery, what kind of service can you expect from their staff If and when you are caught with your pants down.
Margins are currently under review and check each one of them. Also speak with a HUMAN there and get a feel as to how they respond to your questions.
All Canadian Brokers will give you a Leverage of 1:35 as posted. Please check with each, prior to deciding upon their suitability.
You may go here and see their reviews also. : http://www.forexpeacearmy.com/
One that did not make the list: http://www.interactivebrokers.ca/en/main.php
Example:
http://www.forexpros.com/brokers/xforex 296 Richmond Street West, Toronto.
http://www.forexpros.com/directory/brokers-by-country/canada
http://www.forexpros.com/forums/forex-brokers/142-any-canadian-brokers.html
Disclaimer : Forex trading has its own imminent risks and it is not suitable for everyone. So, please be guided accordingly.
Freddie.
Location: carl sagan's universe
Posted on: 08-12-09 22:36:23
Quote:
Originally posted by chandresh
I know some might be surprised to see this question coming from me - since I used to answer questions related to forex till some years ago.
Anyway, having been away from forex trading for almost two years or more, I want to start it again. In these two years, seems many companies have popped up providing internet trading, but at the same time, it seems that there have been quite a few scams with some companies offering this trading.
I had started trading with REFCO and was very happy with its service. However, they went bankrupt and Man Financial took it over. Later, for some legal reasons, they increased the margins for Canadian accounts. I was then advised to shift my account to UK which had smaller margin requirements and I did.
It seems that now my account is transferred to a company called FXCM and though I have got a reasonably good response from the guy I have talked to a few times, I have read on the net that it is termed as a SCAM company - though the website of NFA does not show any actions against this. I am therefore a bit skeptical about putting my money with the new company unless someone tells me otherwise.
What I want to know now is - if anyone (and I am sure there are a few here) is regularly doing fx trading, what company would he recommand. Ideally, the company would have an office in Toronto, but would also have lower margin requirements (say 2-3% for a trade). Or else, a foreign company which is reliable.
How about opening accounts with local banks?
Advice appreciated.
FXCM is a company I have been with since many years- no probs with them.Their margins are a bit higher, but that's OK, since I have been with them for a long time.
On the net, Bell, Rogers, Telus have been called scammers- does that stop anybody from using them? Nobody is perfect, but yeah if you are new to FXCM and can find somebody else better, and I am sure there will be, go with them.
For me , I am taking recourse to the old adage, better a known devil than an unknown one.
Scammers- ain't there a bit in everyone? Ain't nobody is a God- and then there will be someone who will argue that even God ain't perfect .But that's getting too philosophical.
For me FXCM has been good.
thanks investpro - all I needed to know is that they are still good company to do business with, and your assurance helps.
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Chandresh
Advice is free – lessons I charge for!!
