Do all brokers accept Canadians? - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Do all brokers accept Canadians?
Updated: Views / Replies:11,097 / 42
Created: by tammyd549 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Do all brokers accept Canadians?

  #31 (permalink)
Elite Member
Ottawa
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: IB, NinjaT/Kinetic
Favorite Futures: ES
 
kroeran's Avatar
 
Posts: 14 since Aug 2014
Thanks: 1 given, 1 received


Fritzk View Post
super easy ... all done online. I originally needed it for another business I set up.
I chose a package with office, mail forwarding, and a phone number in Vegas. (picked Vegas cause it's so cheap to fly there)
I use incparadise.com and have been with them for 4 years.
They have been nothing short of excellent for me. Even helped me to setup a bank account.
Hope that helps.

How do income taxes work under this model?

Reply With Quote
 
  #32 (permalink)
Elite Member
Canada
 
Futures Experience: Intermediate
Platform: Qtrader,NT8,Sierra
Broker/Data: Dorman/CQG
Favorite Futures: NQ, ES Options, VX, ES, ZB
 
Posts: 191 since Aug 2013
Thanks: 26 given, 165 received


kroeran View Post
Just wondering....for non sheltered activity

Can a person trade full time and file profits as capital gains?

How does the paperwork for CRA work? Does the broker provide a summary or something?

It's just capital gains vs capital losses, you're taxed at 50% of the difference at your tax bracket

Reply With Quote
 
  #33 (permalink)
Elite Member
Toronto, ON, Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Global futures (Continum), IB, FXCM
Favorite Futures: ES 6E Forex ETF
 
Anatta's Avatar
 
Posts: 41 since Sep 2012
Thanks: 201 given, 28 received

closing account automatically



Japhro View Post
Interesting development. I am still with Dorman and I live in Ontario, no notices from them about any forthcoming changes. Perhaps I am grandfathered?


kroeran View Post
I read somewhere that Dorman recently started shutting down existing Canadian accounts. NinjaTrader as well as Stage 5 use Dorman, and this is the response I got when trying to sign up with Ninja...(received a similar message from Stage 5, specifically related to Dorman as clearing house)

=================
R***,

Thank you for your interest in NinjaTrader Brokerage. Dormanís Compliance Department has declined the opening of your account as the firm is restricted from conducting business with Canadian residents. We apologize for the inconvenience. Thank you for your interests.

Regards,

New Accounts

NinjaTrader Brokerage
===================

My account just got closed and returning my fund. I only find out when I checked the statment. There was no info beforehand. Kind of upset of the customer service.

Reply With Quote
 
  #34 (permalink)
Elite Member
Toronto, ON, Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Global futures (Continum), IB, FXCM
Favorite Futures: ES 6E Forex ETF
 
Anatta's Avatar
 
Posts: 41 since Sep 2012
Thanks: 201 given, 28 received

Looking for a brokers to replace Dorman/NinjaBroker


Japhro View Post
I am in Toronto and I have accounts with IB, Dorman and an acct with Amp that I don't use, mostly to show solidarity with Big MIke, but I never had an issue with AMP personally.

Dorman is a very good broker, and a clearing broker, and the money is held with BMO Harris so a solid bank there. Anytime you trade with an American Broker you don't get the benefits of full account protection as you would under provincial securities laws. I keep maybe 60k USD in my American accounts for day trading, this gives me plenty of margin but will not ruin me should something horrible happen. Thats the level of compromise I can live with, though not ideal

I am scrambling to look for a decent future brokers who accept Ontario resident. I have an IB account, but their data is filtered and not reliable. I need a broker that provided quality data feed using the Ninja platform.

Is AMP is the only one that accept Ontario resident? Which FCM do they use? Having read some comment regarding AMP's customer services, I am a bit reluctant to go to AMP.

As I have read somewhere, Optimus do not accept account in Ontario. Am I correct?

Any other choices for Ontario residents? Could someone please shine me some light?

Reply With Quote
 
  #35 (permalink)
Elite Member
Canada
 
Futures Experience: Intermediate
Platform: Qtrader,NT8,Sierra
Broker/Data: Dorman/CQG
Favorite Futures: NQ, ES Options, VX, ES, ZB
 
Posts: 191 since Aug 2013
Thanks: 26 given, 165 received

I don't know your situation, but I was told that Ninja Brokerage now has an exclusive with any new Ninja accounts. Ie you cannot open with whatever brokerage you wish to with Ninja, you have to go through them now.

Amp still providing services for Ontario residents as far as I know. Optimus told me they were working on it but have heard nothing back on that.

If my account were to be closed for some reason, I would open the Nevada LLC as someone mentioned

Reply With Quote
The following user says Thank You to Japhro for this post:
 
  #36 (permalink)
Elite Member
Toronto, ON, Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Global futures (Continum), IB, FXCM
Favorite Futures: ES 6E Forex ETF
 
Anatta's Avatar
 
Posts: 41 since Sep 2012
Thanks: 201 given, 28 received

Future broker for Ontario resident


drago1 View Post
If you are Canadian you are safest with a Canadian based broker. I think Interactive Brokers is the only one left.

I have done a bit more digging.

Other than IB, it appears that there is no future brokers (which could use the NT platform) accepting Ontario resident now. And IB has poor data quality and has no tick data available, the only choice would have to purchase your own data - Kinetick or IQFeed - which cost over $100 a month as a minimum.

For now, I might have to limit my trades only to stocks with IB, and Forex with FXCM(Friedberg Direct) which provide decent tick data.

For now, the overhead data cost seems too high for future trading.

Reply With Quote
 
  #37 (permalink)
Elite Member
windsor, Ontario
 
Futures Experience: Advanced
Platform: Ninja,
Broker/Data: DTN iqfeed
Favorite Futures: Es, 6E
 
Posts: 138 since Oct 2009
Thanks: 40 given, 123 received

You would be eligiable for the Kinetick discount as client of IB which is only $50.00. When you factor in that most US based brokers leave you currency exposed on your account and also charge higher transfer fees to move your money back to Canada when taking any funds it makes no sense to be in the US. I lost over $10k on currency loss during the last US dollar fall on my margin account held in US funds. After that I moved my money to MF Global in Canada from the US division and decided security over few cost benefits. Than the bankruptcy in the US really confirmed what a good idea that was.

Deduct your data fees as business expense. It is a legitemate business expense. The actual cost of data is a 4 tick trade on one ES contract -that is nothing. Keeping things in perspective IB is a good business platform and your funds are safe.

Reply With Quote
The following user says Thank You to drago1 for this post:
 
  #38 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,059 since Sep 2010
Thanks: 1,933 given, 2,783 received
Forum Reputation: Legendary


wipca201 View Post
I have done a bit more digging.

Other than IB, it appears that there is no future brokers (which could use the NT platform) accepting Ontario resident now. And IB has poor data quality and has no tick data available, the only choice would have to purchase your own data - Kinetick or IQFeed - which cost over $100 a month as a minimum.

For now, I might have to limit my trades only to stocks with IB, and Forex with FXCM(Friedberg Direct) which provide decent tick data.

For now, the overhead data cost seems too high for future trading.

I believe that AMP does accept Ontario.
Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
Reply With Quote
The following user says Thank You to mattz for this post:
 
  #39 (permalink)
Elite Member
Toronto, ON, Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Global futures (Continum), IB, FXCM
Favorite Futures: ES 6E Forex ETF
 
Anatta's Avatar
 
Posts: 41 since Sep 2012
Thanks: 201 given, 28 received

US brokerage


drago1 View Post
You would be eligiable for the Kinetick discount as client of IB which is only $50.00. When you factor in that most US based brokers leave you currency exposed on your account and also charge higher transfer fees to move your money back to Canada when taking any funds it makes no sense to be in the US. I lost over $10k on currency loss during the last US dollar fall on my margin account held in US funds. After that I moved my money to MF Global in Canada from the US division and decided security over few cost benefits. Than the bankruptcy in the US really confirmed what a good idea that was.

Deduct your data fees as business expense. It is a legitimate business expense. The actual cost of data is a 4 tick trade on one ES contract -that is nothing. Keeping things in perspective IB is a good business platform and your funds are safe.

As I think about it more, it is making perfect sense to keep the fund with IB in Canada. It probably is a good idea to bite the bullet for data cost considering the risk and cost.

The US brokers does not care much about customer services or customer authorization. It happens to me twice - first with Mirus and now with NinjaBrokerage.

Mirus never directly advised me about their problem upfront and they frozen my account and transferred my data feed to Continuum and then the whole account to Ninjabrokerage. All was kind of done after the fact.

Now NinjaBrokerage closed my account without telling me beforehand. I am very much fed up with US brokerage. I have totally lost more trust with these US brokerage.

I was stupid to be fooled twice. Not any more.


Reply With Quote
The following user says Thank You to Anatta for this post:
 
  #40 (permalink)
Elite Member
Toronto, ON, Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Global futures (Continum), IB, FXCM
Favorite Futures: ES 6E Forex ETF
 
Anatta's Avatar
 
Posts: 41 since Sep 2012
Thanks: 201 given, 28 received

US brokerage



mattz View Post
I believe that AMP does accept Ontario.
Matt

The problem is NT platform no longer accepting new brokers other than the six quoted on their site. Only existing custom is ok.

So, AMP is no good with NT platform for new customer.


Reply With Quote

Reply



futures io > > > > Do all brokers accept Canadians?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Interactive Brokers - More Problems sam1197 Reviews of Brokers and Data Feeds 20 January 24th, 2012 08:13 AM
Brokers camsolution Reviews of Brokers and Data Feeds 5 January 17th, 2011 01:00 PM
Brokers philhm The Elite Circle 4 September 13th, 2010 03:49 AM
Fast Brokers papa15 Reviews of Brokers and Data Feeds 7 July 20th, 2010 03:41 PM


All times are GMT -4. The time now is 07:02 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.12 seconds with 19 queries on phoenix via your IP 54.90.92.204