MrPresident replies to: Brokers for Canadians?

When I first got into trading(5 years ago) I started in binary options. I ended up losing a lot of money and was using a broker in Cyprus, BDB. I ended up taking some legal action against them a year later and had a Cyprus lawyer (Agp law), we of course settled, just this year actually. Anyways This was due to the large amount of regulations that have been set up in Cyprus to make them a reputable country for FOREX, They have now outlawed BO’s all together but the CYSEC (cyprus security exchange commission) have focused more on the spot market.

With that all said I feel confident with FXTM, no commissions, slightly higher spread .06-.08 compared with low spreads. But again no commission. I opened an account with them, we will see how it goes. Higher leverage also, they do offer ECN accounts, I would assume with the slightly higher spreads a true ECN compared with IC. I know IC uses an algo to determine your trading performance and size for determining if the order will stay in house or move to outside liquidity, not that I ever noticed it during my 3 years with IC.

Also with Europe’s change in leverage rules, I’m sure cyprus is becoming more of a spot for FOREX, with the higher leverage, for Europeans. I also opened one with Tickmill. So we shall see how it goes.

Keep Calm and Trade on!

Learn, a forex trader must, unlearn and relearn he will.

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