Brokers For Canadian & American Traders

[SteveHopwood]

The previous two posts need some clarification.

Someone with the username forextraderaz posted a lot of stuff about how to get around the restrictions brokers place on traders from the US/Canada. One member suggested that one of these might be illegal.

Thomas stepped in and deleted the post (see two above this one). forextraderaz deleted the rest of his/her posts.

Sorry about any confusion folks. It happens. Best though, not to post possibly illegal suggestions in an open forum.

[TransparentT]

Post #1 has been updated with a few new additions to both primary lists. That is, (1) brokers accepting Canadian and American traders, and (2) brokers accepting Canadians but not Americans.

I've been having some back and forth with Jemook privately about using the prop firm BuoyTrade as a North American (residing in Canada/USA) to trade with Global Prime. I've also reached out to Global Prime's Discord channel to clarify matters further. Currently working on a post to hopefully clear up some of the confusion.

[TransparentT]

Post #1 has been updated with changes to all three lists. Two new brokers accepting Canadian and American traders, one new broker accepting Canadians but not Americans, and one broker removed from the second list as they officially confirmed they do not accept traders from either Canada or the USA.

I have finished a full write-up of the prop firm BuoyTrade and their acceptance of traders in North America to trade with Global Prime through a BuoyTrade account. Awaiting for approval from Jemook before I publish it on the open forum. I do believe it will provide the clarity needed around this confusing issue and give people from North America a chance to use Global Prime with some hopefully fair trading conditions.

[TransparentT]

Post #1 has been updated with changes to the first two lists. One new broker accepting Canadian and American traders has been added. One broker on the second list has been removed and Bold Prime has been re-added to the second list in light of new information given to me. Hanju Market has been updated with new information on how frustrating it is to do very simple things with their back-end platform and get into contact with customer support.

In total we now have FORTY separate brokers willing to take Canadian and American traders, with six of them pending further confirmation of acceptance and basic broker functions. As of today no other forum or website has a list as comprehensive or as recent as this one.

Still awaiting Jemook's approval to publish my write-up on BuoyTrade and how North Americans who want to trade with Global Prime could potentially do so through a prop firm.

[TransparentT]

Post #1 has been updated with changes to the first two lists. A new broker accepting Canadian and American traders has been added, which gives us a total of 41 brokers. Juno Markets has been removed from the second list as customer support got back to me via email and confirmed they do not accept USA traders. Even though the country appears in the registration form, USA residents can be their introducing broker but they cannot trade with them.

Jemook has reviewed and edited my write-up on BuoyTrade, which I will be posting shortly. Some good news for North Americans who want to trade with Global Prime and have interest in prop firm trading!

[TransparentT]

After doing my own research, combined with permission from Jemook to post this after doing some of his own edits, I can now present all of my findings on BuoyTrade.



Long story short, people in Canada or the United States who want to trade with Global Prime can only do so through the prop firm BuoyTrade. Please make sure to read everything below before making your decision as there are some important points to keep in mind.

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Trading With Global Prime Through The Prop Firm BuoyTrade

DISCLAIMER: This is not an endorsement of BuoyTrade, let alone the use of prop firms in general. I know prop firms exist. I have heard positive and negative things about them from other traders. You are responsible for doing your due diligence and research when it comes to BuoyTrade or any prop firm you may choose to sign up with.

First, some clarification about Global Prime not accepting traders from the USA and Canada (Ontario):

• If I live in the province of Ontario but had a residence in a separate Canadian province, I would still be unable to trade with Global Prime. I would actually have to reside in the separate province as the broker cannot onboard an Ontarian resident.
• This is distinct from someone who is registered in a country accepted by Global Prime and resides there, but just so happens to visit a restricted area such as Ontario. In this instance they won't be blocked from trading with Global Prime while on Ontarian soil.
• But if someone in the situation above is spending 3-6 months or more in Ontario, you're entering a grey area and Global Prime would have to consult legal advice
• The most important takeaway is that no honest broker will give financial advice, let alone advice on skirting around regulations. They can only go by what you register with and what you tell them. You will ultimately have to make your own choices about which broker to trade with, which strategies to trade, and so on.

Now, moving on to the most important information you need to know about.

What I have been told from the customer support agent at BuoyTrade:

• BuoyTrade allows Canadians and Americans to trade with them as they are trading BuoyTrade's own accounts and not their own.
• Combined, the majority of BuoyTrade's traders are Canadians and Americans.
• Buoy Trade operates in a Direct Funding model, which is very popular and has high scaling potential. You just need 5% and there's no minimum trading time to scale up to the next level.
• Details about BuoyTrade and how they operate can be found here

What I have been told from a Global Prime team member on the Discord channel:

• You are allowed to trade through prop firms since you deal directly with them and use their accounts.
• The only caveat is that you have to follow the prop firm's rules, for better or worse.

I hope this is helpful and makes sense of the situation around Global Prime's restrictions depending on whether you use BuoyTrade or trade directly through Global Prime under your own name. Please feel free to chime in with your experiences and comments!

[TransparentT]

I want to let everyone know about a major upgrade to this list that will arrive sometime this week.

I've spent all of my free time going through all 186 pages of available forex brokers on ForexPeaceArmy (10 per page), which probably has the largest collection of brokers on the entire Internet. I have sent an unreasonable number of emails and spent way too much time talking to customer support agents. At this point there's not a single broker whose name I haven't heard or vetted for accepting Canadian and/or American traders.

When the list is updated I will likely have a grand total of ~60 brokers in my first list. The second list will be populated with a few brokers as well. The third list will be gradually expanded as I vet the brokers available for Canadians who appear reputable, offer great trading conditions, and make deposits/withdrawals as seamless as possible.

This effectively completes a two month long journey of solving a puzzle that traders have spent the past 2 decades attempting to figure out. You could call it a "Phase 1" of what I'm doing here.

If there is a Phase 2, it will look like the following:

• Populating the list with brokers who are brand new to the space and appear rather promising (a good example of this would be Tradiso)
• Removing brokers when they officially announce they won't be taking Canadian and/or American traders for whatever reason
• Adding good brokers who accept Canadians but not Americans as I evaluate them
• Ranking the brokers on the first list and the third list in terms of the following criteria (subject to change): Availability of payment options, availability of forex and non-forex instruments trading conditions for forex and non-forex instruments (spread, lot sizes, etc.), reputability based on independent third-party reviews from traders, ease of deposits and withdrawals, customer support service before and while having a live account.

Phase 3 will have the brokers ranked on the basis of what a trader is looking for. For instance: While one broker might be the optimal choice for someone trading forex, the same broker would not be the best choice for someone seeking to trade non-forex instruments such as commodities, indices, stocks, or cryptocurrencies.


Stay tuned!

[AdaptiveFX]

What I have been told from the customer support agent at BuoyTrade:

• BuoyTrade allows Canadians and Americans to trade with them as they are trading BuoyTrade's own accounts and not their own.
• Combined, the majority of BuoyTrade's traders are Canadians and Americans.
• Buoy Trade operates in a Direct Funding model, which is very popular and has high scaling potential. You just need 5% and there's no minimum trading time to scale up to the next level.
• Details about BuoyTrade and how they operate can be found here

What I have been told from a Global Prime team member on the Discord channel:

• You are allowed to trade through prop firms since you deal directly with them and use their accounts.
• The only caveat is that you have to follow the prop firm's rules, for better or worse.

I hope this is helpful and makes sense of the situation around Global Prime's restrictions depending on whether you use BuoyTrade or trade directly through Global Prime under your own name. Please feel free to chime in with your experiences and comments!

Here is an interesting video I came across regarding internet "prop firms":
https://www.youtube.com/watch?v=-cFOMsMADCA

Being in the US the only way I could trade on Global Prime's platform is through BuoyTrade, so I still may consider it, just wanted to share the potential reality of these systems (assuming what the author says is true).

[TransparentT]

Here is an interesting video I came across regarding internet "prop firms":
https://www.youtube.com/watch?v=-cFOMsMADCA

Being in the US the only way I could trade on Global Prime's platform is through BuoyTrade, so I still may consider it, just wanted to share the potential reality of these systems (assuming what the author says is true).

Very interesting video on Funding Talent and the response their representative wrote. Unfortunately, it appears as if Funding Talent has shut down for good. If you go to their website right now, it's clear they're not coming back.

I don't know all the details behind what's going on but one trader has this to say about the unexpected shutdown. Everybody's scrambling to now find the new best prop firm to trade with.

I took a look at the prop firms listed on Forex Peace Army and there's not too many of them. BuoyTrade doesn't even have a single review posted yet. Perhaps all the more reason for someone to sign up with BuoyTrade and see if they're as good and reliable as they claim to be.

[TransparentT]

Post #1 has been updated with a major change to the first list. The number of brokers accepting Canadian and American traders as of December 2021 has been increased from 41 brokers to 70 brokers in total. XBTFX.io has been added to the list of brokers accepting Canadian traders but not American traders.

At this point I am merely waiting on email responses from brokers who have yet to get back to me. Some of them may accept Canadians but not Americans, most of them will not accept either, and a small amount will accept both Canadians and Americans.

All of the heavy lifting is effectively done. Going forward I will either:

• Follow-up with brokers who have not responded to me
• Vet the brokers who accept Canadians but not Americans to see if they are worthwhile of a recommendation
• Vet the brokers accepting Canadians and Americans to see which ones are best for brokers
• Modifying broker recommendations based on an individual's trading needs (instruments to trade, spreads, leverage, deposit/withdrawal methods, good affiliate/IB commissions, etc.).
• Update the list where necessary if a broker decides they will no longer take in Canadian and/or American traders

This was not an easy effort as a one-man show. But I'm extremely proud of my work and I know it will be of massive value to North Americans.