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| Brokers For Canadian & American Traders https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=6121 |
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| Author: | TransparentT [ Sun Nov 14, 2021 4:05 am ] |
| Post subject: | Brokers For Canadian & American Traders |
It's been a very long time since this forum was last posted in. Many if not all of the alternative brokers talked about here so far are either extinct or criminals. We saw what happened with tomele when FortFS disappeared off the face of the Earth. We've also seen many others such as FXTM (formerly ForexTime) which proved to be unreliable. For those of us living in North America, finding an all-around solid Forex broker is like finding an ever-disappearing needle in a haystack. Just when you find the one gem, it goes extinct for some reason and you have to continually hunt for a new one. Or out of nowhere you get the "due to regulations and changes we can no longer accept clients from your country" email. So our only solution is to continually search for and update an always-changing list of brokers who will allow us to trade with them. I've spent the past month or so searching far and wide for every broker taking in myself and my trading friends. Believe me when I say I spent an awful lot of time talking to customer support agents. This is my list as of now, completely subject to change in the future. A FEW DISCLAIMERS:
Please let me know if this helps! As much as I would love to sign up with Global Prime, being a Canadian means I am unable to trade with them. Thus I have to find alternatives that may not be approved by Steve or the SHF veterans. EDIT, NOVEMBER 23 2021:
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| Author: | SteveHopwood [ Sun Nov 21, 2021 6:24 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
Thanks for your research TransparentT. |
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| Author: | TransparentT [ Tue Nov 23, 2021 6:36 am ] |
| Post subject: | Brokers For Canadian & American Traders |
Updated both lists in post #1 with some new brokers. As always make sure these are your secondary choices to Global Prime. The only reason you should consider them is if you are unable to trade with Global Prime due to country restrictions: “Global Prime is not able to accept clients from North Korea, Iran, USA, Puerto Rico, Ivory Coast and Ontario (Canada)” |
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| Author: | TransparentT [ Fri Nov 26, 2021 6:21 am ] |
| Post subject: | Brokers For Canadian & American Traders |
Both lists in post #1 have been updated with new brokers! Although there are many more brokers likely worth investigating for Canadians only, I'm starting to reach the limit of all the brokers accepting both Canadian and American traders. This assumes all of them will either stay in business for the next 3-5 years or not do a switcheroo on Canadians/Americans due to "changing regulations". At some point it would be awesome if myself and other people can provide well-written reviews that either promote or condemn these brokers. We have to make the best of what we've got as underserved Forex traders. That is, unless we pack our bags and move to a different country for the sole purpose of getting a better broker. :hi: |
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| Author: | TransparentT [ Sun Nov 28, 2021 4:17 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
Forextraderaz, thank you very much for compiling such a big list of brokers. I will verify the acceptance of US residents with the first list on Monday and add them to post #1 where appropriate. I do have a few questions about the second and third list of brokers you provided me. Regarding the ones you use with a VPN and do not require KYC, am I correctly understanding when you say you use a VPN to avoid registering as a US resident? The reason I ask is because Evolve Markets has explicitly told me they do not accept US residents/citizens on your platform. As for the prop firms you listed and their respective brokers, are you suggesting you can trade through these prop firms as an American despite the brokers themselves not accepting American traders? Please help me better understand. |
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| Author: | TransparentT [ Sun Nov 28, 2021 6:52 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
So even though customer support will tell you that they don't accept US clients at some brokers, you can still sign up and trade with no problems? I find this hard to believe given that those same brokers do not have "United States" as a selectable country when you use their registration form to sign up for a live account with them. In the case of Evolve Markets I know that they formally accept Canadians but not Americans. I have no idea if doing so would be illegal, especially if you are using a VPN to bypass their rules. I also don't know how this would come back to bite you when it's time to do taxes for the year and submit your trading numbers. Just by looking at Evolve Markets' website, it is clearly more advantageous to use Empty5 instead of Empty4 due to a wider array of available non-forex trading instruments and greater flexibility with choosing your account currency. Then again this is a forex-only forum so I'm sure it won't be an issue for most people. You also need to create an Empty5 account and get verified before you are allowed to open and use an Empty4 account. I have no experience with prop trading firms, so I can't comment on whether they are recommended or not by veteran traders. While the prop firm using Global Prime sounds like a good bet, I'm eager to see if anybody on this forum can chime in on their thoughts regarding prop firms in general. This seems odd given that CryptoRocket's customer support personally confirmed they will accept US residents without issue. Therefore you shouldn't need to use a VPN to trade with them. I can take another look at TradersWay as I know they will still accept Canadian residents/citizens. The list on post #1 will be updated tomorrow after evaluating your brokers who allow US residents without any workarounds needed. |
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| Author: | TransparentT [ Mon Nov 29, 2021 7:36 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
Both lists in post #1 have been updated with brand new brokers, along with a third in-between list to categorize brokers whose status regarding the acceptance of Canadian and/or American traders is not 100% certain. forextraderaz has brought up a lot of areas worth further investigation. I cannot personally endorse them and I'm sure the veterans at this forum have their own opinions, but here's a short summary of some of the workarounds he(she?) has suggested:
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| Author: | tomele [ Mon Nov 29, 2021 8:37 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
Interesting post, good work. As for the last (LLC) idea I am not sure whether too many brokers will allow a company with limited capital to open an account. After all, they might want to have someone being financially responsible if things go wrong. |
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| Author: | tomele [ Mon Nov 29, 2021 10:21 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
I did some cleaning. Discussion of potentially illegal conduct is not acceptable at SHF. |
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| Author: | SteveHopwood [ Mon Nov 29, 2021 10:59 pm ] |
| Post subject: | Brokers For Canadian & American Traders |
You got in ahead of me. forextraderaz is now on permanent moderation. This means that his/her posts will only be shown here after they have been read and passed by a moderator. Don't hold your breath for this to happen,folks. TT, please carry on your great work on behalf of our North American friends and ignore the dimwits. |
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