Hey everyone,
I’m based in Ontario and trying to figure out which forex broker to go with for my trading. I’ve heard mixed things about different platforms and wanted to get some real feedback from other traders in the same province.
Right now I’m considering a few options but not sure which one would be best for someone just getting started with live trading. I’ve been demo trading for a while and feel ready to make the jump, but I want to make sure I pick the right broker.
What I’m really curious about is:
- Which broker do you actually use for forex trading in Ontario?
- How long do withdrawals typically take?
- What kind of fees should I expect?
- Any major issues or benefits with your current broker?
I’d really appreciate any advice from traders who have been through this process already. Thanks for your help!
IC Markets has decent spreads and quick withdrawals. Most decent brokers take 2-3 days for bank transfers.
I use XM Global in Ontario and withdrawals hit my bank in 24-48 hours.
Spreads are decent on major pairs, plus no deposit or withdrawal fees that adds up.
Just a heads up their swap rates are pretty high if you hold overnight positions a lot.
OANDA and Interactive Brokers are good choices for Ontario traders. Both are well-regulated and have fast withdrawal times. OANDA transfers to Canadian banks take about 1-3 days. Their spreads are competitive, but be aware that weekend spreads can widen significantly. Interactive Brokers is cheaper for higher trading volumes, but small accounts incur monthly fees. Their platform is solid but a bit complex. Avoid brokers offering extremely high leverage or bonus deals; they often come with catches that can disrupt your trading.
For larger trades, Interactive Brokers offers clean execution and lower costs at decent trade sizes. However, the platform can be tough to navigate and monthly fees are an issue for smaller accounts. I’ve tried OANDA twice; their platform lagged during news events and execution suffered when the market was volatile. Now, I use OANDA for trades under 10k and Interactive Brokers for the rest. Both typically transfer funds to RBC within 48 hours.
Trading from Ontario for years. Started with OANDA in 2018 - still my main broker.
Withdrawals hit my TD account in 2 days, maybe 3 with holidays. Never had transfer problems.
Spreads on majors like EURUSD are 1.2-1.5 pips during active hours. No commissions, which makes position sizing easier.
Using a cashback service gets me 30% back on spreads - wish I’d known about that earlier. Really adds up.
Platform’s solid. Mobile app sucks but desktop works great.
Questrade works great for Ontario traders - no complaints from me.
