Saturday, January 14, 2012

Canadian Forex Broker and MT4 – Questrade

Questrade offers MetaTrader 4 (MT4)
You heard it here first.
So after MF Global closed up shop I started looking for another broker.  I’ve already posted a little bit about this in the past month.  I want this broker to be covered under IIROC and CIPF.  MG Global was a member of CIPF and if they default on getting my money back to me, CIPF would have stepped in and refunded me 100%.  That wasn’t necessary, KPMG successfully got all the money back to me via a check mailed to me. 
I’ve tried FXCM and the Canadian broker they hooked up with called Friedburg Direct.  Well this set up is bullshit, you can’t open a MT4 account, you have to use FXCM-UK.  So after sending in the application and going through the process, the sale guy, YET AGIAN, was wrong wrong wrong wrong.  The lesson here is to call customer service of the parent company (usually US for the ones I was contacting), then new accounts, then customers service, get three different people to confirm the account set up.  Then call customer service in Canada and see if you get the same answer.  So I’ll probably open a small account to test new EA’s in a live platform.
I’ve been using Interactive Brokers and Questrade as well as TD Waterhouse (not to be confused with TD Ameritrade). 
Well TD sucks since the commissions are high, the platform is crap, and to get bracket order you have to pay to use the pro platform.  So those accounts are being moved now.
Interactive Brokers – great commissions, TWS platform is fine and very robust.They don’t allow RESP or RRSP but I do have an account with them.  To bad about the RRSP, had to find somewhere else for that, so I use Questrade.  BTW Trade Freedom was bought by some other company. 
So I’ve been with Questrade for a while now.  There basic platform is crappy too.  There is a new platform coming out shortly, I need to check to see if it will do OCA or bracket orders.  The big news here is they are covered under CIPF, regulated by IIROC, and they are BETA TESTING MT4.  Is that da bomb or what?
So I am about to start demo testing MT4 with Questrade.  I’ll keep you posted.


  1. i don't see nowhere the metatrader 4 platform? is it something only for their clients (no demo account)? do you use it?

    is questrade a no-dealing-desk broker or a market maker?


  2. They are still working out the details, and it should be ready for release in August. So no details yet. I have tried a demo with them but they have not settled on a back end provider yet. As soon as they introduce it I will almost for sure use them for MT4.

  3. Hey Brian, thanks for the info!

    To answer my question, Questrade is a dealing desk (market maker), I really prefer a broker that is a no-dealing-desk (they do not play against you)...

    If you happen to know any regulated no-dealing-desk broker in Canada let me know.

  4. Don't think they have decided on that just yet. I was talking to a guy, giving him feedback on the diff between trading forex with Interactive Brokers (no MT4) and their commissions compared to PFGBest. I was with MFGlobal before they went tits up and they were Canadian and I was happy. I'm hoping they go with the commission model and not the spread model, and ECN. More "good" brokers are going ECN. Taking the profit from the spread isn't what I want, although I'm a position/swing forex trader so its not a big deal. I use PFGBest now but there is no Canadian protection. I'm unaware of any right now.

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  6. Lot of ppl favoring ECN over market maker. Does it really matter? If you know the key drivers and how supply and demand influences your position, then you should be regardless. If you are losing money then it has nothing to do with a broker betting against you or not. You just entered on the wrong side of the trade. Period. Blame yourself. Not the market.


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