For Canadian Clients of VantageFX (or Canadian Forex Traders in General)
As you likely already know, VantageFX will no longer service Canadians residents as of Nov 30th. This is unfortunate, since VantageFX has done an excellent job serving Canadian clients with higher leverage account options from a well regulated and trusted broker. Through contacts in the industry, we've been made aware of a new retail account offering at Pacific Union. Pacific Union has a good history of servicing institutional accounts and has only just started taking on retail clients, but they are positioned to service the Canadian clients in the space that VantageFX has left behind. Further, we were made aware of Pacific Union first by contacts at VantageFX, and then this recommendation was backed up by a trusted source who works closely with both companies. Again, to be very clear, this post isn't to give undue attention to some random broker.. we are providing this info because Pacific Union is a proper alternative for Canadian based traders that will no longer be serviced by VantageFX. On that note, I've updated the wiki to include Pacific Union Prime - https://puprime.com: Subreddit's Canadian Brokers Wiki Page The only major difference I have noticed so far is lacking MT5, but the word is that Pacific Union will be reviewing MT5 and other enhancements to their offing next quarter after they get past the launch of their retail offering. Key highlights from my perspective:
Up to 500:1 leverage available for Canadians, and while that much leverage may not be needed, even just 100:1 is decent compared to ~33:1 leverage set by IIROC with onshore brokers.
Client funds are segregated at an Australian bank, so you're getting some overlap of Aussie banking / regulatory rules and that's a huge plus when it comes to safety of funds and the finance side of things
No fee on credit card deposits / withdrawals, and no fee on Visa Debit and MasterCard Debit deposit / withdrawals. Transactions are completed within 30 minutes.
No fee on Interac e-Transfer deposits.
Remember, going offshore means you lose CIPF protection on funds, so a well vetted and properly regulated broker is a must! UPDATE #1: Oct 6th: Took this post off sticky and redacted some info as the connection between VantageFX and Pacific Union Prime was not "official". Pacific Union is still a great alternative / replacement for Canadian clients seeing higher leverage accounts and who are no longer serviced after VantageFX left Canada. UPDATE #2, Oct 8th: Adjusted this thread again to best reflect where Pacific Union Prime fits with VantageFX and former Canadian VantageFX cleints.
I recently found out that (apparently) the cap gains tax rate is 50% in canada? So if i make say.. 100k in capital gains (just for easy math) i would then owe 50k to the government? Seems a tad excessive.. Making 100k a year and then still having to live a 50k lifestyle cause you know you'll owe 50k. Am i wrong, and if so, could someone explain this to me? This kind of makes me not want to trade anymore to be honest.
Why is it a Good Idea to Exchange Canadian Dollar Online?
The Canadian dollar is the official currency of Canada and is represented as CAD. The currency notes of the Canadian dollar are available in denominations of 5, 10, 20, 50, and 100. Travelers who are traveling from India to Canada have to get their INR converted to CAD. The best way to do this would be to visit BookMyForex. You can get the best Canadian dollar rate on BookMyForex. The convenience of exchanging foreign currency online Although there are several ways in which you can get your INR converted to CAD, the currency exchange rates vary from one source to another. Out of all the available sources for currency exchange, the best forex rate is offered online by BookMyForex. BookMyForex is the largest and the first portal which offers foreign currency exchange online. You can check the live Canadian exchange rates here which are the same as what you would see on sites like Google, CNBC, etc. What BookMyForex does is, it compares the Canadian dollar rate today across several banks and financial centers and then displays the best Canadian exchange rate to you. The online conversion process makes currency exchange a simpler process without any hassle. All you have to do is buy the Canadian dollar at the best rate and we will deliver it to you within the minimum amount of time. The facility of freezing a forex rate online The Canadian dollar rate that is displayed on BookMyForex is transparent and live. These rates are almost 5% less than that of the forex rates offered by banks and money changers. BookMyForex gives you the facility of freezing rates online as well. This means that when you see a forex rate that seems suitable for you, you can freeze that particular rate and exchange currency at that rate within the next three days. Also, there are no hidden fees for exchanging currency via BookMyForex. If you want to get notified about the best dollar rate today, you can opt for the “Rate Alert” feature. This will notify you via email every time a good Canadian dollar rate is available. Wide range of product offering BookMyForex is undoubtedly the best source for exchanging currency online and it also provides multiple options for Canadian dollar products. When you use BookMyForex to exchange foreign currency, you can choose from a selected range of products like Canadian cash currency, Canadian traveler’s cheque, Canadian prepaid forex card, etc. These products can be greatly beneficial when you are traveling to Canada. Canadian forex cards are a much better option than carrying around cash as it is not only safer but it also provides other benefits as well. Apart from these products, BookMyForex also offers the service of money transfer of foreign currency. This can be done by either opting for a Canadian dollar demand draft or through Canadian dollar wire transfer. When you opt for this, the money transaction is carried out directly from an Indian bank to the bank in Canada.
The Forex broker I've been using for the past 4 years is Global Prime in Australia but now that all their Canadian clients being moved to Vanuatu. Are there any Canadian forex traders here that can recommend the broker they use? Any issues with their broker in the past or anything notable? Would appreciate the recommendations.
TODAY’S CANADIAN DOLLAR CAD STRENGTH AND LIVE FOREX TRADING SIGNALS
Today in the main session forex trading the CAD was strong on all pairs in this currency group. This drove strong price movements during the main trading session. Images of the live forex trading signals from The Forex Heatmap® and price chart movement for these pairs is shown below. The CAD/CHF moved higher on the H1 time frame. This pair is range bound so we consider this to be a short term buy. Traders should exit any short term buys on this pair. These live currency trading signals and trend based trading plans for 28 pairs can be found on our website at Forexearlywarning.com. CLick on the link for more information:
Cheapest way to transfer money from Canada to Australia?
I frequently transfer money from Canada (where I live and work) to my Australian bank account (to pay off my mortgage). I used to use my bank, but they were charging a high fee, so I switched to Canadian Forex (now rebanded to OFX), who are charging $15 per transaction. I'm curious to know whether the rates they offer are good value compared to other services though. For example, if I transfer $2000 today, the rate they are offering is 1.0265 On xe.com, the current exchange rate is 1.04506 Is that a fair premium? Is there an even cheaper way to transfer my money?
Both lots are suitable both as foreign exchange and as a start to a collection, with a large quantity of circulated but problem free coins.
1942-D Australia Threepence - $2
1959 Canada Proof-Like 1 Cent - $2
1959 Canada Proof-Like 5 Cents - $2
1965 Canada BU 10 Cents - $2 each (3 available)
Both the proof-like coins have some small spots but are much lower mintage than the 60s ones you regularly see.
Lot of 100 Late-Date Indian Head Cents - $90 Shipped (4 available (see below))
If you would like a smaller quantity, I am willing to break these into lots of 50 for $50 shipped. Shipping If shipping is included in the price, it will be shipped either first class or priority based on weight. Tracking will be provided. If not, You can choose between first class for $4 and risky shipping for $1 on the single coins. Regardless of the shipping method, once I hand the package over the counter at the post office, it is yours. Payment I accept PayPal, F&F preferred but G&S accepted so long as you pay the fees (add $0.30 + 2.9% of the total). Communication I prefer traditional reddit PMs and will most likely give those precedence, but I will respond to chat. I respond to messages/chat in the order received.
I want to transfer USD to CAD. I tried transferwise but they want me to enter my online banking credentials (wtf?) to use their transfer service or get a wire transfer. I'm leaving the US in a couple days so I won't really be able to wire transfer, and I don't want to give my credentials to use the site lol. For any (well known) alternatives like XE.com or CanadianForex, before I waste my time signing up, do they ask for online banking credentials or wire transfer, or just the routing / account number?
Since questions about Canadian brokers come up often, we put together a wiki page that provides details about IIROC regulations, CIPF protection, and brokers available to Canadians: https://www.reddit.com/Forex/wiki/index/canadian_brokers I'm looking for feedback from fellow Canucks.. are there other options you'd recommend? Do you think we need to add more info? Any experiences you'd like to share with Canadian institutions? Thanks! :)
Need Advice!!! CAN resident moving to US in the next two weeks. Need to convert $$
Hi everyone, Unfortunately I'm drawing the shortest straw of all time and will need to be converting a good chunk of money ($10,000+ CAD) into USD in preparation for relocation to the US in the next two weeks. Any advice anyone may have for me? I think I'll go through a service like www.CanadianForex.ca, but with every day my optimism of an improving exchange rate is met with a rudely plummeting exchange rate. I am with TD Canada Trust and have opened a TD Bank account as well but usually commercial bank rates are even worse.. Thanks so much.
My family wishes to send me 25,000 Euro from Europe. I looked into the cheapest option and I think an online currency exchange such as TransferWise, CanadianForex or XE (probably CanadianForex has lowest fees) is the best one. However I am not sure about the tax implications. I know that any income earned (in Canada or abroad) must be reported if you are a Canadian resident, which I am. I also know that Canada doesn't have a gift tax. So my question is how should this money be declared: foreign income or gift? Where do you declare the gifts received on your T1 anyways? Thanks!
Since questions about Canadian brokers come up often, we put together a wiki page over on /forex that provides details about IIROC regulations, CIPF protection, and brokers available to Canadians: https://www.reddit.com/Forex/wiki/index/canadian_brokers I'm looking for feedback from fellow Canucks.. are there other options you'd recommend? Do you think we need to add more info? Any experiences you'd like to share with Canadian institutions?
Since questions about Canadian brokers come up often, over on forex we put together a wiki page that provides details about IIROC regulations, CIPF protection, and brokers available to Canadians: https://www.reddit.com/Forex/wiki/index/canadian_brokers I'm looking for feedback from fellow Canucks.. are there other options you'd recommend? Do you think we need to add more info? Any experiences you'd like to share with Canadian institutions? Thanks! :)
Опять нам вышло послабление - как перечислять деньги зарубеж и не платить бешенных transaction fees (by div_by_zero)
Original lj thread: http://torontoru.livejournal.com/1931512.html Я уже писал тут про волшебный сервис поиска LTL-перевозчиков Freightera, который позволяет мне экономить 30-50% на shipping costs по Канаде и Штатам Сегодня хотел поделиться тем, как с минимальными затратами делать Wire Transfer за рубеж Допустим, вам надо заплатить контрагенту в USD, притом что на Вашем счете есть только CAD В такой ситуации, если вы пойдете в банк делать Wire Transfer, то банк отымеет вас по полной программе Сначала, они отконвертируют CAD в USD по своей ставке, добавив 2-3 сотых процента к спотовому курсу (в свою пользу само собой) - только на этом вы потеряете пару процентов от переводимой суммы Потом, они возьмут с вас Transaction fee - долларов 35, и еще correspondence fee - еще долларов 45 На небольших суммах, в нескольких сотен долларов, transaction fees и currency spreads легко могут вам стоить 5-10 процентов от стоимости перевода Как это делать правильно ? Открываете счет на canadian forex (https://www.canadianforex.ca) , и привязываете к нему свой канадский счет (они потребуют от вас подписать соответствующшие бумаги, дающие им право на money withdrawal) Потом, делаете через них FX transaction, которую совмещаете с Wire transfer. Забиваете там все обычные атрибуры (SWIFT,IBAN банк-корреспондент и т д - они поддерживают все методы). Сам перевод при этом ничего не стоит, и у них совершенно замечательные Exchange Rates Например, мой перевод вчера они подсчитали по курсу 0.7903, при том, что SPOT rate за день не поднимался выше 0.7969 То есть, они накинули наверное около 0.7 сотых к Spot rate, в то время, как банк взял бы как минимум 2 сотых (в 4-5 раз больше)
If the American & Canadian Stock Markets Crash.... Forex?
Hello, I'm a newbie investor. I've been hearing a lot about how the stock markets are being supported by printed money in both USA and Canada, while they try to keep everyone afloat during these strange times. There are growing whispers that many other newbie investors are entering the markets and are being fed false hope about easy gains as the market recovers, when the real crash is potentially yet to come. Also, the printed money is going to lead to inflation, but there's a lag time before we feel the effects. So I've been wondering, with both a stock market crash, and the effects of inflation just around the corner, is using FOREX a viable strategy to protect my money? For example, if I converted all my CAD to the South Korean Wan, before the inflation hits, and assuming business proceeds more or less as usual in South Korea, would that be a way to protect my money? I'm a noob so I'm hoping someone can point out any fatal flaws in this idea.... BTW, the only thing I know about south Korea is that their unemployment numbers are LOW, their covid cases are LOW, and their lock down restrictions, relative to Canada/USA are LOW, meaning their economy probably won't be hit as hard as others. Is converting to a "stable" foreign currency a good way to protect my unstable currency?
Advantages of trading with a Canadian Forex broker. Every Forex trader in Canada is free to choose any Forex broker of his choice. Registering with a Forex broker domiciled in Canada will give you an incomparable level of security as a client. It will also ensure complete protection for the fund you have deposited to the account of the broker. The CIPF is one of the many regulatory bodies for ... Canadian Forex brokers tend to be quite varied in their respective platform offerings. Although MetaTrader 4 and MetaTrader 5 are offered by most Canadian online brokers, most of them also offer their own proprietary platforms which vary considerably. One of the top Canadian brokers, LegacyFX, offers no choice of trading platform, requiring all clients to trade using the MetaTrader 5 platform ... Canadian Dollar. Forex investors in Canada usually sign up to brokerages that offer the Canadian dollar (CAD) as a currency. This can reduce trading costs and conversion fees. The Canadian dollar is the 6th most traded currency and forms 2% of the global currency reserves held by banks. The biggest influence on the CAD is the domestic economy, which is driven largely by oil, gas, and mining ... Überprüfen Sie, ob canadianforex.ca ein Betrug Website oder eine sichere Website ist. Ermitteln Sie, ob canadianforex.ca ist ein Betrug, betrügerische oder infiziert mit Malware, Phishing, Betrug und Spam, wenn Sie Aktivität haben Best Canadian Forex Brokers for 2020. To find the best forex brokers in Canada, we created a list of all IIROC authorised firms, then ranked brokers by their Trust Score. Here is our list of the top Canadian forex brokers. CMC Markets - Best web platform, most currency pairs; Interactive Brokers - Best for professionals; FOREX.com - Great platforms and pricing; Best Forex Brokers Canada ... The foremost advantage of choosing a Forex broker from Canada is the Canadian Investor Protection Fund (), which guarantees traders up to $1 million in case a broker goes into bankruptcy or if the parent company is liquidated for some reason. $1 million is a lot of money, especially when comparing it to the FCA of the UK that provides only up to £50,000 in compensation in the event a broker ... CAD - Canadian Dollar. CNY - Chinese Yuan. GBP - Pound Sterling. EUR - The Euro. AUD - Australian Dollar. PHP - Philippines Peso. JPY - Japanese Yen. MXN - Mexican Peso. Global offices. Suite 1002 145 King St West Toronto, ON M5H 1J8 Canada Toronto. 49 Stevenson St 13th Floor San Francisco ...
What Does Top 10 Canadian Forex Brokers and Platforms by ...
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