or those who require you to move your account to Canada (e.g. OANDA).
This makes no sense to me....I would think being a Canadian resident, having a Canadian broker would be easiest for taxes and what not. Is there a reason you recommend against it? OANDA is headquartered in Canada and accepts traders in Canada as long as they have Canadian bank account. They are regulated by the IIROC and all customer funds are protected the CIPF. I am in the U.S. and have been with OANDA for 2 years now....no problems ever....best broker I've ever used.....best spreads I've ever encountered.....
Well to your suprise, Canadian forex brokers are NOT among the best, far from it. Canada's retail forex industry is WAY behind countries like US (until CFTC stepped in and killed it a bit), UK (the best), and even Australia. Canada's retail forex industry is mostly comprised of brokers extended to Canada from the US and UK. The only native Canadian retail forex broker is Questrade which started out as a stock daytrading firm and got into retail forex after sensing 'a change in the wind'. Except a few ECN's, majority of the fx brokers in Canada including Questrade are MM's with non-competitive spread and relatively high commissions and are clearly really not the best choices for retail forex traders. Whereas brokers outside of Canada have evolved to not only ECN's but exchange-like ECN's with No 'last look' for the liquidity providers, no requotes, instant milliseconds fast execution, extremely tight spread of even 0 for EUR/USD and very competitive commission rates. And they are heavily regulated by financial regulatory bodies of their countries that are in many cases 10x more competent and experienced than the Canadian IIROC or IDA or those provincial regulatory bodies.
Canada has a LOT catching up to do in the retail fx industry and in the meantime, denying Canadian traders access to foreign fx brokers who offer superior service at more competitive cost is clearly doing Canadian traders a disservice.