7 Solutions For Canadian Traders With Nadex Canadian Exit


#1

APEX has just been made aware of the recent News on Nadex regarding that they will no longer allow for Canadian residents to open or trade an account on the Exchange. We have the same information that was relayed via email to all existing Canadian members of Nadex and have no other details regarding . There is a solution for those who will be affected by this recent change as you could open an account with the following to trade Futures, Forex, CFD’s, Options, Spread Betting, Binaries etc…:

These are not ranked from favorite to least favorite… Its just a list

Please feel free to comment on your experience with these 5 brokers who “seem” to have a good reputation.

  1. http://www.ig.com/uk (rumors they may also be leaving Canada until the regulation stuff is settled)

  2. http://www.tradersway.com/ Offer high leveralage higher than should be legal the larger the deposit.

  3. http://www.cityindex.co.uk/ CFD’s are better than “Spread Betting” for mirroring markets and a variety of other reasons.

  4. http://www.questrade.com/
    
  5. https://www.interactivebrokers.ca/en/home.php (among the biggest and globally recognized brokers - 
                                                                                 platform can do amazing things but is very complex)
                                                                                They used to have horrible customer service but 
                                                                                seem to have improved. But they do not have a lot of 
                                                                                patience for basic questions (demos come with 
                                                                                funded accounts if i remember correctly been a while 
                                                                                since I had an account with them. They offer about 
                                                                                every product under the sun to trade and are highly 
                                                                                regulated)
    
  6. http://www.globalfutures.com/ These guys are light on demos and heavy on sales so be aware.  Their customer service seems as if their operators have something stuck up their @$$ so just be aware. Futures and Forex and some spot gold etc.. as well
    
  7. http://www.fxcm obviously forex well known
    

I will add more brokers or notes as they come in. Note if you post a bucketshop i will ban you so don’t do it. | The sites above offer CFD’s where you can make every tick worth 1.00 and would not have to deal with proximity and premium, however you MUST always manage your risk with Stop loss orders!!

Also you can trade futures and Forex. A chart is a chart dont feel like you can’t trade just because you can’t trade on Nadex. It will be back :slight_smile:

Recent News Article on This Topic Nadex Discontinues Service To Canadian Members

From what I can tell, they are working on establishing an official presence in Canada. Meaning they are working on getting registered as a recognized exchange by the OSC (Ontario Securities Commission). This will most likely move towards the OSC banning the bucketshop binaries brokers which are currently allowed in Canada and which the OSC frequently puts out warnings regarding them in order to protect Canadians. To do this the right way, they (Nadex) probably has to pull out of Canada, file everything and then return. If I am correct IG, (Nadex’s parent company) will most likely pull out of Canada as well. I fully expect that sooner rather than later, Nadex will be returning to Canada in full force. This is just opinion- solely my speculation.

Is your trading career over? NO! By no means. Forex, Futures, CFDS etc… and a few others that I listed at the top are resources you can go to. Feel free to PM me other brokers and I will be happy to review them and let us know if you have any questions.


Canadian looking for options other than NADEX
Canadian alternative for Nadex?
#2

"Admin merged this post to an existing Post"

I just received this email from NADEX. I’m a Canadian trader so I guess my trading days are over…

Nadex is no longer serving Canadian members

Dear XXXXXXXXXXX:

We have valued having you as a member of the Nadex exchange. That’s why it is with regret that we have to inform you that we will no longer have Canadian residents as members. We have been in communication with the Ontario Securities Commission regarding Nadex members residing in Canada and we are exploring the opportunity to establish a formal presence throughout Canada. While we explore this opportunity, we have decided to stop accepting new applications from Canadian residents and to close our existing Canadian members’ accounts. This policy change happened recently and takes effect immediately. If you have any open positions, you can exit them or let them expire. After the close of the Exchange on Friday you will not be able to deposit additional funds to your account or enter any new trades. We will wire your funds to your primary bank account on file early next week. If you deposited via debit card and haven’t finished verifying your bank account, we’ll be reaching out to you. We will of course waive the wire transfer fee. If our policy changes in the future we will be sure to let you know, but at this time, we can’t say if or when that will happen. In the meantime, we wish you all the best and thank you for being a Nadex member.

Sincerely,

The Nadex Team Nadex Phone: 1-877-776-2339 Email: customerservice@nadex.com Website: www.nadex.com

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Canadian looking for options other than NADEX
#3

"Admin merged this post with existing Post"

Received this email today:

Nadex is no longer accepting applicants from Canada

Thank you for applying to be a member of the Nadex exchange. Normally, we’d be writing about the completion of your application, but unfortunately we are no longer accepting applications from Canadian residents. This policy change happened recently and takes effect immediately. If our policy changes in the future we will be sure to let you know, but at this time, we can’t say if or when that will happen. In the meantime, we wish you all the best and thank you for applying.

Sincerely,

The Nadex Team

This is odd - no explanation or anything about the reasons why Nadex has decided to do this. It’s the first I’ve heard of it (maybe I’m out of the loop?) but it’s SO disappointing. Anyone have an idea of what’s up with this and if we have any alternatives this side of the border?

Thanks, Sad Staring Dog


#4

Hi,

It is the nanny state at its finest…I don’t know the exact details but it is in essence the Ontario Securities Commission hounding them and not wanting Canadians involved in any investing ventures outside of Canada where they OSC doesn’t have any oversight. Its for ‘our protection.’ Sigh…


#5

Oh, great… that’s not good news.

Thanks for the info, ABCINC!


#7

Since we as Canadians cannot trade with Nadex, what othere options do we have. Any suggestions.


#8

Hi - I just submitted an application to http://www.ig.com/uk


#10

Ive updated this post with other options


#11

See top of post


#12

Please See above


#13

Please See Above


#14

Please See Above


#16

Here is an 8th one: http://friedbergdirect.wix.com/friedbergdirect Not sure how safe or regulated it is never head of it. This is key when looking make sure it is properly regulated. Dont just trust their site hop on the regulators site and look up complaints penalties fines. The regulator needs to be in the USA or in Canada not some isle of man cyprus crap. These guys may be awesome. If anyone knows let us know. Dig in and share.


#17

If memory serves correct, Friedberg is who FXCM uses to do their forex trading in Canada. I will have to verify but I seem to recall this when I was shopping for a forex broker. Minimum deposit of $5K so I moved along… :smile:


#18

I look at the new brokers and think - “I’m lost.” Nadex was easy to understand. I don’t know, maybe I’m just dimwitted, but I would feel much more comfortable if we could get a training video featuring one or two of the brokerages suggested, explaining the ins and outs and differences between them and Nadex. Just a thought…


#19

I live in Canada and at present I trade (live and demo) only Forex with IC Markets, an Australian broker which allow me to trade my account with CAD. From another friend I know they are ok but personally I didn’t take yet my first profit with them. The leverage is very good 500:1. I have also a live and demo account with Oanda Canada which are regulated in our country but there the leverage is very small 50:1. I will trade with them later when my account will grow. Again I do only Forex and I wait for Nadex to come back to use them only for spreads.


#20

They are buy at one price sell at another. You dont have to worry about expiration or premiums or the such. So what do you need training on specifically.


#21

No one needs 500:1 that is a fast way to bust your account over risking it. I have heard of IC Markets have not heard anything bad about them.