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.
http://www.ig.com/uk (rumors they may also be leaving Canada until the regulation stuff is settled)
http://www.tradersway.com/ Offer high leveralage higher than should be legal the larger the deposit.
http://www.cityindex.co.uk/ CFD’s are better than “Spread Betting” for mirroring markets and a variety of other reasons.
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)
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
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
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.