Best Forex Brokers Canada 2020 - Top FX brokers for CA ...

Currency Futures (Canadian dollar D6) - How do I go about hedging by Exposure to USD

Hi there,
My base currency is Canadian and I hold some USD exposure right now due to investments. I am new to using Interactive Brokers and futures trading.
To my understanding it is possible to mantain a hedge using the cash-settled large and mini Currency Futures Contract and occasionally adjust depending on your USD exposure.
https://www.cmegroup.com/trading/fx/g10/canadian-dollar.html
Per https://www.retailinvestor.org/hedge.html#risk
"It is too expensive to hedge." The cost to buy a $100,000 futures contract good for a year, is about $5. Pittance. Yes you must provide collateral but that is not a cost. You will also find that buried somewhere in whatever method you chose, is a cost/benefit equal to the difference in interest rates between the countries. Since Canada and US rates are so close you can cancel out any cost by using limit orders that let normal market volatility make up the difference.
The fund managers who say hedging is expensive are referring to using options. This method IS expensive. Options are a one-sided bet on the direction of FX, expiring within a specific time span. They are not hedges.
The cash funding of open futures contracts come from the daily settlements. If your position gains $1,000 in value one day, there will be $1,000 put into your account. More importantly, if your position loses $1,000, it will be taken from your account. If there is not sufficient cash your broker will consider it borrowed and charge you interest. You must realize that because this is a hedge, you are not 'losing' that cash. For every dollar you might lose in the futures account, the offsetting investment in the foreign security will have gained the same amount. Agreed, you cannot liquidate that cash daily, but the value is there."

1) Anybody have any experience in this in how to consider which month of futures contract to purchase, (near month or 1 year from now if I want one year of) I believe futures contract automatically roll-forward to the next month.
The Price Curve seems to curve down, and is in some sort of backwardation? So farther away in time cost more due to priced in uncertainty - and also more thinly traded?
2) Collateral is required so I assume is some sort of Margin that is required to maintain the contract,
3) What are the calculations to determine how much to hedge out. Say I have $100k USD?
Is it just Looking at say $100k USD x the Future Price Rate (of CAD/USD) or the current Spot Forex Exchange Rate?
I.e. $100k USD / 0.74500s (Aug '20) = $134k CAD ~
So 1 $100k CAD Contract and 3-4 $10k CAD mini contracts?
4) Any resources to learn about this?

Thanks in advance
submitted by sedul2012 to FuturesTrading [link] [comments]

TradingView in Canada for stocks?

Hi all, I'm newer to trading stocks and I really love the TradingView interface.
I'm in Canada and there are few options here for brokerages. I was wondering if anyone has been able to find a brokerage with stocks (not forex) that works on TradingView?
I've been trying papertrading with Interactive Brokers and have found it really frustrating.
Any insight/recommendations would be really, really appreciated!
Thank you
submitted by readingallthethreads to StockMarket [link] [comments]

Must have networth >20k for Interactive Brokers

I have recently turned 18 and have long been interest in trading currency on forex, I am trying to set up an account with Interactive Brokers and when I put in my networth which is currently less than 20000 USD since I am 18. I however have like $5000 to play around with keep in mind I have been practicing with demo accounts for a couple years so I am not just jumping into this. But when I try to create an account it says I must have a liquid net worth greater than 20000, so does it matter if I lie about how much money I have? Like will they verify it?
P.S I live in Canada
submitted by EarlGrey171 to Forex [link] [comments]

Personal Experience: Change brokerage from RBC&TD to interactive broker

I just want to share my personal experience change brokerage from RBC&TD to interactive broker since late 2019. I found interactive broker much better than TD/RBC for my US equity investment. I invest predominantly in US stocks, including Canadian companies dual listed in NYSE/NASDAQ.
Some of the big Pros:
  1. Very low commission compared to RBC/TD. 1USD for fixed pricing, 0.35 for tired pricing.
  2. Participation in pre-market and after-market. This help me to fill my aggressive limit order.
  3. USD/CAD forex is 2USD, even cheaper than Nombert Gambit.
  4. Fractional shares allow me to invest in Google/Amazon/Tesla in a more reasonable pace.(buy 500 dollars for four times vs buy 2000 at one time)
Some Cons:
  1. They have several platforms which is very confusing. TWS is most powerful but look ugly on Mac. Client portal is nice looking but function-lacking. I actually found IBKR IOS to be powerful but also nice looking, so end up mostly use IBKR IOS.
  2. Be careful using EFT deposit. There is a 60 business day holding period if withdrawal to a different bank.
  3. One might need to spend some time research on their fee structure, deposit/withdrawal procedure.
I have ignored IB for years due to it being an American brokerage and do not have physical locations. Finally tried it and now think it is the best for US equity investment in Canada. Hopefully if we move more investment to online brokerage such as Questrade/IB/Wealthsimple, eventually will shake the big 5 and force them to lower their ridiculous commission.(It is still nice to have one of the big 5 for some portfolio.)
submitted by LeoWgl123 to PersonalFinanceCanada [link] [comments]

some helphul common terms for forex traders

Common terms:

submitted by livmarsh1992- to u/livmarsh1992- [link] [comments]

Tax Related Questions

Hi again PFC. I'll soon be moving to Canada for the first time as a permanent resident and want to get my worldwide income (read: taxes) in order before I move, and have a few doubts.
FYI, as a newcomer, any income I have before landing is tax free.
  1. I have an Interactive Brokers account with USD holdings in ETF index funds. Should I withdraw that amount before coming to Canada and then transfer to a new account there? If not, after I land, will I be charged tax when I transfer over, likely to Questrade?
  2. I have a few fixed deposits (similar, if not the same as GIC's) in India where I won't need to pay any tax on upon maturity. Some mature in 1, 2, and 5 years).
a). Am I correct to think my initial capital won't be taxed later and only the interest on the FD's?
b). My dilemma is whether to break these now, lose the interest I could accrue, and convert the money now to CAD. In a couple of years the Indian rupee is likely to get worse against the CAD so I'd lose out on forex conversion and then tax. Would that be more or less than tax I may have to pay?
  1. I'll be selling some property and/or getting the money I invested (+ interest) back, hopefully soon. Do I need to pay tax on property sales in a foreign country, even if I purchased before I moved to Canada?
If anyone has ideas or sources on how to figure out / calculate the best options, I'd be indebted.
Thanks.
submitted by AUserName01 to PersonalFinanceCanada [link] [comments]

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