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I don't have any experience with MfGlobalFx.ca (MF Global Canada) - forex broker. If you do, please kindly submit your review.
Thanks from forex trading community!
Rob, Port Moody
Rating:
Date of Post:
2010-01-03
Review:
OKAY - Big Change!!!
I just had a terrible night with good old FXCM. I had a trade with a 20-pip stop loss. The price never got to within 2 pips of the stop and guess what? My connection of the MFGlobal/FXCM server fails. This BTW has happened a number of times since I opened the account. This time, the server reboots. And bang!!!!!!!! I have been stopped out. The price I was stopped out on is NOT EVEN WITHIN THE WICK OF THE CANDLE!!! Translation: the stop never occurred. The price was not hit. I went to three separate forex charts to confirm this, including another MT4 account I have with a different brokerage. Guess what? DID NOT HAPPEN. Price did not hit my stop. Not even close.
Prognosis: Same old FXCM BS. I've heard about their brand of BS and have now smelled it up close and personal.
I am closing my account with MFGlobal. I'm sure they mean well, but this is a joke. The spead on EUR/USD is never below 2.5 pips. Yes, one can do better. Just not in BC it seems.
Don't bother with this place: Nice window-dressing for just another introduction to the thieves at FXCM!
STAY FAR, FAR AWAY!!!
Rob in Port Moody
2009-12-21 4 Stars Ok, here's my take. First off, I agree completely with everything said so far in the MFG reviews. I just opened an account a few weeks ago. My funds have cleared and I have downloaded the live MT4 terminal and begun trading.
Pros so far: Excellent customer service. They do what they say and there are no nasty surprises here. Everything is above board with full regulation. If you look at the CFTC page on broker liquidity, you will see MFGlobal has very deep pockets internationally. These guys are going nowhere. And they sincerely seem like they are interested in taking care of you.
Cons so far: Well I knew going in that the spreads were not exactly razor thin. But I'm trading a M15 template that can swallow up three or four pips in the spread and still be profitable. Honestly, I'm not thrilled with their association with FXCM. But barring that one thing, you are basically getting a stable MT4 platform with STP pricing. Yes, there is lower pricing. If IB ever got their crap together on the forex front, I'd trade with my old equities brokerage in a heartbeat. But without Metatrader, right now I'm happy to give MFGlobal a shot.
I will keep this thread updated with my findings. Like the common sentiment here: so far so good. MFGlobal appear to be one of the few brokers offering residents in Canada (particularly in BC where the regs are so tight) a decent alternative to the fantastic plethora of options available stateside. (If I lived an hour south of here, I'd sign up for MB's MT4 platform with ECN connection - but alas, that bloody 49th parallel!)
So far, I'm rating them a good. Will update after a month's activity.
-Rob in Port Moody
Bill, Victoria
Rating:
No Rating
Date of Post:
2009-10-08
Review:
I asked about learning FX trading. They asked if I had any trading experience. I said no and they told me to stay waway from trading. Don't get involved. Don't learn.
I used to have an account with these guys before all the changes went through with Canadian margin requirements.
These guys really are for institutional traders as maximum leverage is only a mere 30:1.
Jason, Toronto,Canada
Rating:
Date of Post:
2008-05-19
Review:
I have been with them for 6 months and the trading platform is very stable. Orders executed very quickly and accurately. So far I am very happy to have chosen this broker.
Anthony, Montreal, Canada
Rating:
Date of Post:
2008-02-16
Review:
MfGlobal Canada is a publicly traded company.
What I can say for sure is that they follow the Investment Dealer's Association rules to the tee. Example: 3% Initial Margin required for all USD pairs, Maintenance margin also. They are the only ones that follow the IDA rules so tightly in Canada.
I am familiar with the IDA rules because I am a broker with one of the 5 large Canadian banks.
It is a bit of a double edged sword because Initial Margin is higher than others however, it's good to know that someone is following the rules.
In addition, they do seem to actually screen new accounts. They refused my brother because he had low income and little assets.
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