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newbie trading forex!

Can’t decide between interactive brokers, Oanada, and forex.com. Gonna be using MT4 as my platform
submitted by dylan_2210 to Daytrading [link] [comments]

Using Oanda to convert USD to CAD?

Hello,
I am very new to the Forex scene. I run a business in Canada and we deal with a significant amount of USD. We are looking for a cheaper way to convert between USD & CAD than letting the banks convert it for us and paying a significant fee. We are looking into different options, and have a few questions:
1) How difficult is it be to deposit USD / CAD into an forex, convert it and withdraw the other?
2) How long do deposits and withdraws typically take? They would be in the area of a few hundred thousand dollars each.
3) Are any exchanges FDIC insured? Am I at risk if they prove insolvent?
4) What is the most widely used online forex that a Canadian can access? Some searching showed Oanada as a good choice, but we are open to other suggestions.
I am not looking to make money and explore trading strategies, rather just pay lower fees for this conversion when it necessary. We do not plan to use any leverage. We have looked into Norbert's Gambit, but are more interested in the forex approach.
Thanks
submitted by TraderJoeSmo to Forex [link] [comments]

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