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Which broker accepts Canadians?

  • Post #1
  • Quote
  • First Post: Aug 16, 2012 6:00am Aug 16, 2012 6:00am
Seems alot of brokers aren't accepting Canadians anymore especially in Alberta.

The only one that accepts Canadians seems to be Forex.com for the moment.

Any others out there?

Seems like the only option is to trade currencies on the futures market.
Pepperstone, Axitrader, Armada, Oanda, Duckascopy... They are quite a few that do.
Fuck Forex Factory.Wake up people.
GAIN just opened a Canadian branch (http://www.forex.com/ca/). FXCM (http://www.fxcm.ca/) works with Friedberg Direct in Canada if you were looking for truly Canadian forex brokers. Questtrade is canadian and offers Forex - though I don't know via what platform (http://www.questrade.com/pricing/commissions_forex.aspx). "FX Clearing" is out of Ottawa though not sure about their reputation (http://eng.fxclearing.ca/)
Quoting ramy3
Pepperstone, Axitrader, Armada, Oanda, Duckascopy... They are quite a few that do.
Oanda actually doesn't anymore... unless your a millionaire.
Quoting Forex2k10
GAIN just opened a Canadian branch (http://www.forex.com/ca/). FXCM (http://www.fxcm.ca/) works with Friedberg Direct in Canada if you were looking for truly Canadian forex brokers. Questtrade is canadian and offers Forex - though I don't know via what platform (http://www.questrade.com/pricing/commissions_forex.aspx). "FX Clearing" is out of Ottawa though not sure about their reputation (http://eng.fxclearing.ca/)
FXCM and Questrade actually both don't accept traders from Alberta.
pretty much any u.s. broker does, as well as having access to multiple u.k. and euro brokers. you actually have more options than u.s. citizens.
Quoting adaseb
Seems alot of brokers aren't accepting Canadians anymore especially in Alberta.

The only one that accepts Canadians seems to be Forex.com for the moment.

Any others out there?

Seems like the only option is to trade currencies on the futures market.
Ok, you may want to check out Trader's Way, FXCM and Alpari..you should have better luck with the first two.
Quoting adaseb
Seems alot of brokers aren't accepting Canadians anymore especially in Alberta.
Hi Adaseb,

The Alberta Securities Commission (ASC) recently passed regulations which require that you be an accredited investor in order to trade forex in Alberta. That means retail investors living in Alberta are no longer allowed to trade forex. There is a similar requirement to be accredited in order to trade forex in Quebec. Retail traders in British Columbia can trade forex but only through a broker registered with the British Columbia Securities Commission (BCSC). Retail traders living in other Canadian provinces are allowed to trade forex as long as it's through a Canadian-regulated broker such as the ones people have already mentioned above.

One great advantage Canadian traders have is the Canadian Investor Protection Fund (CIPF) which protects client funds for up to $1 million each. Make sure the broker you choose is a CIPF member.

Good hunting

Jason
Quoting Jason Rogers
Hi Adaseb,

The Alberta Securities Commission (ASC) recently passed regulations which require that you be an accredited investor in order to trade forex in Alberta. That means retail investors living in Alberta are no longer allowed to trade forex. There is a similar requirement to be accredited in order to trade forex in Quebec. Retail traders in British Columbia can trade forex but only through a broker registered with the British Columbia Securities Commission (BCSC)....
Hey Jason,

Could you provide more info on the requirements for Quebec residents? I was doing some digging and couldn't pull up any special requirements for them a-la Alberta's restrictions.

And just for clarity, the requirement for all other Canadian residents to trade with an IIROC regulated broker isn't fully true.

There's some requirements if the broker has a Canadian division that's locally regulated, but most other province's securities regulators do not explicitly restrict residents from conducting business with brokers who are overseas.

Sure that means some options won't benefit from CIPF and can't approach IIROC if something goes wrong with the broker.. but, for example, if an Ontario resident wanted to trade with an FSA regulated broker who has no local office in Canada, they aren't stopped by our regulators here.

Seriously speaking though, having our regulation split up between IIROC on the national level and each province having their own rules locally is a pain to keep on top of... can't wait til they finally unify it all nationally.
FXGears.com
Quoting Jack_Larkin
Could you provide more info on the requirements for Quebec residents? I was doing some digging and couldn't pull up any special requirements for them a-la Alberta's restrictions.
Hi Jack,

I checked on this and Friedberg Direct's registration with IIROC means that they can accept retail clients from Quebec.

Jason
Having an income over $200,000 a year is one of the income categories used by Canadian securities regulators to define who is an accredited investor for investment purposes in Alberta...(trade forex)


that's 3% of Canadians... Or you need a MILL in assets ( your home counts)
lowest draw down possible please.
Quoting qwerty00
pretty much any u.s. broker does, as well as having access to multiple u.k. and euro brokers. you actually have more options than u.s. citizens.

It's U.S. Residents not citizens. Citizenship doesn't matter... as long as you reside in U.S. you follow the rules and laws of the U.S.

You could be a penguin from the antartica, but if you LIVE in the U.S. that is U.S. Jurisdiction.

I don't know who in the hell started this citizen crap.

Now if you're a US citizen living abroad and the IRS bangs your door down for tax evasion that is an entirely different equation all together.

http://2.bp.blogspot.com/-o6lK8MltNY...lze1o1_500.jpg
Quoting pip_seeker
It's U.S. Residents not citizens. Citizenship doesn't matter... as long as you reside in U.S. you follow the rules and laws of the U.S.


http://2.bp.blogspot.com/-o6lK8MltNY...lze1o1_500.jpg
Now that JPEG says a million.. we should get bumper stickers of it!
Ya it's getting really weird when i think about it.

I just recently moved up here to Alberta, the richest province in Canada because of the oil business with Americans. You would think this would be the last province to ban something like FOREX for "little" people coz everyone got the money. I'm making $18 bucks an hour for a simple job, highest wage i ever had so far in Canada.

Casinos, liquor stores and strip clubs are all over the place and illegal drugs are the easiest in Canada to come by. blah

I see Americans are always laughing at Canadians over regulations and stuff or for whatever reason (personally i don't give two shits about it, i moved over from Europe) but what i would like to know is: How would YOU feel if YOUR state decided no more trading for YOU??? Just like THAT!

Let's say, you've been trading successfully for a couple of months or years, maybe even just quit your day job to focus on FOREX full time because that's the way of life and you make more money playing that game then you could ever make in a lifetime working in some factory.

You start dreaming big (as every trader does), making plans for the future and than, all of a sudden your government tells you: "Forget about it!". But not all the people, just YOU and maybe couple of your next door neighbors!

How would you like that for apples?

I've been with IBFX for the past 6 years and now i gotta simply close my account and do exactly that: forget about it.

Maybe i should just go to the closest casino and put a couple of thousand dollars on the poker table and while i'm at it maybe even get a hooker to accompany me for an extra couple hundred $$$. But no FOREX, that would be sacrilegious gambling, right
  • Post #15
  • Quote
  • Edited 9:57pm Aug 25, 2012 8:38pm | Edited 9:57pm
Quoting Jason Rogers
Hi Jack,

I checked on this and Friedberg Direct's registration with IIROC means that they can accept retail clients from Quebec.

Jason
Quebecers can open accounts offshore as they please. let's hope it stays that way.

Quoting Jack_Larkin
Hey Jason,

Could you provide more info on the requirements for Quebec residents? I was doing some digging and couldn't pull up any special requirements for them a-la Alberta's restrictions.

And just for clarity, the requirement for all other Canadian residents to trade with an IIROC regulated broker isn't fully true.

There's some requirements if the broker has a Canadian division that's locally regulated, but most other province's securities regulators do not explicitly restrict residents from conducting business with brokers who are overseas.

Sure that means some options won't benefit from CIPF and can't approach IIROC if something goes wrong with the broker.. but, for example, if an Ontario resident wanted to trade with an FSA regulated broker who has no local office in Canada, they aren't stopped by our regulators here.
Thank you for having cleared that up Jack. Much appreciated.

Quoting Jack_Larkin
Seriously speaking though, having our regulation split up between IIROC on the national level and each province having their own rules locally is a pain to keep on top of... can't wait til they finally unify it all nationally.
I hope they never do. What would be the point...

Ain’t having the freedom to chose just great!

Ramy3
Fuck Forex Factory.Wake up people.
Well i don't know who regulates who or what and i can't say that i really care but it seems that IIROC got more influence in this business then i initially thought they would...

After informing me about their decision to close my account, i asked my broker IBFX (InterbankFX) from Salt Lake City about the future:
----------------------------------------------------------------------
Hello IBFX,

i got informed yesterday about your decision to close my trading account by September 30 2012 because i live in Alberta, Canada.

Now i'm really curious to clarify few things. Since i am not a born Albertan, not even a Canadian for that matter, I just live and work here for a short while. Eventually i'm gonna move again either back to my home province of Newfoundland or back to Ontario.. Am i gonna have to re-apply for a new trading account from scratch or just update the address on my file in order to continue trading with IBFX? Is my membership with IBFX gonna be cancelled altogether?

Thank you and have a great day
------------------------------------------------------------------------
The Answer:



Unfortunately, IBFX will not be able to open or service forex accounts in any Canadian province after 9/30/12, so moving to another Canadian province will not change the situation. However, if you moved to a country outside of Canada and could provide proof of residency or citizenship in another country, then IBFX could accept an application for a new account from you.

I invite you to contact us directly either at 866-468-3739 by phone or at https://www.ibfx.com/Contact
by Internet chat at any time between 5 p.m. EST USA on Sundays to 5 p.m. EST USA on Fridays should you experience further complications or have further questions.

Sincerely,
  • Post #17
  • Quote
  • Edited 9:51pm Aug 26, 2012 6:58pm | Edited 9:51pm
From what little info i can gather it's more of a corporate business decision than a regulation decision.
http://www.forexfactory.com/showthread.php?t=380954


Open one with another broker when you move. End of story...
Fuck Forex Factory.Wake up people.
Thx Ramy3, yes i got the same letter.. Oanda, FXCM and all others (legit ones) are following IBFX so, it seems that soon FOREX is gonna be banned completely up here unless i start making $200k a year (?!) and can "afford" to trade currencies with them.. LMFAO

I see a shitload of people from countries like Malaysia (nuttin against them) trading with IBFX. An average income over there is 1500 Ringgit = $US 500 per month and their leverage is 1:200. It means for 1 lot they only need $US 50 margin which is very deceiving and they can lose everything in matter of hours if not minutes if they're not paying attention (..or if the power goes off for a while) >.<

Anyways, my problem is not finding a broker, they're popping up like mushrooms after the rain out there, it's about the money and legitimacy in Canada.

Let's say i've accumulated a bit of money offshore and was lucky enough to get it transferred onto my bank account. The Revenue Canada see's it and wants a piece of that. How do i declare it?

I'm pretty sure they would fine me -
1. - for doing something they tried to prevent me from doing, and
2. - for tax evasion (..on something i was told not to do)

I'd be put on the same scale as my next door neighbor who's a (for the past 10 years unemployed) drug dealer and never pays taxes but actually owns his house and his corvette, blah
  • Post #19
  • Quote
  • Edited Aug 27, 2012 9:37am Aug 26, 2012 9:22pm | Edited Aug 27, 2012 9:37am
Quoting DamCo
Thx Ramy3, yes i got the same letter.. Oanda, FXCM and all others (legit ones) are following IBFX so, it seems that soon FOREX is gonna be banned completely up here unless i start making $200k a year (?!) and can "afford" to trade currencies with them.. LMFAO
Let’s not get hasty. Each province has its own regulators. (Most of us are still enjoying the freedom to choose up here (good or bad).)
Quoting DamCo
I see a shitload of people from countries like Malaysia (nuttin against them) trading with IBFX. An average income over there is 1500 Ringgit = $US 500 per month and their leverage is 1:200. It means for 1 lot they only need $US 50 margin which is very deceiving and they can lose everything in matter of hours if not minutes if they're not paying attention (..or if the power goes off for a while) >.<
If they cannot trade, use leverage to their advantage and are under prepared for things happening, well, it's pretty much like going to the casino slot machines and knowing that all the odds are against you and expect to make a living off of it. No one else's fault but theirs.
Quoting DamCo
Anyways, my problem is not finding a broker, they're popping up like mushrooms after the rain out there, it's about the money and legitimacy in Canada.

Let's say i've accumulated a bit of money offshore and was lucky enough to get it transferred onto my bank account. The Revenue Canada see's it and wants a piece of that. How do i declare it?

I'm pretty sure they would fine me -
1. - for doing something they tried to prevent me from doing, and
2. - for tax evasion (..on something i was told not to do)

I'd be put on the same scale as my...
I declare all my offshore accounts to revenue Canada and Quebec. So, not seeing the issue their.
Fuck Forex Factory.Wake up people.
Thx again Ramy, so there's still hope on the horizon reading your comments

It's not all that bad.. (yet)
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