Forex regulations in Canada?

Hi,

I read a lot, both on this forum and on google, about forex regulations in Canada. I hope Canadian traders can kindly help me in clarifying few things.

So, what I understood was that Canada has imposed some strict regulations on forex trading. Some by IIROC and some by regulatory bodies of each State (British Columbia Securities Commission (BCSC) for example).

However, I don't understand whether it's illegal and/or practically impossible to trade with overseas brokers that accept Canadian residents. My trading style requires high leverage, as most of my trades are either scalping trades or swing trades. However I read on many threads in here that, the leverage offered by Canadian brokers is very low. Is it possible to go with a broker that offers high leverage and accept Canadian residents? Or is it completely illegal or something?

Your help is much appreciated

I trade with Vantage FX and Dukascopy. My leverage is 1:100. You can trade with anyone that will accept you since it isn't against any sort of criminal law. The issue is simply brokers that have an IIROC license must abide by the rules set forth by the licensing body if they want to keep their license. I was an Alberta resident so based on the Alberta's overlord's rules I couldn't trade Forex at all with a Canadian broker (I didn't meet the requirements) so I found ones that would accept me and then I eventually left the nanny state of Canada. I don't care for other adults telling me what I can and can't do with my money.

Thank you my friend. That's great to hear. Actually I can manage with 1:100 leverage. I was just worried thinking that maybe it's prohibited by law for Canadian residents to trade with high leverage. I totally agree with you on the fact that there shouldn't be any absurd restrictions on how we can use our hard earned money. I don't want anyone to babysit me and everyone who trade forex must understand that it's a risky business!