IBFX closing Canadian accounts? | Forex Factory

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IBFX closing Canadian accounts?

  • #1
  • First Post: Aug 26, 2012 6:07pm Aug 26, 2012 6:07pm
IBFX decided to close Canadian accounts

Their message
"
Dear xxx,

We regret to inform you that IBFX is no longer able to open or service brokerage accounts in your province. Accordingly, we are writing to request that you take the necessary steps to close your IBFX account by September 30, 2012. As a courtesy, we will waive all fees associated with the closure of your account, including wire transfer and account transfer fees, if any. If you believe you will be unable to comply with this request by the above date, please contact us immediately, as your failure to act might require us to restrict your account to liquidating transactions and/or close out all open positions so that we can close your account and transmit any remaining funds to you.

Please rest assured that this decision solely reflects a corporate business decision, and has nothing to do with you or how you have traded your account(s). We have valued your patronage and wish you the best of luck with your future trading endeavors.

Feel free to contact our Client Services Department at 866.468.3739 should you have any questions relating to the closure or transfer of your account(s).

Best Regards,

The IBFX Team"
  • #2
  • Aug 27, 2012 8:56am Aug 27, 2012 8:56am
I tried to open an account with Alpari UK and during the registration I got this message .
"
Unfortunately, Canadian financial services regulations prohibit us from offering accounts to Canadian residents. "
  • #3
  • Aug 28, 2012 10:54am Aug 28, 2012 10:54am
Quoting icon
I tried to open an account with Alpari UK and during the registration I got this message .
"
Unfortunately, Canadian financial services regulations prohibit us from offering accounts to Canadian residents. "



setup an off-shore company for around $5000. Obtain the residence nonsense stuff from a friend in a country they to accept, water bill etc. Then trade through this company, this way any US citizen or Canadian can trade anywhere in the world.
  • #4
  • Aug 28, 2012 8:56pm Aug 28, 2012 8:56pm
Quoting StephanusR
setup an off-shore company for around $5000. Obtain the residence nonsense stuff from a friend in a country they to accept, water bill etc. Then trade through this company, this way any US citizen or Canadian can trade anywhere in the world.
Isn't that blurring the line a tad? There are any number of brokers and hedge fund managers who provide accounts for US nationalities while continuing to offer high end leverage. I guess if a trader is profitable and can easily make$5000, then yes, offshore company may seem the perfect solution to the Dodd pain in the whatever..
And yes, Canadians can opt for the same options, overseas brokers and the rest.
  • #5
  • Last Post: Aug 28, 2012 10:55pm Aug 28, 2012 10:55pm
I am in the process of setting up an account with forex.com , I started trading long time ago with gain capital and moved away from them because of the spikes. I hope they are better now.
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