Fuck Forex Factory.Wake up people.
Hi Jack:
Thanks for pointing that out about MF Global and CIPF. I didn't know the details, just remember reading an article about the quick refund to canadian clients, thanks to tight regulations.
I hope I'll never need the services of CIPC. *knock on wood*
By the way, your handle is a perfect name for a protagonist in a detective novel (I'm a big fan of the genre). I can just see it now, "Reacher & Larkin, two Jacks, all aces!"
Good trading to ya!
Thanks for pointing that out about MF Global and CIPF. I didn't know the details, just remember reading an article about the quick refund to canadian clients, thanks to tight regulations.
I hope I'll never need the services of CIPC. *knock on wood*
By the way, your handle is a perfect name for a protagonist in a detective novel (I'm a big fan of the genre). I can just see it now, "Reacher & Larkin, two Jacks, all aces!"
Good trading to ya!
Being the best loser that I can be.
- #1,263
- Edited 7:16pm Oct 2, 2012 7:03pm | Edited 7:16pm
- | Commercial User | Joined Nov 2011 | 1,267 Posts
Hi Jack:
Thanks for pointing that out about MF Global and CIPF. I didn't know the details, just remember reading an article about the quick refund to canadian clients, thanks to tight regulations.
I hope I'll never need the services of CIPC. *knock on wood*
By the way, your handle is a perfect name for a protagonist in a detective novel (I'm a big fan of the genre). I can just see it now, "Reacher & Larkin, two Jacks, all aces!"
Good trading to ya!
Side notes about the topic of late:
Ontario resident here...
IIROC's margins on non-majors is a bit restrictive (in some cases as high as 20-30%. that's a few points away from just 3:1 leverage) I don't use a lot of margin myself, but it affects me the most when I execute multiple strategies at once.
For instance, if I'm holding a longer term swing trade on a currency cross that trends nicely, the margin required is usually really high under IIROC.. that ties up a lot of my capital for a relatively low risk trade, so when I start scalping on one of the majors (E/U and A/U being my main digs) the available exposure I can take becomes crippled thanks to my open swing trade. It's a frustration I deal with all the time on my Oanda account.
Local broker options is another issue. We have nearly no decent choices here that are competitive cost wise... Oanda now requires $1MM in liquid net assets to open an account (my account was grandfathered in,) for Canadians... and while IB is nice, there's no native MT4 option (and all 3rd party bridge solutions outright suck), a $10k balance minimum to open an account, and their minimum commission charges make any trade less than 0.25 lots quite expensive... that rules out some other strategies (basket trading, long term low exposure plays, etc..), and makes fine risk control quite hard to implement.
Execution speed is quite important to me as well..
So I take advantage of the overseas options.. and I've traded with FSA, swiss, and ASIC regulated brokers.. settling here with Pepper, which covers my needs, and accepts Canadians.
FXGears.com
- #1,266
- Oct 2, 2012 7:12pm Oct 2, 2012 7:12pm
No problem
Side notes about the topic of late:
Ontario resident here...
IIROC's margins on non-majors is a bit restrictive (in comes cases as high as 20-30%. that's a few points away from just 3:1 leverage) I don't use a lot of margin myself, but it affects me the most when I execute multiple strategies at once.
For instance, if I'm holding a longer term swing trade on a currency cross that trends nicely, the margin required is usually really high under IIROC.. that ties up a lot of my capital for a relatively low risk trade, so...
Fuck Forex Factory.Wake up people.
No problem
Side notes about the topic of late:
Ontario resident here...
Oanda now requires $1MM in liquid net assets to open an account (my account was grandfathered in,) for Canadians...
Are you sure about this? I thought this only applied to Alberta residents.
I do agree with all your other comments. Oanda, with FIFO rules & low leverage, makes it hard to implement multiple strategies. I hated IB's TWS software, then I found out about their booktrader. That, combined with NinjaTrader for charting, is actually pretty decent. MT4 is still the king for charting, and Oanda is hard to beat for simplicity. There's no perfect software (or broker for that matter), spreading it out amongst several vendors is probably the best option.
You guys make pretty good spokespersons for this Pepperstone broker. They should pay you for spreading the good word.
By the way, Ramy, ignore my comment about Reacher & Larkin. Was just trying to be witty. You see, Jack Reacher is a famous character from author Lee Child, and since Larkin is also a Jack...well, you get the idea.
Being the best loser that I can be.
- #1,268
- Oct 2, 2012 7:33pm Oct 2, 2012 7:33pm
You guys make pretty good spokespersons for this Pepperstone broker. They should pay you for spreading the good word.
Fuck Forex Factory.Wake up people.
- #1,269
- Oct 2, 2012 7:35pm Oct 2, 2012 7:35pm
- | Commercial User | Joined Nov 2011 | 1,267 Posts
Are you sure about this? I thought this only applied to Alberta residents.
But let's get back on topic for this thread, shall we?
FXGears.com
Hey all. I, unfortunately, am a trader living in Alberta, Canada. My Canadian FX account is shut down. I'm no expert in the matter, but are there any consequences or any problems that can arise here in Canada for trading with an overseas broker not regulated by the IIROC like Pepperstone, for example? Surely when I transfer any profits back to my CAD bank and declare as taxable income, the CRA will know where it's coming from.
Any info on the matter is greatly appreciated. Thanks, eh?
Any info on the matter is greatly appreciated. Thanks, eh?
- #1,273
- Edited 4:25am Oct 3, 2012 3:51am | Edited 4:25am
Hey all. I, unfortunately, am a trader living in Alberta, Canada. My Canadian FX account is shut down. I'm no expert in the matter, but are there any consequences or any problems that can arise here in Canada for trading with an overseas broker not regulated by the IIROC like Pepperstone, for example? Surely when I transfer any profits back to my CAD bank and declare as taxable income, the CRA will know where it's coming from.
Any info on the matter is greatly appreciated. Thanks, eh?
Alberta is a funny place. Sucks that you have those regulations out there. Would try calling your local regulator to find out more. You guys are setup “funny”.
Each province has their own regulator that has final say over what they impose on brokers for their residents.
Fuck Forex Factory.Wake up people.
- #1,274
- Oct 3, 2012 3:19pm Oct 3, 2012 3:19pm
- | Commercial User | Joined Nov 2011 | 1,267 Posts
Hey all. I, unfortunately, am a trader living in Alberta, Canada. My Canadian FX account is shut down. I'm no expert in the matter, but are there any consequences or any problems that can arise here in Canada for trading with an overseas broker not regulated by the IIROC like Pepperstone, for example? Surely when I transfer any profits back to my CAD bank and declare as taxable income, the CRA will know where it's coming from.
Any info on the matter is greatly appreciated. Thanks, eh?
That, and CRA is only really interested in tax code compliance, not how your business is run and if you're conducting it with locals or not. If you do your best to claim properly, they won't even slap you for making a mistake, they'll just help you correct anything out of sorts in how you file taxes. They only slap people who deliberately try to hide stuff.
Lastly, see the bold text of my reply.
FXGears.com
Talk to an accountant
Thanks for your replies everybody. I also just received an email back from Alberta Securities Commission. They said I can send my money overseas all I want if I accept the risk of losing it to shady business. Well, I just had to make sure I don't get a knock on the door here (unlikely, I know). Time to find an overseas broker where my funds are insured!
- #1,279
- Oct 5, 2012 3:11pm Oct 5, 2012 3:11pm
- | Joined Jul 2009 | Status: Trade. Review. Improve | 1,018 Posts
- #1,280
- Oct 5, 2012 3:22pm Oct 5, 2012 3:22pm
- Joined Oct 2009 | Status: . | 4,038 Posts
Congratulations ScalaFX for coming out of the closet!