Canada insures forex brokers but US doesn't... WTF?

One of my friends trades with Oanda Canada and tell me that Canadian Investor Protection Fund (CIPF) insures Forex brokers. I had thought the SIPC covered brokers like Interactive Broker, but I was told I was wrong about that. So no one insures US forex broker accounts eh?

on a side note, I know Oanda corporation is the same company as Oanda Canada, but they are different entites. If Oanda corporation ever goes down does Oanda Canada go down too?

yes

but if it does, CIPF to the rescue for Canadian accounts

you can trade with banks regulated by the SEC in the US and have FDIC coverage on your account - Citi, IB, etc

Isnt FDIC only covers bank accounts not investments. I thought SIPC dont even cover forex

You can also use Dukascopy. They are registered as a Swiss Bank and your money is insured up to 100,000 CHF

http://www.dukascopy.com/swiss/engli...nt-protection/

You can call Citi and IB and ask them.