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Need a license?

  • #1
  • First Post: Jun 28, 2006 11:25am Jun 28, 2006 11:25am
A few of us are getting together to pool our money together and make a corp. Was wondering does anyone know if you need a license to start a forex advice corp?
  • #2
  • Jun 28, 2006 1:02pm Jun 28, 2006 1:02pm
Yes, I think so.
there are some threats at http://www.elitetrader.com/ about this subject, check it out, it might help you
  • #3
  • Jun 28, 2006 1:18pm Jun 28, 2006 1:18pm
Here's some interesting info from the Canadian Securities Institute. Now - keep in mind they are an educator who gets paid to provide courses so you can see they are "selling" their courses in this reply.

Quote
I'm wondering what it takes to trade other peoples money for them? Is there some kind of licensing needed to trade currencies on the cash market [spot forex] for other people in Canada. For example - If I was going to trade an account with $10,000 of my own money, would this be any different from me trading a $10,000 account that was made up of $1,000 from 10 of my family members, friends and neighbours?

I'm only interested in the spot forex market, not stocks, not options, not etf's.

Thank you for any advice you can give me.

Reply

 Thank you for your email.

Professional Traders can find work on both the "buy" side of the street, with investment management firms, pension funds and other institutional investors, and on the "sell" side of the street, in the trading department of investment dealers and banks. They can also be self-employed, particularly if they deal in options or futures or trade their own capital.

Traders place orders in equity, fixed income and money market securities. They may also be licensed to trade in futures, options and foreign exchange. They may execute trades in the over-the-counter (OTC) markets, or become registered to trade on the major public exchanges.

To register as an Exchange Trader, individuals generally must first complete the CSI's Canadian Securities Course and Trader Training Course, plus any courses required by the exchange where they want to trade.

Registered Traders must have at least two years experience as an Approved or Order Trader, or have suitable experience as determined by the exchange. Those who trade in the Over-the-Counter market do not need specific regulatory approval but generally have university degrees and a very strong knowledge of their products and markets.

I didn't include the link - if you want to find them - google will suffice.
  • #4
  • Jun 28, 2006 5:03pm Jun 28, 2006 5:03pm
Lonespruce that seems like a canned response that does not answer the question. I too would like to get an answer to your question. Maybe you need to contact your Provincial securities and exchange commission.
  • #5
  • Jun 28, 2006 5:05pm Jun 28, 2006 5:05pm
You might look into setting up the corporation like an investors club, especially if you are just a group of friends.
Same Whore .... Different Dress
  • #6
  • Last Post: Jun 28, 2006 5:16pm Jun 28, 2006 5:16pm
Quoting shkmhk
A few of us are getting together to pool our money together and make a corp. Was wondering does anyone know if you need a license to start a forex advice corp?
Yes you will in Australia definately - its called an AFS license and its handed out by ASIC.

www.asic.gov.au
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