What's with Australian Brokers pulling out of Canada? | Forex Factory

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What's with Australian Brokers pulling out of Canada?

  • #1
  • First Post: Aug 8, 2016 2:30pm Aug 8, 2016 2:30pm
Existing Canadian clients fine, they can stay. But new clients from Canada, nope.

WTF?
  • #2
  • Aug 8, 2016 8:21pm Aug 8, 2016 8:21pm
It's not the AUS Brokers fault really. It's Canada and it's regulations. 10 provinces and 3 territories, all with different laws regarding forex trading. Quebec's AMF, Ontario's OSC and the notorious BC Securities Commission just to name a few.

Here is a good example from FXpro's website : "FxPro is not registered with, or authorized or regulated by the Autorite Des Marches Financiers of Quebec and is not engaging into any actions which may be deemed to constitute a solicitation of financial services of Quebec residents; this site is not intended for Quebec residents."

Quoting dancingphil
Existing Canadian clients fine, they can stay.
This is temporary I assure you, I got kicked out of FXPRO a while ago and IG Market just very recently. it's just a matter of time IMO. We (Canadians) will all have to move our business within Canada where hedging is prohibited obviously, leverage very strict and many other castrating rules and regulations.
  • #3
  • Aug 8, 2016 8:26pm Aug 8, 2016 8:26pm
Thanks for the head's up Datum. One of my students just alerted me to this http://www.financemagnates.com/forex...iiroc-license/ as well.

Quoting Datum
It's not the AUS Brokers fault really. It's Canada and it's regulations. 10 provinces and 3 territories, all with different laws regarding forex trading. Quebec's AMF, Ontario's OSC and the notorious BC Securities Commission just to name a few. Here is a good example from FXpro's website : "FxPro is not registered with, or authorized or regulated by the Autorite Des Marches Financiers of Quebec and is not engaging into any actions which may be deemed to constitute a solicitation of financial services of Quebec residents; this site is not intended...
  • #4
  • Aug 9, 2016 12:05pm Aug 9, 2016 12:05pm
It's just a repeat of what happened with the US when they tightened regulations a few years back. Traders there were left with just a handful of large brokers to choose between. Although Aussie brokers haven't done anything to help themselves - the amount of leverage they permit is some of the highest available globally.
  • #5
  • Edited Aug 10, 2016 2:01am Aug 9, 2016 3:59pm | Edited Aug 10, 2016 2:01am
I called les Marches financier du Quebec and we are all able to open accounts offshore as we please period. Same applies for Alberta. If you search a few threads you will see some did the same and are now trading offshores. Not sure where all this BS is coming from. It ain't on our end.

Regards,

Quebec
  • #6
  • Aug 10, 2016 2:08pm Aug 10, 2016 2:08pm
Quoting Quebec
I called les Marches financier du Quebec and we are all able to open accounts offshore as we please period. Same applies for Alberta. If you search a few threads you will see some did the same and are now trading offshores. Not sure where all this BS is coming from. It ain't on our end. Regards, Quebec
I agree. I haven't heard anything of this either. Regulators have no business in allowing/disallowing which brokers you want to go except in the USA but then again USA is ALWAYS an exception in everything. LOL I think those brokers don't want to deal with us Canadians because we are just too good of traders for them. LOL Or it could be just a rumour started by some other competing brokers who are jealous of all the business that Aussie brokers are getting. I mean if Aussie brokers are shunning Canadian traders, WHY would Pepperstone start to offer accounts denominated in Canadian dollars?

As to high leverages, these are just OFFERED to us traders. You don't have to take them if you don't want to or find they are not helpful to your trading. You are NOT obligated to take everything that's offered to you. We are offered all kinds of crap in life, are you going to take all of them?
Make your losses in demo. Earn your profits live.
  • #7
  • Last Post: Aug 10, 2016 2:16pm Aug 10, 2016 2:16pm
I am in the US and been trading offshore for 3 years. Not sure how it is in Canada, but I can open a standard lot of GBPJPY for $400 in margin, if I was with a US broker, I would need to deposit $4,000 in margin!!! Now if I am using a 50 pip stop and risking $400 on that trade, what on earth do I need to deposit $4,000 for? Oh wait, because the regulators are "protecting" me.
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