With regards to insurance of futures accounts, there is none, except for if I make an account with Interactive Brokers Canada (their data feed sucks and they have high margin requirements). I have already accepted this and still made the decision to go with a US broker depositing only as much as I need for margin trading and then sweeping profits regularly to reduce exposure. This is the final response I got from Amp: I am based in Ontario and not BC so the province is not a problem because I had called them up before applying to make sure they accept Ontario residents. I think it was declined because their 'proprietary process' takes country of citizenship of applicant into consideration rather than permanent residence / current residence of applicant. No idea why. Even worse is that I only provided them with by passport because my Canadian ID was expired so they wouldn't even know my country of citizenship if it wasn't expired. I have opened equity brokerage accounts with US brokerages before including TD Ameritrade and never had such problems. I asked them to allow me to speak on the phone to compliance and was denied that as well. They definitely live up to their bad customer service reputation. I did send a message to @AMP_Global so let's see what he says. Will keep you guys posted on if he does reply. Anyway, if anyone has any recommendations for a discount US brokerage that accepts Canadian residents, please let me know.
https://www.elitetrader.com/et/threads/amp-futures-application-declined-but-no-word-why.336507/ Similar post not long ago.
Yes I did read that as well. Quite sad. I'm certain, at least in my case it wasn't a case of my creditworthiness or net worth but instead the reason I mentioned above.
You're a Canadian resident who is a citizen of a South Asian country applying to open an account with a US FCM.