What is the risk to the trader of the non registered firm as far as regulators are concerned? Wouldnt they be a "customer"? There is a lot of talk recommending traders only go to CBSX firms but why? Is it for more safety of risk deposit and withdrawals or is it a regulatory issue (to the trader). Correct me if I'm wrong but CBSX requires a lockup of funds??? Also they require the trader to receive a "payout" so he is not a "customer"? Whereas a non CBSX firm the trader can withdraw his money whenever and get 100% payout Or is the only risk you are talking about the risk deposit and your money disappearing more potentially at a non registered firm. Are there stats that show how many traders lost risk deposit registered vs non registered?