Does Lightspeed accept Canadian Accounts?

Discussion in 'Retail Brokers' started by GotherL, Aug 21, 2018.

  1. Robert Morse

    Robert Morse Sponsor

    Pattern day trading is FINRA rule enforced by FINRA over US registered Broker Dealers. As far as I know, FINRA has no jurisdiction over foreign brokers doing business with foreign customers, even with US listed securities. In fact there are brokers outside the US that provide leverage not offered to domestic customers with small accounts well under $25,000.
     
    #11     Aug 22, 2018
  2. GotherL

    GotherL

    The problem is IB is not a foreign broker they're mainly US. They just have a Canadian branch. So I think the pdt rule will still apply if you trade US stocks. Unless that FAQ is grossly outdated.
     
    #12     Aug 22, 2018
  3. It is grossly outdated. IB Canada dropped the PDT rule years ago (in 2013, IIRC).

    Source: I had an IB Canada account when it happened.

    I would advise the OP to simply phone IB to confirm this.
     
    #13     Aug 22, 2018
  4. GotherL

    GotherL

    Do you happen to trade US stocks?
     
    #14     Aug 22, 2018
  5. I do, but it's been years since I was under $25K in my account. I'm 99% sure PDT would still be gone, but you should just confirm it with IB.

    btw here's the notice they sent out when the change was done: https://www.financialwisdomforum.org/forum/viewtopic.php?t=116368
     
    #15     Aug 22, 2018
  6. JSOP

    JSOP

    Not to go off-topic but can't believe this draconian law is still around. This rule was enacted during the hayday of daytrading when IT dotcom was booming like there was no tomorrow that all the mutual fund investors were paper millionaires. Those days are long gone. Daytrading is hardly worth it nowadays when competing against HFT's. Do we really need to put that rule in place to require ppl to have $25K in the account?
     
    #16     Aug 23, 2018