huh? They take Kuwait, China, Saudi Arabia, South Africa, Czech Republic, Peru, Russia, all the countries ALL around the world, except their straight neighbor right on top?? Whats the deal? I want them cuz their minimum is $1000 to open an account. I'd love to go with IB, but transfering $5000 out of my bank is a bit steep for me right now. Anyone can recommend other brokers with cheap commission that takes Canadians and have a low minimum to start out(3000 max)? I have looked all over, but commission is really high, like $10 to trade stocks, when IB is offering $0.01 per share is rediculous. Would really appreciate if someone can find me something good. Thanks
Actually, they have some other country restrictions. I had an account with them a long time ago and applied honestly with my Japan address and they forced me to close my account later because of my Japan residence. Noticed that the same restrictions apply to the new EFX Group for forex (can't open an accounts for Japan residents).
ib for awhile didn't accept canadian residents because they were not properly registered to do business with canadians. if all you are willing is to put $1000 in an account you are not going to be an active trader. commissions won't matter.
actually, I checked a few ones, and almost none accept Canadians. oh well, looks like its not only MB's policy.
Take off eh! Just kidding Canadians are great folks. I bet it has to due with the better protection you folks get in regards to getting hosed by brokers than the US citizen gets. Too much risk for forex brokers to run their bucket shops.
Lars, It certainly is not because we don't want to. The rules in Canada are the reason we cannot open accounts however in a few weeks we will have completed a solution for you to trade with our software. I will keep you updated when its complete. Regards, Steve
Thats great, I hope it'll work out. But I'm just wondering, how can IB open for Canadians and not the other ones(like MB)?