no more forex trading in canada

Discussion in 'Forex' started by mr double, Jul 25, 2012.

  1. was trying to open oanda account and they told me from now on i need to be accredited investor ,1,mill$$$ worth or have a 250,000 for the last 3 years ,before i could wire 1$ and start trading so i was trying to open fxcm account heres my conversation with agent representative will be with you shortly. If you would like to provide feedback at the end of this chat, please complete FXCM’s Feedback Survey by clicking “Close” at the top right.

    You are now chatting with 'FXCM - Mitch'

    FXCM - Mitch: Welcome to FXCM's Live Chat Support. Please give me a moment to review your first question.

    mikhail: ok\

    FXCM - Mitch: Some currencies, have a higher minimum margin requirement.

    mikhail: yes,thats not the question

    FXCM - Mitch: In order to speak freely about your account I need to verify some account information. Please provide your: full name, email address, phone number, address, and date of birth.

    mikhail: new account i ddidnt open yet

    mikhail: the question is not about account

    FXCM - Mitch: Please rephrase the question, so I can better assist you.

    FXCM - Mitch: Thank you.

    mikhail: if i open account in cad,and then open 1 standard lot of usd/jpy how much margin do i need?

    FXCM - Mitch: $500

    mikhail: NOW if i open account in us$, and then open 1 standard lot of usd/jpy how much margin do i need?

    FXCM - Mitch: $2000

    mikhail: why is the difference?

    FXCM - Mitch: Leverage on U.S account is 50:1

    mikhail: and on cad?

    FXCM - Mitch: It is a tiered margin system.

    mikhail: what doesthat mean?

    FXCM - Mitch:

    mikhail: theres no such thing there,i cant find anything about tiered margin system.

    mikhail: how much leverage is on cad account?

    FXCM - Mitch: How is margin calculated?

    FXCM - Mitch: The table below displays the latest IIROC margin rates that measure and track the volatilities of these currencies sorted by the Account Base currency (US$ or C$). Margin rates are subject to IIROC regulation and may change at any time without notice. It is the trader's responsibility to ensure that there is sufficient margin in the account at all times.

    mikhail: yes i know,i d like know how much leverage is on cad account?

    mikhail: you said leverage on US account is 50:1 what about CAD? i live in canada

    FXCM - Mitch: This can be found at

    FXCM - Mitch: Under the rates window.

    FXCM - Mitch: One moment..let me look into this for you.

    mikhail: so how much ?

    FXCM - Mitch: In that link that I sent you initially, there was a pdf that says see "CAD Margin Requirements per 10k lot"

    FXCM - Mitch: Let me know when you have located it

    mikhail: i already did long time before

    mikhail: mikhail: NOW if i open account in us$, and then open 1 standard lot of usd/jpy how much margin do i need? FXCM - Mitch: $2000 where did you find 2000$ in that link?

    FXCM - Mitch: One moment. I apologize. the dollar ammount in margin is in the link right above the other one.

    FXCM - Mitch: In USD it would be 300

    FXCM - Mitch: I apologize for the confusion.

    mikhail: and in CAD?

    FXCM - Mitch: 550

    mikhail: here we go,so if i open account in US base currency i am going to have much higher leverage?

    mikhail: for eur its almoust twice as high

    FXCM - Mitch: Yes, the reason why is because the original conversion rate was originally higher.

    FXCM - Mitch: It may be updated soon.

    mikhail: the pdf say its july 4 2012 ,just 3 weeks ago ,the rate was almost the same

    mikhail: do i need to be accredited investor to open live account,i live in canada?

    FXCM - Mitch: Where are you located?

    mikhail: canada

    FXCM - Mitch: where in canada?

    mikhail: alberta

    FXCM - Mitch: I apologize for the inconvenience. We are not allowed to accept clients from Alberta.

    FXCM - Mitch: Due to IROCC regulations.

    FXCM - Mitch: We are working with regulators to change this.

    mikhail: why theres no info on your site,i almost opened

    mikhail: an account,started

    FXCM - Mitch: It would not let you complete the application because the Alberta province is not available.

    mikhail: just alberta?

    FXCM - Mitch: Yes, just Alberta.

    mikhail: and why is that?

    FXCM - Mitch: Like I mentioned IROCC regulations. It is unfortunate.

    mikhail: thank you ,have a good night
  2. LOL

    This firm sounds sweet!!!! They hire top-notch clowns.

    at the end, you should have hammered him.

    like, "Listen, you have already told me incorrect information. Let me speak with a manager and I will be filing a complaint. And I will call later to confirm this person is indeed a manager. Note: I am recording this."

    Then go crazy about how they don't train properly, repeat the whole conversation, talk to them like they are 10....

  3. my last account was with oanda and they closed it resently without letting me know,i was trying to log in to check my opened trade and a couldnt so i called them ,and was told because i am in canada ,now i need to open new account registered spesifically in canada,good thing they reinstated it back for 30 min so i could exit the trade
  4. Accredited Investor applies to residents of Alberta ONLY
  5. I wonder which specific IIROC rule forbits trading in Alberta... ?
  6. None.

    It is an Alberta Securities Commission rule.

    They used the IIROC of accredited investor in their rule.
  7. Jason Rogers

    Jason Rogers ET Sponsor

    Hi Mikhail,

    First, allow me to apologize for any confusion you had from your chat with my colleague Mitch. Just to clarify, it is the Alberta Securities Commission (ASC) that does not permit the offering of FX/CFDs to retail investors in Alberta. Residents of other provinces in Canada can open a trading account through FXCM Canada:

    The margin requirements for FXCM Canada are set by IIROC, and these margin requirements are higher than what you might be familiar with in the US or the UK. Also, instead of one margin level, they have initial margin, maintenance margin, and liquidation margin levels. Furthermore, these margin requirements vary from one currency pair to the next. Those interested can see a detailed explanation of the margin requirements which apply to Canadian residents by clicking here:

  8. Hi Jason, two questions

    maximum leverage in Canada - all provinces - is now 33:1 - is that correct ? opening account minimum is $2,000 , is that amount likely to be reduced ?

    and welcome back to Canada - took you long enough ;
  9. i would like to apologize too, the way i handled the conversation,i have bedbugs in a house,so i sprayed Raid and though ventilated it for while,i guess it was not enough On that note why Alberta doing it?
    #10     Jul 26, 2012