no more forex trading in canada

See if you can open a futures account with a futures brokerage and then trade currency futures, problem solved.

 

yes,i am in proccess of doing that,thank you

 

Hi Wallace,

The leverage determined by IIROC is about 20:1 to 33:1 for major currencies, depending on the currency pair. For example, to control a 10k trade of EUR/USD the margin requirement is currently C$690. For USD/JPY the margin required is C$550. Below are tables which show the exact margin required for each currency pair.

Click here for the margin requirements for CAD accounts
Click here for the margin requirements for USD accounts

I will let you know if the account opening minimum gets reduced from $2000 in the future.

Jason

 

The ASC has decided to only allow accredited investors to trade in the forex market. That means retail investors living in Canada cannot trade forex.

 

No , it means that residents of Alberta (a provience in Canada) cannot trade forex unless they are accredited investors.

I had a forex account at Oanda and was notified about this awhile back. I had no positions and no trades, i had only had the account open.

This is one of the many problems that arise when you have 13 , yes, thirteen securities regulators in a country with a population of about 32 milliion.

Some US futures brokers will allow Canadians , and even Albertans to open accounts with them. Global Futures is one of them.

It's ok though there are several casinos in Alberta where you can part with your money freely, but trade currencies? No , that would be gambling!

 

Crumbs...so why just Alberta? Isn't that racist?

 

Oh Canada what a great country eh ? Even in Europe politicians don't get into people's life that way ! It's like the Canadian law on assault rifles, you can buy one but you can only put five rounds in it ! oooho oooh

 

Oh Canada what a great country eh ? Even in Europe politicians don't get into people's life that way ! It's like the Canadian law on assault rifle, you can buy one but you can only put five rounds in it ! oooho oooh

 

Quite right, Whowah, thanks for catching that

I meant to say retail investors in Alberta (not all of Canada) cannot trade in the forex market, because the regulations of the Alberta Securities Commission only allow accredited investors in Alberta to trade forex.

Jason

 

13 regulators might be not all that bad in the long run. With rampant regulation around the world Canada may not be able to agree on anything significant to curb free markets and Nunavut will be the next financial capital of the world.