Recently, there have been alot of Canadians asking questions about trading remote, so I figured I'd start a new discussion. I think there are alot of Canadians that want to trade remotely with a U.S. prop firm. Some firms say they allow it (I believe Assent and its subs) but most do not as of yet (Bright and others). I have heard of guys opening a U.S. account and somehow using a U.S. address of a relative to get around the red tape. Has anyone done this successfully? Could you take us through the step-by-step process? Did you have to form a corp.? How did get around the fact that we don't have social security numbers? What are the tax implications? etc. Axe
Where are all you Canadians? Oh, I know, you're lurking in the other Canadian threads talking about getting together for a beer and watching the Leafs lose.
I'm a Canadian, and watching this thread seriously. I am also thinking of doing the same (remote prop trading), but don't know how to do it. I hope this thread gets a lot of action.
that's pretty funny hey Magna. I swear someone has edited my post. The end part "please PM me for details" must have been changed by another member. Although I'm not sure how they did it. I admit I was bumpin my firm before but this last post was changed by someone other than me. pretty funny. I think it was one of the others on this board.
Why would one want to trade with a prop firm? eh. And just who is watching the Leaf's lose? 6 losses and 18 wins is not bad.
I know people who've done it. Having a US address may or may not be necessary, depending on which firm you are dealing with. From all the research I've done, taxes are not an issue, file and pay only in Canada. Set up the account in your own name, most prop firms won't accept a corporate account. You can write your NASD exams at any Sylvan Learning Centre. The canadian brokers have pressured the US brokerage industry not to accept canadian accounts because they have such a lock on the industry and are owned by the big banks, who are tight with the feds. The difference in rates and services is so huge that the draw for any semi-serious trader is powerful. But it's not illegal for the trader. The firms are hesitant because they don't want any potential hassle from regulators who want them to register in Canada. It's hilarious to read the 'trading with the enemy' clauses from most US brokers. You may set up an account if you are from any country in the world except Iraq, North Korea, Lebanon or CANADA. But make some phone calls, because if you can make it work, it's worth it. No harm in inquiring and filling out some paperwork.