x trader and accepts canadian clients

Discussion in 'Retail Brokers' started by bojangle, Sep 23, 2010.

  1. seadog

    seadog

    I'm a former broker on Bay St. It's not worth their while. The number of Cdn accounts are small
    Some of the US firms have been caught soliciting in Cda, can't do that, unless you are registered.
    If you are that concerned about your money, don't get in the market. There are all kinds of risk in trading.Trade with the banks and pay big fees.
     
    #11     Sep 24, 2010
  2. mabenn

    mabenn

    If you sign an Non Solicit form that takes care of the legal stuff. You are going out and finding the broker on your own.
     
    #12     Sep 24, 2010
  3. I believe Alt Capital does, last time I checked. CIPF protects Canadians with US brokers.
     
    #13     Sep 24, 2010
  4. Looks like they gave their website a face-lift. Looks alot better now.
     
    #14     Nov 13, 2010
  5. This was a gray area...
    Until the OSC sued clearing firm Southwest Securities circa 2001-2...
    And kicked Southwest out of Canada.

    Since that court case...
    It's been CLEARLY ILLEGAL for any US broker to do business in Canada...
    Unless they open a branch office in Canada that is regulated in Canada.

    This applies to all stock trading for sure...
    So any US broker that is taking Canadian customers...
    Is knowingly breaking the law...
    And is probably a small, shady outfit...
    But then if you only have $10K... who cares.

    Also, Portfolio Margin is illegal in Canada.

    The end result is that IB is pretty much the only game in town...
    For high volume Canadian stock traders.

    There are ways around this...
    Like simply forming a US Corporation.
     
    #15     Nov 14, 2010
  6. What you are saying might possibly apply to Stock Brokerages, but definitely not to Futures Brokerages.
     
    #16     Nov 14, 2010
  7. Use IB Canada and find some third party front end you like. XTrader is not the be all and end all.
     
    #17     Nov 14, 2010