Does Lightspeed accept Canadian Accounts?

Pattern day trading is FINRA rule enforced by FINRA over US registered Broker Dealers. As far as I know, FINRA has no jurisdiction over foreign brokers doing business with foreign customers, even with US listed securities. In fact there are brokers outside the US that provide leverage not offered to domestic customers with small accounts well under $25,000.
 
OptionsOptionsOptions said:
  • PDT rules don't apply to Canadian accounts with BMO Investorline trading US stocks and options.
  • I even think PDT rules don't apply to Canadian accounts with IB - but I might be wrong.
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The problem is IB is not a foreign broker they're mainly US. They just have a Canadian branch. So I think the pdt rule will still apply if you trade US stocks. Unless that FAQ is grossly outdated.
 
GotherL said:
The problem is IB is not a foreign broker they're mainly US. They just have a Canadian branch. So I think the pdt rule will still apply if you trade US stocks. Unless that FAQ is grossly outdated.
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It is grossly outdated. IB Canada dropped the PDT rule years ago (in 2013, IIRC).

Source: I had an IB Canada account when it happened.

I would advise the OP to simply phone IB to confirm this.
 
cruisecontrol said:
It is grossly outdated. IB Canada dropped the PDT rule years ago (in 2013, IIRC).

Source: I had an IB Canada account when it happened.

I would advise the OP to simply phone IB to confirm this.
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Do you happen to trade US stocks?
 
Not to go off-topic but can't believe this draconian law is still around. This rule was enacted during the hayday of daytrading when IT dotcom was booming like there was no tomorrow that all the mutual fund investors were paper millionaires. Those days are long gone. Daytrading is hardly worth it nowadays when competing against HFT's. Do we really need to put that rule in place to require ppl to have $25K in the account?
 
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