Futures broker for Canadians?

[Learning2Trade]

Thanks! Unfortunately, I am located in BC.

 

[seadog]

Zumo will take your account.

 

[Learning2Trade]

Thanks for the suggestion. Any others are welcome.

Have you used Zumo, and are they any good?

 

[seadog]

Have used Zumo. Middle of the range as far as good/bad goes. Depends what you are looking for.

 

[comintel]

Quote from Learning2Trade:

Thanks! Unfortunately, I am located in BC.

BC also has legislation restricting foreign brokers.

Why don't you just use RJO Canada. That way you get the benefit of Canadian account insurance.

 

[MattZ]

Quote from comintel:

BC also has legislation restricting foreign brokers.

Why don't you just use RJO Canada. That way you get the benefit of Canadian account insurance.

As far as I know, and I could be wrong, Canada brokers don't allow day trading margins. Its always full margin..is that true?

 

[Kirkx]

Matt: As far as I know, and I could be wrong, Canada brokers don't allow day trading margins. Its always full margin..is that true?

That only applies to stocks. It's usually 50% margin for stocks over $3 and 30% for optionable stocks over $5, day or overnight, no difference (the dollar thresholds might be slightly different between different brokers).

With futures, RTH margin is half of overnight margin, at least that's how it works with Interactive Brokers Canada with contracts like ES, YM, CL.

 

[Jack_Larkin]

Quote from comintel:

The Ontario Commodity Futures Act forbids unregistered foreign brokers BUT has an exemption for those who do not solicit.

http://www.canlii.org/en/on/laws/stat/rso-1990-c-c20/latest/rso-1990-c-c20.html

"Exemption of trades
32. Subject to the regulations, registration is not required in respect of,
........
(c) a trade in a contract to be executed on an exchange situate outside Ontario resulting from an order placed with a dealer who does not carry on business in Ontario, not involving any solicitation by or on behalf of the dealer;"

Some U.S. brokers will go to the trouble of getting a certification from the client that they were not solicited and accept the account under that exemption:

See e.g.

http://www.mirusfutures.com/sites/default/files/RCGAcctForms/Ontario_Non-Solicit.pdf

"RCG relies upon certain exemptions from registration under the Commodity Futures Act (Ontario). "

Obviously the broker is going to have to spend money on legal advice before he can deal with this complication. It is just too much complication for some others.

Thanks for the info.

From my talks with AMP, they also take Ontario residents.

IB Canada does futures as well, no?

 

[comintel]

Quote from Jack_Larkin:

Thanks for the info.

From my talks with AMP, they also take Ontario residents.

IB Canada does futures as well, no?

They do, and you get Canadian insurance with them also.

However, some people prefer a pure futures broker that supports third party platforms like CTS T4, such as RJO Canada.

IB also has limitations in its support of certain spreads and some object to its automated liquidation policies. Its futures options margins are also idiosyncratic.

 

[Learning2Trade]

I use IB now and they are ok. Unfortunately their data feed isn't so good (aggregated ticks vs unfiltered rt tick data) and it also doesn't connect with Ninjatrader, hence my original query.