Generic CBOE/CBSX firms vs generic Canadian firms and the winner is

Quote from ScalperJoe:

Yes, and the posts by Maverick74 and CQNC make some very valid points. The question that has not been answered is which Canadian firm(s) that do not have a U.S. presence will accept U.S. based remote traders? CQNC provided a solution whereby one can incorporate in Canada as a workaround.

It's doubtful that a U.S. based remote trader who wants leverage and starts out with a 5k account will go through all the required hoops of setting up a Canadian corporation just to save on commissions, however someone that trades higher volume and has the ability to put up more capital may find the risk/reward justifiable.

I do agree with your point on the regulatory issues, since there are no guarantees unless you are willing to open a SPIC insured retail account with 25k min., but why take chances when there are other options? Perhaps I'm biased since a bunch of us got burned by an LLC, and several traders in our group either went retail or with the many different registered firms as a prop. As posted earlier, it's the combination of the firm and your luck, as with any business.
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Ive seen it first hand though with a good friend/colleague of mine. the process was a breeze. A basic contract, wiring instructions and the trader was live within a week and has taken withdraws as well.

also I am not going to name firm names etc
 
Quote from ScalperJoe:

I do agree with your point on the regulatory issues, since there are no guarantees unless you are willing to open a SPIC insured retail account with 25k min.
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Correction: It is "SIPC" and not "SPIC". From the site, SIPC.org:

When SIPC gets Involved

"When a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing, SIPC steps in as quickly as possible and, within certain limits, works to return customers' cash, stock and other securities, and other customer property. Without SIPC, investors at financially troubled brokerage firms might lose their securities or money forever or wait for years while their assets are tied up in court."

Of course, this pertains to RETAIL accounts, not a CBSX prop. The irony is that all CBSX firms pay into a SIPC account, yet the firm's Class B members are NOT covered by this insurance, probably since they are not considered "customer accounts" but rather members of the firm. Go figure.
 
Correct me if I am wrong, but isn't the dominant trading platform for Canadian firms the ubiquitous Sterling that has, shall we say, issues, especially with all those overseas traders jamming the same servers? Are there any true alternative platforms for Canadian firms?
 
Hello cactus_trader,

These are the type of posts that are very helpful in my opinion. Thank you for taking the time to do some research.

Can you please tell me the top 3 Canadian Prop firms that I should take a look at..feel free to list more than 3 or less. I'm looking for a Prop firm right now.

My main problem with Canadian prop firms are their cheesy websites and lack of contact info. I just rubs me the wrong way. I need to have confidence in whatever firm I select. I know some of the Canadian Prop firms suck at following-up to even the most basic questions.

Please name some names...thanks....
 
I'm in the search for the same thing, hard to find a decent company in Canada. Shame

Let me know if you find anything..

Happy new year
 
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