no more forex trading in canada

[mr double]

Quote from whowah:

No , it means that residents of Alberta (a provience in Canada) cannot trade forex unless they are accredited investors.

I had a forex account at Oanda and was notified about this awhile back. I had no positions and no trades, i had only had the account open.

This is one of the many problems that arise when you have 13 , yes, thirteen securities regulators in a country with a population of about 32 milliion.

Some US futures brokers will allow Canadians , and even Albertans to open accounts with them. Global Futures is one of them.

It's ok though there are several casinos in Alberta where you can part with your money freely, but trade currencies? No , that would be gambling!

several casinos in Alberta? Theres at least 6 big one only in Calgary i am aware of

 

[hoborich]

I just talked to a guy at the ASC and this is what he basically told me.
1-It is not a new rule
2-It is not about FOREX

It is about securities that are not providing information to the investor like a prospectus would or an offering memorandum. It is about contracts, options, futures or even a private placement for securities of a publicly traded company. If not what they call "disclosure" then for FOREX traders only the Accredited Investor exemption is available and you either qualify or you don't. At this time there is no intent of the ASC altering their position. This rule has been in place for at least ten years or more but it does catch FOREX traders dealing in options/contracts, futures.

 

[fullblotter]

open a corporation in a friendly location and trade out of asia pacific oanda. paying zero taxes on all non repatriated profits is an added bonus.

 

[comintel]

Quote from hoborich:

I just talked to a guy at the ASC and this is what he basically told me.
1-It is not a new rule
2-It is not about FOREX

It is about securities that are not providing information to the investor like a prospectus would or an offering memorandum. It is about contracts, options, futures or even a private placement for securities of a publicly traded company. If not what they call "disclosure" then for FOREX traders only the Accredited Investor exemption is available and you either qualify or you don't. At this time there is no intent of the ASC altering their position. This rule has been in place for at least ten years or more but it does catch FOREX traders dealing in options/contracts, futures.

That explanation he gave you is just sophistry.

He is saying "we ban everything and then make a few exceptions (that do not include forex)".

Well they should have an exception for forex, which is the point, and they know it perfectly well.

 

[hoborich]

not sure I buy your view. From what he said it was not about for ex and even private placements of public companies can only be bought by accredited investors. Feel free to call him. Number is toll free
18773554488

Forgot his name. He called me back within an hour of me leaving him my message-

 

[FX_Gigi]

This thread is making me confused. Are you talking about end of forex in Canada or in Alberta.

 

[nitro]

Quote from fullblotter:

open a corporation in a friendly location and trade out of asia pacific oanda. paying zero taxes on all non repatriated profits is an added bonus.

Define friendly location? You mean outside the US?

 

[comintel]

Quote from FX_Gigi:

This thread is making me confused. Are you talking about end of forex in Canada or in Alberta.

The thread title is completely wrong.

The original poster is in Alberta and (incorrectly) generalizes his Alberta problem opening an account with a non-Canadian broker.

Obviously there are FX brokers in Canada such as

Oanda Canada http://fxtrade.oanda.ca/

"OANDA (Canada) Corporation ULC accounts are available to anyone with a Canadian bank account."

http://www.friedbergdirect.com/currency_trading/index.htm

and even people in Alberta can use them even though Alberta forbids non-Canadian Forex .brokers from soliciting Alberta clients.

 

[Jack_Larkin]

Quote from comintel:

The thread title is completely wrong.

The original poster is in Alberta and (incorrectly) generalizes his Alberta problem opening an account with a non-Canadian broker.

Obviously there are FX brokers in Canada such as

Oanda Canada http://fxtrade.oanda.ca/

"OANDA (Canada) Corporation ULC accounts are available to anyone with a Canadian bank account."

http://www.friedbergdirect.com/currency_trading/index.htm

and even people in Alberta can use them even though Alberta forbids non-Canadian Forex .brokers from soliciting Alberta clients.

Yup, plus residents of most provinces can even legally use offshore brokers.. The broker doesn't have to under IIROC in Canada.

Like the one I use:
http://elitetrader.com/br/?action=view&R_FirmID=318