So, what's left for canadian resident

This is a discussion on So, what's left for canadian resident within the Brokerages forums, part of the Commercial category; Why would anyone domiciled in Canada, which has one of the strongest client fund protection schemes anywhere on the globe, ...

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Old May 20, 2011, 4:02pm   #11
Joined Jul 2003
Re: So, what's left for canadian resident

Why would anyone domiciled in Canada, which has one of the strongest client fund protection schemes anywhere on the globe, want to risk their cash in a country which has NO protection for your funds whatsoever? Unless you’re going to trade them some Canadian mining stock of course..LOL.

Just kidding….
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Old Jul 16, 2012, 7:45am   #12
 
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Re: So, what's left for canadian resident

Well well... so what have we learned since this thread was begun a year and a half ago? Well, we had the first bankruptcy and criminal fraud resulting in near total loss of client funds in the history of the futures exchanges. Oh, and wait, we also had the second ever bankruptcy and criminal fraud resulting in client losses in the history of the futures exchanges.

So now out of the, what was it, 4? Brokers willing to work with CAN residents 50% were crooked.

But, what you would have learned if you were one of their Canadian customers, as I was with PFG Best, is that Canadian regulations, those onerous, draconian throwbacks to an age of liberal moral relativism and free market-strangling red tape, actually saved you from not losing only part of your money, no, it saved you from losing any money at all! Unlike their US customers, who made up, ironically, a 99% share, and who look to be getting a max. 20 cents on the dollar if anything, my account has already been transferred to a caretaker brokerage less than one week after the PFG story broke. The funds can be withdrawn or I may continue to trade on as customer of this caretaker brokerage. I will experience 0% loss simply because I am a Canadian.

Nest time you badmouth red tape or the Canadian system which keeps you from freely giving your money to thieves, thieves intrinsically and financially linked to the US political system through campaign financing, or when you become frustrated with a political system here that doesn't offer the kingmaker qualities of the US Executive branch, give a thought for my 12 grand in risk capital that might've been your own.
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