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; When I am planning to open an account to trade eminis, I am surprising to see many companies do not ...

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Old Dec 21, 2010, 8:45pm   #1
 
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So, what's left for canadian resident

When I am planning to open an account to trade eminis, I am surprising to see many companies do not accept canadian resident, (I guess this applies to both canadians and permanent resident, I am the later one, correct me if I am wrong)

Thinkorswim only allow me to open account with thinkorswim.ca;
MD Trading doesn't accept application from Canada;
TradeStation no longer accept application from Canada;

So, what options do I still have?
IB Canada? Does't it work exactlly the same as "IB the rest of the world"?? in terms of its markets accessiability and products?

Any work arounds with the so mentioned companies above?

or any other good companies that I am still missing out there.

recommandations are welcome.

Many thanks
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Old Dec 21, 2010, 8:56pm   #2
 
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Re: So, what's left for canadian resident

IB works very well for me, but I am also a Canadian citizen so not sure if it works for permanent residents. Although, now that I think about it, it should work for permanent residents as well. IB also offers access to e-mini's for trading.
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Old Dec 21, 2010, 9:24pm   #3
 
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Re: So, what's left for canadian resident

ryantc started this thread thanks amit1986.
BTW, what charting software are you using with IB?
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Old Dec 21, 2010, 9:27pm   #4
 
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Re: So, what's left for canadian resident

eSignal. It links directly with IB's TWS.
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Old Dec 23, 2010, 5:56am   #5
 
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Re: So, what's left for canadian resident

ryantc started this thread pump it up again
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Old Dec 28, 2010, 7:07pm   #6
 
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Re: So, what's left for canadian resident

Anyone in Canada use anyone else besides IB to trade futures...?
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Old Jan 12, 2011, 5:40pm   #7
 
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Re: So, what's left for canadian resident

hello

i used zumo (firetip software) and liked it very much. Reason why I closed out was because I dont trust the U.S. economy, their currency or their Government.

time to move off-shore which doesnt mean it gets easier as I really enjoyed trading futures and currencies through CME
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Old Jan 12, 2011, 5:41pm   #8
 
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Re: So, what's left for canadian resident

by the way.....zumo is american futures broker accepting canadians
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Old May 9, 2011, 9:33pm   #9
 
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Re: So, what's left for canadian resident

Lind-Waldock (MF Global), Jitney Trade & Peregrine Financial Group (PFG Canada) are THE only other Canadian brokerages that I've been able to find which offer self-directed futures trading accounts. Note PFG Canada is currently only registered in BC, Alta, Sask, Man & NS.

As for US based futures brokerages, a good place to start looking would be eSignal's participating brokers listing

Correct me if I’m wrong, but my understanding of the gist of the regulations (by Canadian provincial regulators) prohibiting resident Canadians from using US brokerages is to prevent us from trading in Canadian markets through US brokerages (taking advantage of lower commissions, etc.). See below.

The Canadian chartered banks have taken it upon themselves in recent years to acquire the accounts (not necessarily the operations) of the low-cost US brokerage branches operating in Canada – e-Trade Canada acquired by Scotiabank; Ameritrade Canada (thinkorswim) acquired by TD Bank Financial Group as just two examples.

What pisses me off is that in acquiring these branch operations, both Scotiabank & TD have decided there “isn’t enough demand” from Canadian investors to warrant futures/FOREX trading accounts in their operations. WTF? My question to them is: What happened to those who had such accounts in the former Canadian branches of the US brokerages they acquired? Either the “rules” were overlooked or some Canadian investors got royally screwed.

The failure of Canadian brokerages to offer the same services (including futures/FOREX trading accounts) to their clients, combined with the extremely limited selection of brokerages to chose from makes this situation intolerable to many Canadian investors.

POSTSCRIPT:
It would appear my initial understanding was incorrect. It seems the regulations [in all provinces] are designed to ensure resident Canadian investors (you) are protected from unscrupulous “persons” & fraud by requiring any “person” (i.e. a brokerage / exchange / clearing house etc.) which sells any securities to resident Canadians, to be “recognized” (registered) by the [securities] commission of the province in which that Canadian resides.

The Canadian Securities Administrators (CSA/ACVM) – an umbrella organization of all provincial securities regulators – maintains a national database of recognized "persons" permitted to sell securities to Canadian residents. Note the operative word “resident” and the omission of the word “citizen” – you don't have to be a citizen to be a resident of Canada. The link below is to the CSA’s database search engine:

http://www.securities-administrators...ch.aspx?id=850

I would bet the recently proposed federal securities bill (currently being considered by the Supreme Court of Canada as to jurisdictional authority) would encourage a (reciprocal) recognition of securities brokerages regulated by the SEC as being candidates for exemption with Canadian regulators & vice versa.

Not holding my breath.

Last edited by Meliora Cogito; May 10, 2011 at 12:14pm.
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Old May 20, 2011, 3:59pm   #10
 
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Re: So, what's left for canadian resident

I am a Canadian "permi. resident" also, currently looking at "Markets.com." This forex company is based out of Cyprus and is registered with the Cyprus, European regulatory bodies. I have never used this company, as of this date, but considering it for the future. You can go to the company website to view: www.Markets.com

Has anybody any experience with this Forex company? Would appreciate hearing from anyone that has experienced this company and it's +/- workings.

Many thanks in advance.

shydog.
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