Tuesday, August 28, 2012

Canadian Forex Accounts

If you have the option to open an account in Canada for Forex, you will gain a great protection plan!

IIROC is the regulator in Canada, here's the blurb from there site.

Investment dealer insolvency doesn’t happen very often, but if it does, the Canadian Investor Protection Fund (CIPF) is here to ensure your cash and securities are returned to you, within defined limits.

If you have an account with a CIPF Member you have CIPF protection - coverage is automatic for all eligible customers. For more information, go directly to our Coverage Policy.CIPF is sponsored by the Investment Industry Regulatory Organization of Canada (IIROC) and is the only compensation fund approved by the Canadian Securities Administrators for IIROC Dealer Members. All IIROC Dealer Members are CIPF Members.

So, for anyone outside of Canada, take a look at this page.... it tells you what and who is covered under CIPF. http://www.cipf.ca/Public/CIPFCoverage/ ... olicy.aspx

The sad part for US residents is that the Canadian regulator respects the US regulaor.  US regulator does not allow US residents from opening accounts outside the US.

From the CIPF web site

Question: Does it matter if I do not live in Canada, or if I am not a Canadian citizen or a Canadian resident?

Answer: No. CIPF coverage does not depend upon residency or citizenship. CIPF coverage is available to you when you open an account with a CIPF Member.

Canadian Brokers offering MT4

FXCM uses a company called Friedburg Direct.  I have an account with them.  Here is the MT4 FXCM page.
Over 5K you also get a free VPS. 1:50 leverage - and that's OK with me!! 

I know that Questrade is going to be introducing MT4 some time in the near future. 

Forex.com (Gain Capitol) - good spreads. free VPS with 5K or more.


The information presented on this site is for educational and entertainment purposes only. This site contains no suggestions or instructions that you must follow, do your own research and due diligence before committing your cash to the markets. Your on your own.