British Columbia is a crappy place to live

moonstar · (#1 (**permalink**))

If you want to trade forex. If you want the mildest weather in Canada, it is pretty good!

After scratching my head for some time about why every reputable broker said No Nigerians No British Columbians in their conditions, I found out the BC securities commission has some pretty strict rules.

I want to trade with metatrader (or any programmable API) and so far, it seems the only option is FXCM with a deposit of $2000. I am bummed!

Yes, FXDD ( My Gripe with FXDD - PipStop ) will take your account, but it does not meet regulations. and there are many more not really legal places that will take your account.

moonstar · (#2 (**permalink**))

you know, i've been thinking about it more. i'm actually glad there is regulation here. i got a response back from BCSEC. having someone like BCSEC certainly helps in the fight against scam brokers...

---------------

Thank you for contacting the British Columbia Securities Commission (BCSC).

Forex trading, whether automated or not, requires registration in British Columbia. Forex dealers that are registered in jurisdictions outside of Canada are also required to register in British Columbia if they serve British Columbia residents.

British Columbia is the only jurisdition in Canada that currently regards trading in forex contracts as trading in securities under the British Columbia Securities Act.

Prior to January, 2008, we required forex dealers to registered with us as 'exchange contract dealers'. British Columbia Policy 31-601, Registration Requirements, as amended in January 2008, currently requires forex dealers to register as 'investment dealers' and become members of the Investment Industry Regulatory Organization of Canada ("IIROC", formerly: the Investment Dealers Association of Canada). Link to 31-601, URL: <http://www.bcsc.bc.ca/policy.aspx?id=6116&cat=3%20-%20Registration%20Requirements%20and%20Related%20M atters>.

Many forex dealers shy away from registering in British Columbia because of IIROC's stringent margin requirements.

You may be interested to read a summary we created on the subject of forex trading for our InvestRight web site, URL: <http://www.investright.org/investprod.aspx?id=175>.

You can also conduct a search on our main web site to locate information on enforcement actions we have pursued that relate to forex trading, simply enter 'forex' in search bar, URL: <http://www.bcsc.bc.ca/>.

The following dealers offer FOREX:

FXCM Canada Ltd.
Interactive Brokers Canada Inc.
MF Global Canada Co.
Questrade, Inc.
TradeFreedom Securities Inc.

If you need more help, please contact us again.

British Columbia Securities Commission

amaro taha · (#3 (**permalink**))

Ola Tudo Bem Eu Queria Saber Se Algum De Voces Ja Escutou Sobre Fxcbs Disam Q E Boa Impressa , Eu Sei Um Pouco Sobre Esta Impressa Mais Quero Saber Mais (o Ecn+ Mt4 ) Obrigado

slick1234 · (#4 (**permalink**))

I came across ODL Markets in Vancouver with MT4, low spreads, etc....anyone use them????

DavidC78 · (#5 (**permalink**))

I just gave FXDD the old heave ho after having some weird oddities as far as EAs would go,.. I'm in the market for a new broker.. is FXCM the way to go? I'm in British Columbia.

DavidC78 · (#6 (**permalink**))

*bump* Anyone have any insight on this? I'd really appreciate it.

West Coast Pips · (#7 (**permalink**))

I have been trading about 6 years. To me the BCSEC is a nuisance really. Here in BC you are really dictated by the BCSEC with whom you can and cannot trade with. The BCSEC does give you protection but in my opinion goes way over board. As a result there are many brokers BC residents simply cannot trade with.

I am always on the hunt for a good, decent broker. I ask any broker a lot of questions, one of them being if you can open a live account with them if you are a BC resident. The amount of email replies I have from various forex brokers around the world is pretty big when it comes to them saying they cannot open a live account for you if you reside in BC.

FXCM Canada used to allow BC residents to open a live account with them. However, I believe back in August 2009 they also closed the door on BC residents. Doesn't really leave you with many good, big brokers. I still hunt around and try to find brokers that allow BC residents to open live accounts with them especially if they are regulated like the FSA in the UK as one example. If you do enough research you will come across several brokers that allow BC residents to open a live account with them.

Canadian forex brokers I stay away from simply because the margin requirements for a Canadian broker have been greatly elevated in the recent past.