How is Forex regulated in Canada?
- Thread starter DSPITE
- Start date
I believe it is the Fed. chk out this:
Canada: Forex regulations
Canada: Forex regulations
miranda gulto
Recruit
- Messages
- 9
is there any different regulation every country..?
Pharaoh
Brigadier General
- Messages
- 20,307
Yes, but it gets worse.
Some countries have little or no regulation. Beware of brokers that say they "comply" with regulations and regulators while not saying they are registered. I've seen some no-name Caribbean-based brokerages that say they comply with NFA regs. Since they aren't in the USA, all they have to do to comply is to NOT register. Personally, I comply with the rules of the Wisconsin driver's licensing bureau - I don't live in Wisconsin, so I don't need to register myself to get a driver's license from them.
Sometimes it's very hard to tell what country a broker is really in. For a small fee, you can get a "virtual office" somewhere that gives you a street address and a phone number that forwards to another location.
There are brokers that claim to be based in Switzerland, the US, and other places, but if you dig deep, you'll find they really are somewhere else.
Some brokerages don't even give a street address on their websites. If they do, run a google search on the street address and see how many companies show up. A large building might have a bunch of tenants, but if you see hundreds of companies, it's probably a virtual office. Also, a room number of office suite number is given, it would seem odd if more than a small handful of companies are sharing it.
Some countries have little or no regulation. Beware of brokers that say they "comply" with regulations and regulators while not saying they are registered. I've seen some no-name Caribbean-based brokerages that say they comply with NFA regs. Since they aren't in the USA, all they have to do to comply is to NOT register. Personally, I comply with the rules of the Wisconsin driver's licensing bureau - I don't live in Wisconsin, so I don't need to register myself to get a driver's license from them.
Sometimes it's very hard to tell what country a broker is really in. For a small fee, you can get a "virtual office" somewhere that gives you a street address and a phone number that forwards to another location.
There are brokers that claim to be based in Switzerland, the US, and other places, but if you dig deep, you'll find they really are somewhere else.
Some brokerages don't even give a street address on their websites. If they do, run a google search on the street address and see how many companies show up. A large building might have a bunch of tenants, but if you see hundreds of companies, it's probably a virtual office. Also, a room number of office suite number is given, it would seem odd if more than a small handful of companies are sharing it.
