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Each year the Globe and Mail does a survey of Canadian on-line brokers, just Google "Online Broker Rankings Globe and Mail" to find it (I'm not yet allowed to post URLs).
What Canadians pay in commissions and the tools (or lack thereof) they get in return is most often criminal.
In order for a broker to legally operate in Canada and take on Canadian clients they have to register with each and every Canadian province's securities commission.
Fortunately, Interactive Brokers does have a Canadian division and is licensed to operate in every province, unfortunately if a Canadian wants a registered RSP or TFSA account they are mostly stuck with the expensive "big bank" types (with one or two exceptions). IB does offer IRAs but not to Canadians.
I find for a fully taxable income account IB suits my needs very well and appreciate they don't resort to tricks like messing with the forex spreads, etc.
Can you help answer these questions from other members on NexusFi?
As far as I know, if the same entity is registered as an FCM in Canada and the US, the US division is not allowed to receive any Canadian customers. That was the law a while back, but I doubt that has changed.
In recent years it has become harder for Canadians to open accounts in the US as more FCMs are opening divisions in Canada. Different provinces in Canada have different rules as their own securities commissions dictate.
We receive Canadians but not from all provinces. ( in interested, PM me)
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
I'm with AMP Clearing. Apparently the legal issue with them was "recruiting". I had to sign a statement saying I contacted them to open an account. Having said that it may just cover the company and not me as far as my government is concerned.
We accept customers from the Maritimes and Eastern coast in Canada.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
I'm in Manitoba , and have an account with AGN Futures who clear through Vision Financial .. Not sure they take BC clients though .. I also have an account with Infinity Futures , but again not sure which provinces they can accept new clients from ..
There are not too many clearing firms who take BC clients. I know for sure Ironbeam who is one of our clearing firms DO take BC clients. Vision takes many Canadian provinces but their are a few provinces they can not take and Dorman seems ok with Ontario. Please keep in mind each clearing firm is different with the provinces they can accept in Canada. Because each province have different rules for their own securities commissions it has become a lot harder for Canadian residents to find a clearing firm who can house their account.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
