For British Columbia and surrounding areas, regulation is the responsibility of the British Columbia Securities Commission. The IIROC has a number of important functions with regard to the supervision of the financial services industry. They include the following:. This was seen as an unnecessary complication, and provincial and national regulatory bodies have been working hard to harmonise the situation.
It has resulted in a new set of rules to guide Forex brokers and the conduct of the industry. The original problem developed because provincial regulators were classifying Forex trading instruments differently. In Quebec, for example, it was viewed as a derivative instrument, whereas in Montreal and British Columbia it was viewed as a security.
What is Forex Trading?
Two different classifications meant that two different sets of rules were applicable. With the new harmonised rules, both the IIROC and the provincial regulators use the same classification, and this has significantly changed the way Forex brokers in Canada operate. A broker offering a service that involves trading in foreign currency pairs is classed as an investment dealer, which is an IIROC-registered activity. Another recent rule set by the IIROC limits leverage to , which is, unfortunately, not good news for the smaller investor.
It has meant that Forex trading has become a form of investment mainly for those with much larger amounts to invest. I would love to add them to this list to help out our fellow Albertan traders. Currently, this commission has 10 commissioners, who are in charge to protect the personal data, the finances and the brokers from different cases of scams or frauds. This controlling agency is entirely self-funded, which makes it very popular among the traders, who prefer to enforce their signals to more independent forex traders blog regulation agencies.
There are brokers that are registered through IIROC, however, in order to open an account you must have accredited investor status. It is also lower than what the US regulatory bodies specify as the maximum possible leverage.
Do it yourself
To trade in forex, you do not need any prospectus or registration. Forex trading in this province is regulated as over the counter currency derivative. The trader is exempted from some stringent conditions after the fulfillment of certain conditions. Trading in securities in Canada is considered the same as trading in the securities and derivatives.
You need to be conversant with the forex trading regulations in each province. However, there are a set of stringent rules and regulations that should be strictly adhered to when trading in forex. In an effort to protect Canadians, the Canadian Federal Government has enacted one of the strictest regulatory bodies in the world when it comes to canada forex offering investment platforms that target Canadian residents.
The standards for international firms to offer forex type services are very strict. Nevertheless, at present, Forex brokers in Canada are regulated according to the territory of operations. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
For Forex Traders in Canada, a Guide to IIROC Forex Brokers
What makes it difficult to trade in Canada is that these rules are different from international forex trading laws. However, CAD also depends heavily on demand from its No. We have put together a list of the best forex brokers in Canada. We have put every one of these forex brokers through our rigorous assessment and testing process. You can access hundreds of educational videos and workshops and even individualized private sessions with mentors. Interactive Brokers is based in the U. A single account with Interactive Brokers will allow you to trade not only forex but also stocks, options, futures and bonds.
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