Counterparty Risk-forex

[hackeysack 10]

Greetings everyone! The major banks here in Canada (TD,RBC,BMO,CIBC) dont allow online FOREX trading altho equities no problem. Questrade, Tradestation, Qtrade, etc. do altho the counterparty is GAIN CAPITAL which is US based. How safe (when trades are open) are my funds?

[SIUYA 11]

After the recent MFGlobal disaster, not safe at all.

In Canada your money might not even be protected under Canadian law if its is swept offshore and parked and rehypothecated in the UK.

All I can say is be aware of exactly how and where you money is parked and even then there are no guarantees.

[hackeysack 10]

A big thanks to you SIUYA. The usual guvmint regs apply here while in cash but i cant seem to find a canadian counterparty so as to not send money out of country. no-no imho. I imagine thats why our majors dont allow it at all. The equities markets here are so bloody boring....maybe a small forex account just for some "juice". In between small hold-em tourneys...all the best!

[Obsidian 10]

You may try Oanda Canada division: Forex Trading | Currency Trading | OANDA fxTrade Canada

[hackeysack 10]

ThanksOBSIDIAN. goin in now to have a look.

[hackeysack 10]

Well I thought I posted a thank you reply to you OBSIDIAN, but I guess it didnt go through while I was browsing OANDA. Interesting site. I think their practice account might be wise first.

[Obsidian 10]

Well I thought I posted a thank you reply to you OBSIDIAN, but I guess it didnt go through while I was browsing OANDA. Interesting site. I think their practice account might be wise first.

 

You are welcome...you can also check this thread:

http://www.traderslaboratory.com/forums/brokers-data-feeds/12868-total-number-active-us-forex-accounts.html

that can give you an idea about the number of accounts they hold (u.s accounts though)

[OptionTiger 10]

Hi hackeysack,

 

Welcome to the forum – look forward to chatting here..

 

Hari Swaminathan

OptionTiger