New rules for Forex trading in some provinces in Canada
Funds have been sent back to me as FXCM can no longer legally service me as a customer.
After April 11, 2014, Forex Capital Markets LLC (“FXCM”) will no longer act as the counterparty for retail customers that are residents of Alberta. As such, FXCM can no longer service your retail customer account. If you qualify as an Accredited Investor, you can transfer your account to Friedberg Direct, a division of Friedberg Mercantile Group Ltd.
A resident of Ontario, British Columbia, Alberta who meets the definition of “accredited investor” and has completed the Certificate of Accredited Investor in the subscription agreement.
an individual who, either alone or with a spouse, beneficially owns financial assets (cash, securities, contracts of insurance, deposits and evidences of deposits that are not securities for the purpose of securities legislation), having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who,
net assets of at least $5,000,000, as shown on its most recently prepared financial in either case, reasonably expects to exceed that net income level in the current calendar year,
an individual who, either alone or with a spouse, has net assets of at least $5,000,000,
a person, other than an individual or investment fund, that has statements, and that was not formed for the sole purpose of making a representation to this effect in order to qualify as an accredited investor.
80% of residents in Ontario, British Columbia, Alberta will not qualify as an Accredited Investor.