I just got this wonderful e-mail today saying my GFT is being shutdown simply because I’m from Canada:
[I]We regret to inform you that we are no longer able to do business with customers in Canada because regulations have changed. Based upon Canadian regulations, GFT cannot accept trading accounts for customers residing in Canada. [/I]
I can’t find any news on this, such a surprise to me. Does anyone know anything about this, where to read more, or anything of the sort?
Very mad at my country right now :mad:
I was going to open an account with them in the coming weeks. I have been searching provincial regulatory bodies in the past weeks to see what were my rights if a US broker went belly up (none I imagined but just wanted to double check) but they are not user friendly at all, unless you’re looking for a quiz or crossword puzzle to teach you how to avoid a pyramid scheme.
This then probably applies to all foreign brokers…? Argh!!! Goodbye healthy competition in the market…
I’m in the UK now, but not yet a resident. Spread betting accounts here are tax free. This is an argument for me to stay here (that and 8 months of Montreal winter…)
I’m surprised though, as doesn’t each province regulate the industry? How could this be a Canada-wide decision, unless it pertains to another level of regulation?
I tried to live chat with them but with Thanksgiving… impossible it seems. Any info you obtain, please post… it seems hardly professional that they would not even state which regulation came in effect suddenly? They cannot possibly not have known ahead of closing your account!
But then again, I’ve dealt with their customer service before… ugh.
Not surprised…same happened to me with FXCM. Our government makes it extremely difficult to find an online retail broker because of all our regulations !!:mad:…and the ones we can use, rarely have MT4 (if that’s what one wants anyways.)
Now I’ve been transferred (with my permission) to MF Global Canada and they do have MT4. No opinion on them yet to report.
I was talking to a rep about that - apparently Canada changed the legislation regarding FOREX trading; now brokers are treated as stock/equity dealers, so companies like GFT have to apply for licensing, or something like that so they can continue to operate in Canada.
The guy I was talking to told me that this was a really recent development (he found out about it on Friday, I believe), and that GFT are aggressively pushing to get back into Canada; as they have a LOT of customers up here. He also said he expects it to take around a month to complete, but it could very well be longer.
Just tried chatting with their live reps here in London.
All they could say is that Forex is now considered a security in Canada. I continued to ask a few questions on where I could see a document/press release/anything, but I was ignored… (!!!)
Can Canadians open UK spread betting accounts? I imagine not, as knowing GFT’s notorious way with potential customers, they would have tracked me down by now instead of ignoring my question…
