Pepperstone Targets Canadian Clients Without IIROC License
- The brokerage has announced Canadian dollar denominated accounts for Canadian clients, where OTC forex is regulated strictly by IIROC
Pepperstone is the latest brokerage to offer clients Canadian dollar denominated accounts. What is surprising is that the company claims that the new service targets the company’s Canadian customers.
In accordance with current Canadian legislation, only brokers who are members of the local self-regulatory organization IIROC (Investment Industry Regulatory Organization of Canada) may provide over-the-counter Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi to Canadian residents.
Pepperstone is not a member of the above-mentioned, however in its news announcement it highlights that Canadian clients of the company may deposit and withdraw from their accounts with credit cards at no charge.
Companies which are operating in full compliance with local regulation have been at a great disadvantage due to the associated costs with setting up Canadian brokerage arms. Offshore brokers have been actively targeting the market despite the official stance of the regulators without any effective means to counter the trend.
Pepperstone is citing “popular demand” for making the Canadian dollar denominated accounts available. It further explains that availability of the product is through the Metatrader 4 and the cTrader platforms, both of which are offered by the company.
The self-regulatory organization IIROC is notoriously famous with its floating leverage restriction on OTC Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying . The margin levels available to Canadian clients float dependent on the volatility conditions on the market. The self-regulatory organization posts regular updates as market conditions change.
Pepperstone is the latest brokerage to offer clients Canadian dollar denominated accounts. What is surprising is that the company claims that the new service targets the company’s Canadian customers.
In accordance with current Canadian legislation, only brokers who are members of the local self-regulatory organization IIROC (Investment Industry Regulatory Organization of Canada) may provide over-the-counter Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi to Canadian residents.
Pepperstone is not a member of the above-mentioned, however in its news announcement it highlights that Canadian clients of the company may deposit and withdraw from their accounts with credit cards at no charge.
Companies which are operating in full compliance with local regulation have been at a great disadvantage due to the associated costs with setting up Canadian brokerage arms. Offshore brokers have been actively targeting the market despite the official stance of the regulators without any effective means to counter the trend.
Pepperstone is citing “popular demand” for making the Canadian dollar denominated accounts available. It further explains that availability of the product is through the Metatrader 4 and the cTrader platforms, both of which are offered by the company.
The self-regulatory organization IIROC is notoriously famous with its floating leverage restriction on OTC Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying . The margin levels available to Canadian clients float dependent on the volatility conditions on the market. The self-regulatory organization posts regular updates as market conditions change.