Forex is sometimes called the wild west of trading. It’s a market that is only beginning to see regulations enforced consistently across the country. In order to protect your money, ensure you are dealing with a broker who is properly licensed and regulated.
In 2001, Questrade was Canada's first direct access* brokerage to become a member of the IDA, now known as IIROC (Investment Industry Regulatory Organization of Canada).
Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.
Canadians trading through non-registered foreign entities receive none of these protections. You may be risking your capital by trading with firms who are violating provincial securities laws. Check your provincial securities commission's web site for registration information.
* The term “Direct access trading” is not meant to refer to, should not be construed as referring to, and should not be confused with Direct Electronic Access or Direct Market Access. Trades entered with Questrade must flow through Questrade’s systems and are subject to risk parameters, thresholds, and other internal controls.