Forex is sometimes called the wild west, a market filled with many unscrupulous and unlicensed firms.
In order to protect your money, investors need to ensure that they 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).
Clients of Questrade are automatically eligible for protection by CIPF, an industry
sponsored fund, that ensures client assets are returned if Questrade becomes bankrupt. CIPF protection is
$1 million per account (a defined term found on www.cipf.ca)
for any combination of cash and securities held by Questrade for clients. CIPF does not protect against market
losses.
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.