In July we reported about the increase of forex firms applying for Canadian Investment Industry Regulatory Organization (Canada the Next Destination for FX). As the 11th biggest economy in the world, and average salaries of $41,000, forex brokers have been working with the various provincial regulators to market their services there.
In contrast, IBFX has recently announced that it will no longer accept clients from Canada. Also, it has notified clients from the country that they have until September 30,02012 to close their existing accounts.
Forex Magnates verified from an IBFX representative that the announcement will affect clients from the entire country and not just from specific provinces. Reasons for the exit from Canada were not made public but we assume that IBFX decided that its Canadian client base wasn’t large enough to justify operating there.
Dear Client,
We regret to inform you that IBFX is no longer able to open or service brokerage accounts in your province. Accordingly, we are writing to request that you take the necessary steps to close your IBFX account by September 30, 2012. As a courtesy, we will waive all fees associated with the closure of your account, including wire transfer and account transfer fees, if any. If you believe you will be unable to comply with this request by the above date, please contact us immediately, as your failure to act might require us to restrict your account to liquidating transactions and/or close out all open positions so that we can close your account and transmit any remaining funds to you.
Please rest assured that this decision solely reflects a corporate business decision, and has nothing to do with you or how you have traded your account(s). We have valued your patronage and wish you the best of luck with your future trading endeavors.
Feel free to contact our Client Services Department at 866.468.3739 should you have any questions relating to the closure or transfer of your account(s).
Best Regards,
The IBFX Team
Oanda is doing the same in the province of Alberta. I have had to move my account.