A few of us are getting together to pool our money together and make a corp. Was wondering does anyone know if you need a license to start a forex advice corp?
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QuoteDislikedI'm wondering what it takes to trade other peoples money for them? Is there some kind of licensing needed to trade currencies on the cash market [spot forex] for other people in Canada. For example - If I was going to trade an account with $10,000 of my own money, would this be any different from me trading a $10,000 account that was made up of $1,000 from 10 of my family members, friends and neighbours?
I'm only interested in the spot forex market, not stocks, not options, not etf's.
Thank you for any advice you can give me.
Reply
Thank you for your email.
Professional Traders can find work on both the "buy" side of the street, with investment management firms, pension funds and other institutional investors, and on the "sell" side of the street, in the trading department of investment dealers and banks. They can also be self-employed, particularly if they deal in options or futures or trade their own capital.
Traders place orders in equity, fixed income and money market securities. They may also be licensed to trade in futures, options and foreign exchange. They may execute trades in the over-the-counter (OTC) markets, or become registered to trade on the major public exchanges.
To register as an Exchange Trader, individuals generally must first complete the CSI's Canadian Securities Course and Trader Training Course, plus any courses required by the exchange where they want to trade.
Registered Traders must have at least two years experience as an Approved or Order Trader, or have suitable experience as determined by the exchange. Those who trade in the Over-the-Counter market do not need specific regulatory approval but generally have university degrees and a very strong knowledge of their products and markets.
Quoting shkmhkDislikedA few of us are getting together to pool our money together and make a corp. Was wondering does anyone know if you need a license to start a forex advice corp?Ignored