Hi all
Again the question to all of you about a secure off shore broker.
As I reside in Alberta, you may aware of the regulation that only allows “Accredited Traders”, means; "having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000 Cdn."
How ever, seems if you’re not as rich, you’re forced to go with an off shore broker, but which one?
I did some research on FX Choice, reading through their customer agreement and find it “fishy” that they reserve the right to ignore a dispute or reserve the right to, here a quote:
“The Client has the right to withdraw, at any time, any part of the Funds equal to the free margin that is available in the relevant trading account provided that there are Funds available. It should be noted that such request may take up to 3 (three) business days in order to be processed. FXChoice reserves the right to request additional information and/ or documentation to satisfy itself that the request is legitimate. In addition, FXChoice reserves the right to reject such a request if it deems that this may not be legitimate. The Client accepts that under such circumstances there may be a delay in processing the request.” end quote.
To me that means, if they decide NOT to wire the money back, you’re left with a court case in Belize… now how to fight that from Canada??
Anyway, some with experience here may could give me some advise on which broker may be the best for an Albertan…
I was applying for a live account with Forex dot com, but because AB has different regulation about investing, I simply can’t have an account with Forex dot com, it’s ONLY because I’m in Alberta, if I was residing in SK , it would be different already…
Thats the reason WHY I need an offshore broker, Forex dot com is a registered with the IIROC (Investment Industry Regulatory Organization of Canada), where the ASC (Alberta Security Commission) comes into play… thats why I have to fill out this “Accredited Investor Form” where you have to have an annual income over 200K or have assets over 1Mio $… stuff like that makes it impossible for a guy like me to have a IIROC regulated broker… therefore I need to go offshore… but having broker where I don’t get withdraws wont help the cause much either, right…
I am Canadian & I was with one of the big Aussie brokers but they no longer take clients from outside Australia so I was looking for other options. I have been following ClearStreamFX for a few months & from my experience and what I see with them is that . The execution is better that what I had before & the combination of low spreads & commission has increased my profitability . So far I am very impressed. Good luck with your search
From what I understand is that they do not have wire transfer setup yet but it should be available within a few weeks. The easiest way for me to get $ in & out was using a crypto transfer. I had never done crypto before so I was a little reluctant & cautious. I did a crypto deposit Via Canadian NDAX crypto exchange & that was very easy & the exchange rate for CAD to USD was better that if I used my credit card. It was also very easy & free to get $ into my NDAX account. I then wanted to test their system so I did a withdrawal to my NDAX wallet & that went well. So far so good
As you have mentioned FXChoice in your post, and more precisely, our Client Agreement, allow us to contribute here to the discussion.
The passage you’re referring to in your post is designed to mitigate against rare circumstances. For example, sometimes, clients initiate withdrawal requests for a sum they do not have the funds to cover. We process withdrawals in one business day, and the balance can change over that time to a point where there are not enough funds to cover the withdrawal. Also, in extremely rare cases, clients are involved with fraudulent activities against FXChoice; we reserve the right here to take action such as holding funds pending investigation.
If a client initiates a withdrawal and has the funds to cover it, we always process the withdrawal.
We hope this clears up any doubts you may have had about trading with us.
Hey MartyAB any luck finding that “almost perfect” broker? I’ve been in a quest to try to find a brokers that works for me as I am also a resident of Alberta.
So far I’ve found a few offshore forex & CFD’s brokers that accept Canadians (more precisely Albertans).
VantageFX
DukasCopy “Europe”
EasyMarkets
FIbOGroup
I’m in the process or reviewing. It’s a lot of work!!
Hi Andy
I found VantageFX as well, decided eventually to go with FX Choice.
I just deposited some $$ to the account through Skrill, which seems secure to me as well.
On the Skrill account you can connect your local Canadian Bank with SWIFT Code, either deposit money from the Bank to Skrill and from Skrill directly and very fast to FX Choice. Also able to deposit money to FX account, there are a few steps involved, but only at the beginning to set up Skrill account. IF you click on FX account to deposit money, you just punch in the amount, currency and it redirects to Skrill, now it’s your choice what method to use for deposit the money, either CC or your linked Bank account.
That being said, I used my CC to deposit, but I guess the daily max amount through Skrill is 800 bucks, which I think is a security measure. other than that I find it very easy.
Withdraw seems to work the same way, you type in the amount you wanna withdraw, and the money goes to your Skrill account. From here you deposit the money to your bank account…
Of course there are fees involved to transfer money… deposit via Credit Card, 2.5% thats all I know so far as I didnt withdraw or used an other method to deposit money.
Everything looks decent to me now, I had 5 months time and did my research, found many other Canadians and even professional traders use FX Choice… so far I’m convinced that this is a good choice.
Thank for your message Marty! Really appreciate that. Well that’s great news!!! Good to know there are still options out there for us Albertans. Crazy rules from ASC requiring us to be accredited investors to be able to trade Forex/CFD’s. I’ll check FXChoice, really hope they offer CFD’s since that’s the kind of product I trade the most. Thank you again for sharing your experience! Very much appreciated!
I am Bulgarian and I use Forexchief. Yes, you are right about some of us using offshore brokers due to some limitations we face. You are also right to read broker terms and conditions and to stay away from what seem to be fishy. I have been using this broker for more than a year now and it has been a fruitful relationship. Choose wisely.