Alberta traders, which broker do you trade with in 2018?

FxEJ 2018-02-20 06:54:37 UTC #1

Hello Everyone,

I'm from Alberta Canada and have been studying for the past 2 months with the Oanda demo account w/ Meta Trader 4 and would like to start trading with real money very soon. I was recently disappointed to find out that Oanda does allow trading for Albertans...

Therefore I'd like to know, which forex brokers are you signed up with? Any safe Australian brokers anyone can recommend??

Any input would be amazing.

Thank you!

Martin_K 2018-02-20 07:49:17 UTC #2

Bloody Racist Bastards huh mate
i mean if you're not gonna allow the Albertans, who are you gonna allow, i know you're canadian, but CANADIAN'S ARE PEOPLE TO,..... hehe .... that's Just Bloody BS mate, downright BS
i'm here for you mate if you need to talk.. let it out, we are all friends here. hehe

i'm with Pepperstone, i don't have a lot of complaints

and lastly
Don't get the shits ok.. i'm just poking fun at ya that's all

FxEJ 2018-02-20 20:29:50 UTC #3

Thanks for the input Martin! and no worries haha, no insults taken.

How fast are your withdrawals with pepperstone ?

FOREX.com 2018-02-20 21:27:48 UTC #4

Hi @FxEJ,

Below is a direct quote from the Alberta Securities Commission (ASC) website:

According to Alberta’s securities laws, forex issuers and dealers – whether based in Canada or another country – cannot distribute these high-risk investments to Alberta investors without complying with the prospectus and registration requirements or exemptions from those requirements.

In other words, the ASC has determined "only accredited investors are eligible to invest in FOREX" in Alberta: http://www.albertasecurities.com/industry/issuer-regulation/Pages/common-capital-raising-exemptions.aspx

For this reason, even globally regulated brokers like FOREX.com whose parent company GAIN Capital is registered with the Investment Industry Regulatory Organisation of Canada (IIROC) and the Australian Securities and Investment Commission (ASIC) along with six other government bodies worldwide cannot offer retail trading services to residents of Alberta.

Falstaff 2018-02-20 22:05:50 UTC #5

SO does this mean it is impossible for Canadians (and other residents) to Play ? or do they have to take a pragmatic approach and trade through a relative in another country, or go with the "Sharks" whose names pop up regularly on here ?

FOREX.com 2018-02-20 22:16:41 UTC #6

IIROC-regulated firms like FOREX.com can offer retail forex trading to residents of all provinces in Canada with the exception of Alberta, because the ASC restricts forex trading to accredited investors: http://www.albertasecurities.com/industry/issuer-regulation/Pages/common-capital-raising-exemptions.aspx

Falstaff 2018-02-20 22:20:10 UTC #7

SO does this mean it is impossible for Albertans (and other residents) to Play ? or do they have to take a pragmatic approach and trade through a relative in another country / province, or go with the "Sharks" whose names pop up regularly on here ?

Martin_K 2018-02-21 01:50:43 UTC #8

@FxEJ

i have found that it varies, in the beginning it used to take like 9 business days, but keep in mind this is the processing time from pepperstone and the time it takes for funds to clear in the bank (which is not really their doing)

but recently it has seemed to drop down to around 4 working days or there abouts

i'm not really fussed about the time taken to be honest, i'm more concerned with DO THEY PAY UP.
and the answer is YES THEY DO...EVERYTIME

Falstaff 2018-02-21 02:59:03 UTC #9

Having Regard to what @FOREX.com has to say ante, I'm surprised you reckn Pepper-rock will trade with someone from Alberta - If they are indeed "WHolesome" brokers!

Have you not read the rest of the thread ?

FOREX.com 2018-03-06 14:28:16 UTC #10

Hi again @FxEJ,

Since your discussion focuses on traders in Alberta, we thought you might find this article interesting: https://financefeeds.com/swim-sharks-test-financial-literacy-albertans-feel-options/

npnextlevel 2018-04-19 20:21:53 UTC #11

You could try to get address in SK or other province

FxEJ 2018-04-19 20:46:11 UTC #12

Yeah but you will need to get a proof of residence there by drivers license, utility bill etc. Any other ideas @npnextlevel ?

npnextlevel 2018-04-19 21:41:39 UTC #13

I asked FXCM ,
got answer:
Yes, we except clients in all provinces. In Alberta, we do require that traders are accredited investors in order to open an account with us.

and I think same with Oanda

FxEJ 2018-04-20 17:31:05 UTC #14

Yeah same comment I got from Oanda, CMC Markets and Quest Trade. I traded with FXTM recently but I pulled out right away due to insane spreads that fluctuated unnecessarily. I probably will never trust an offshore broker again. Got my deposit back after days of sending email after email. Getting a withdrawal shouldnt be that difficult.

My goal right now is to move to a different province at some point in the future.

Best of luck on your journey to financial freedom @npnextlevel .