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: Common Capital Raising Exemptions

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: Common Capital Raising Exemptions

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

[quote=“Martin_K, post:8, topic:136903”]
@FxEJ

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: Swim with sharks or have test on financial literacy? Albertans feel the same about these options - FinanceFeeds

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 .

forexcalgary 2018-11-10 22:38:49 UTC #15

@FxEJ hello! I have the same situation. I am interested in forex trading and signed for a demo account with GAIN Capital Forex [dot] com but then when I am signing up for a live account, Albertans need to be an Accredited Investor before they can start trading forex, which I am not. I was heartbroken to learn that Alberta has a different regulation.

Have you found other brokers? Which broker are you currently using? Is it still legal even if we use a broker that is not IIROC-regulated? I am afraid that what we are doing is illegal but then I have a friend told me that it is not illegal as long as you pay your taxes… but I’m still not sure about it and still afraid to open a live account with other brokers. Now, I am planning to open a live account with an Australian broker but wanted to make sure if it is legal

FxEJ 2018-11-12 02:48:59 UTC #16

Hello @forexcalgary ,

I’ll answer your question in a few points below:

YES, I have found other brokers that do trade with Albertans . I’m currently with Hugo’s Way, but i was also considering trading with Tradersway, FOREX, Blackbull Markets , and USG Forex. All are accepted in Alberta becayse they are offshore. Please do your own research before signing up for a live account. I know multiple Canadians using Hugosway no problem with withdrawals and deposits.
Trading Forex in Alberta for certain brokers like Oanda, Quest Trade, and CMC Markets is not allowed unless we… for lack of better words are filthy fucking rich. There is nothing illegal about signing up with an offshore broker in Alberta because IIROC tells us that its under our own risk because some (like 80% of forex brokers) are scams and wont refund you for a stoploss that doesnt trigger or a withdrawal that is suddenly denied (Won’t happen with a good broker, so like I said do your own research). So yes do pay your taxes. A friend at work of mine says youd only pay taxes if your earnings through forex or stocks are over $9999.99. Until then it’s only considered a “hobby”. But i myself need to delve more into this as I will be making withdrawals in the coming future.
Curious which broker are you signing up with?

After IC Markets pulled out of Canada, I resorted to trading stocks and have turned up a profit. Now being back in forex… is such a relief.

I hope this helps

-Fellow Edmontonian

forexcalgary 2018-11-12 03:37:46 UTC #17

@FxEJ My friend is using Vantage FX which is an Australian-regulated forex but I will also consider those you said like Hugo’s Way, Tradersway, etc.

Anyway, I think I’m now relieved to learn that we Albertans can still trade forex legally [but offshore] as long as we pay our taxes. Did you happen to contact Alberta Securities Commission before you opened a live account with other brokers?

How is your trading going and what amount did you deposited?

FxEJ 2018-11-12 19:47:05 UTC #18

I did contact ASC and they encouraged me to become an accredited investor. Its seriously just Alberta that screwed out and disabling us from using Oanda, CMC Markets, and Quest Trade. Actually alot of people use offshore brokers beause they offer a higher leverage.

I’m currently trading on their demo account and so far the experience has been great. No weird calls from accross the world.

Will keep this group posted when I do make the deposit. I don’t think there should be a problem since I have read that other traders from Alberta have found success with their withdrawals from Hugosway.

forexcalgary 2018-11-13 02:32:25 UTC #19

@FxEJ - Yeah I never thought they will require us to be an Accredited Investor for us to start trading… which obviously we’re not. I was discouraged to continue but then I saw this forum which is a huge relief. I just hope we’re not doing anything illegal.

I also contacted ASC via email and this is what they told me:

“Any firm dealing in, or advising on, securities in the Province of Alberta, Canada, must be registered in Alberta, in order for that firm to maintain clients from this jurisdiction. Registration in the home jurisdiction of the firm is not enough to allow them to maintain a client list in Alberta. You may want to contact the Australian authorities and ask them if firms registered with them have to obey local rules and regulations where they are conducting business. You may wish to consider contacting the Canada Revenue Agency to determine what the status of your investments would be from a loss/profit perspective if your firm is not registered in Alberta as is required under the Alberta Securities Act.”

forexcalgary 2018-11-14 22:28:49 UTC #20

@FxEJ - The ASC told me that I was told wrong and here’s what they said: " As I have stated previously, any firm with clients residing in any jurisdiction in Canada must be registered in that jurisdiction."

It sounds to me that the broker must be IIROC-regulated for us to legally trade forex in Alberta… what do you think?