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 .
@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
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 
@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?
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.
@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.”
@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?
I believe what the person from the ASC is talking about is you need to be an accredited investor to trade with IIROC regulated brokers aka Oanda etc. This doesn’t apply to offshore brokers. The ASC and IIROC will tell you this to dissuade you from signing with an offshore broker. Next time u talk to IIROC mention specifically offshore brokers and they will tell you how you are at your own risk. At that point it should be clear now that they don’t mean that you can’t trade forex. They just won’t tell you like I do cuz they in no way wanna say you can or else their asses will get fired. Careful when u call IIROC and u get this old lady, she will just tell you that ya can’t.
Think of this too… the reason Oanda, Quest Trade and CMC comply with these rules is so they aren’t closed down if things fuck up on their end. For offshore brokers the only thing that could happen to them is getting listed as potential warnings from the IIROC or ASC
I called on two separate occasions, one lady just couldn’t get it and kept saying you can’t trade forex period. Second occasion i was told you need to be an accredited investor, and was told that I’m under risk of getting robbed but they won’t stop me from doing it. The ASC and IIROC won’t fine you for trading forex. Only the CRA has that power, and that’s only if you don’t pay your taxes.
@FxEJ - Hmm… that seems reasonable. I was trying to call ASC this afternoon but no one answered. I’ll try again tomorrow and will let you know of the details. Was it just this year when you called them? like few months ago?
All within this year just before summer between February and April. Also keep in mind one of the things you can get fined for by the ASC or IIROC is “advising someone on forex” especially if the intention was used to mislead others into a personal profit. Read more into that too.
Yeah, that’s what I thought so too. I am a member of a forex education group and I will have an incentive for bringing people in. But when I read the ASC regulation, I will not do it because that is like being an ‘adviser’ or somewhat a ‘dealer’ without a license. But thank you for the reminder. Btw, I haven’t got a call back from ASC
The representative I talked to was the same guy I talked in the email. I got same info that brokers should be Alberta-registered
Hi there! I am currently trading with Swiss Markets and I trade on a short term - to medium time scale. They are regulated by CySEC, FSA and FSC.
2 posts since registration, shilling for a broker that is allegedly regulated by an UK agency that has been dissolved since 2003.
Does anyone smell something fishy or is it just me?
How’s it been going for you @forexcalgary
I joined a large group of forex traders a couple months ago and I’ve encountered a handful of traders in Alberta. Search Alyleafx on IG… she’s a trader from Calgary as an example. Just stop worrying if you still are. Report your taxes and you’ll be fine. You can trade off shore but you won’t be protected by the Canadian government if shady shit happens. Hence why joining Oanda or cmc markets is such a nice option IF you are in any other province.
All other Albertans looking into this post use Tradersway, Hugosway, or JAFX. There are other brokers out there. My tip is to connect with a huge group of traders on discord and NETWORK to find more brokers.
Cheers
I am relieved now. I talked to the ASC and they said it’s fine to use offshore but they have nothing to do if something happens with the company. Right now, I am looking to learn how to trade and not just ‘gamble’. Thank you for the advices!!
Cheers
Hustle and flow my friend. Best of luck, see you on the other side!