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.
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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?
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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
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Hustle and flow my friend. Best of luck, see you on the other side!
Hello, I am from Edmonton as well! Have there been any updates to your journey lately? Still successfully using your broker?
Let me know! Looking to network with people actively trading on the forex.
Have a great day!
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Hello,
Unfortunately BlueBerry Markets just sent the mail out that they will be pulling out of Canada later this month :(. Markets is also not accepting Canadians.
I sent an email to Hugosway to see if they are still accepting Canadians or more specifically Albertans (fuck it sucks so bad we can’t trade with Oanda in Alberta…)
Will keep this group posted ASAP.
Coinexx is another way to go; they are unaffected and are accepting Canadian clients. Plus the trading conditions are good.
is it illegal to trade with broker not regulated by iiroc
I’ve been using hugosway to trade their demo account for about 8 months now. They take Albertans and Canadians. I just went into a bank tonight to send them a wire transfer. It cost $45 with the Royal Bank. And I’m just waiting for my money to appear in my account. I transferred over 500 dollars. I’ve been practicing on their demo with a $500 account. It’s taking me going broke n the demo about 20 times now. But now I’m good enough that I stay alive and I don’t need thousands of dollars to start anymore even in a demo. I use leverage 1 to 50. I know a lot of people prefer to use 1 to 500 but to me that’s just one bad trade away from going broke really fast. I hope that my wire transfer works. Because my wire transfer was from a personal bank account to a company, hugosway dot com, not a normal human to human transfer I wasn’t able to do it online and I had to come into the branch to complete the wire transfer. At the Royal Bank gave me a sheet of paper which they stamped I took a picture of it and uploaded it to show it was completed. Trading in Alberta is the biggest pain in the ass I’ve ever known. It is not illegal to trade on the Forex in Alberta as long as the company is not in operating in Canada. Of course the difficult part is trying to find an offshore company to accept Albertans, and pray that your money doesn’t disappear. I originally was trading with fxtm with real money 8k Canadian, but they suddenly kicked all the Canadians out and that was that. I’ll try to follow up and let you know if the bank transfer is successful, it was quite a complicated process for the lady who had to do it there to type in a bunch of numbers and it’s like we were back in 1985 or something. When the bank asked me what I was doing I told them it was for trading. If you are a trader in Canada and you actually find a place where you can get money up and you can actually make a profit which has taken me about $8,000 at this point to figure out how to do and five years, yes I’m a slow learner, just remember that once you make over $120,000 in Canada whether it’s through your own salary and trading combined every dollar over $120,000 is taxed at 50%. So once you get to the point where you’re making a profit I would recommend that you put all of the money you making an holding account and then don’t spend it until you pay your taxes , and you pay your 50 or 54.8% on it or whatever crazy amount it is in Canada, because if you spend all that money you are going to owe a lot in taxes. I would also just like to say that everyone says this is crazy and impossible to do and it isn’t, but it took me years and years to figure out my own formula about 5 or 6 years of trading demos day smy night literally, but now I can pretty much do this in my sleep and it’s so much fun but oh my God is it a pain in the ass to even just try to find someone just to trade with in Alberta. I’ll try to update this hopefully my bank transfer goes through but at this point I’m so used to every single thing I do in Alberta Forex Trading as like some Alice in Wonderland rabbit hole where nothing is ever what it seems. However eventually at some point Alberta will figure out that with all these up-and-coming young Forex traders that this is a legitimate career for many people and it’s ridiculous that they are restricting Us in this way. You can walk into a casino and spend your entire paycheque on one spin of a roulette wheel, but you can’t trade the Forex in Alberta? Crazy. Hang in there all albertans. I know it will get sorted out for us eventually! One day it won’t be this hard, so keep practicing your skill. I wish you all the best. The forex has made me cry a few times it was so frustrating for years, I thought I’d never get the hang of it but now I can pretty much literally do it in my sleep. Dont give up.
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Replying to my own post. I did get my money up in Hugosway via complicated wire transfer. But they just informed me the wire transfer option to send or receive is not working anymore. I have to take my money out or add it with bitcoin. I don’t want to trade with bitcoin. This is so insane in Alberta. I need to move to another province just to trade the Forex. Seriously. There’s like no options left. Every time you get your money somewhere half legitimate, they take away the option to get more in or take any out the same way. hugosway will still take Albertans at the moment, but bitcoin or instacoin transfer only. I hate that. I want to trade with real money in a real bank account and pay real taxes.
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Yup i agree I don’t like Hugos way deposit method; and great info you posted for Canadian traders
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