I have been trading with IC markets and I have not had a issue…yet with them. I reside in AB and have been trading with them for over half a year now.
Thanks for that information!
I think the only problem for you though, is that your funds aren’t insured by the Canadian Investor Protection Fund (CIPF). But, I guess that any investment comes with a risk.
I have recently found this out only a few days ago, and for the last three months I’ve been going through lessons on learning how to trade and the psychology of trading… basically all for nothing because living in this province has royally screwed me. I work hard for my money in this province, moving rail cars, shipping all the fuel and crude oil this province produces and to find out that I can’t use my hard earned money to start something that may eventually allow me to quit my job and pursue a career in trading is honestly heartbreaking. As educated as I currently am I would like to know what laws in Canada and Alberta have to say about Binary Option trading. I’d say binary options isn’t so much “trading” as you can sign up, deposit money, and start losing it right away, I also don’t think it’s regulated like forex trading is. I guess the research continues.
I don’t know about Binary Option Trading. I feel your pain on the Forex issue though. I spent $80+ taking a small introductory course on Forex Trading before I found out that it’s not allowed.
Why not check out this “IC Markets” broker that Bradenology mentions? Build up some funds and then move to Australia when you can afford to.
Even better, why not look into sports betting? You can earn a lot more money betting on sports than you can betting on Forex. You can bet on sporting events directly, or earn money on an Internet betting exchange like Betfair. Fantasy Sports is growing as well, and there is money to be made.
You know what they say, “when one door closes, another opens.”
As bad as this law is though, it’s not even close to being as bad as this “T.P.P.” law that is on the books in Canada and the USA right now. Have a look at this Youtube video that explains all about it:
TPP: The Dirtiest Trade Deal You’ve Never Heard Of.
To the Moderators: Hopefully it’s okay to post links here. The link to the ‘Forum Rules’ gives a “Page Not Found” error.
Wondering if anyone out there has any more suggestions on what brokers could be used by us Albertans?
If you’re looking for an off-shore broker, I’ve been looking at xm.com. Granted I’m in Ontario, so I don’t have those insane Alberta rules to deal with, but IMO forex brokers in Canada are a joke. Sure you get that investors protection fund, but our leverage rates are the worst in the world.
I was using FinFx for about a year and a half. Never had a problem. Lost a bunch of money due to noob mistakes, now caught in a tough financial spot, so I’ve been looking at throwing $500 or so into an account on xm.com and make some small money on the side. The reason why I’ve been leaning towards XM as opposed to FinFx lately is the higher leverage. It’s way too difficult to make money with $500 even at 200:1 leverage. You can get up to 500:1 leverage on their zero account, which gives the tightest spreads I’ve ever seen. You just have to pay commission on each trade.
Another thing I really like about them, is they offer a debit card. Which is great. Means no more costly and time-consuming wire transfers. You just put in a transfer request, and usually within 24 hours they’ll move the money from your account, to your XM Mastercard.
They are based in Cyprus (and registered with CySec), which is worrisome on its own, but they are also registered with MiFID, which is the continental governing body. Which equals more assurance in my books that they’re legit. Oddly enough though, a lot of Cyprus brokerages survived the SNB’s snap decision, that caused larger, more established brokerages like Alpari and FXCM to close up some of their branches. It seems Cyprus brokerages have cleaned up their act lately.
That’s a broker worth looking into. I’ve found with brokerages, a key thing is seeing how good the server ping is. If you can find a broker that has their servers in say New York, it’s better than one that has theirs in London.
What is the name of the company?
Thnks
I found a Broker that will take all Canadian and the leverage is very! High. 1:3000
And It’s look like it is well recognized, Have a look. It’s FBS
Thanks for the heads up. I’ll do some research into the broker.
My pleasure. I did some research and there is peoples that love it and others with very diverse opinions… Go but be careful I thing. It’s may be one across little choice of broker.
Hello,
How is the experience so far with them? Withdrawals worked just fine? Any server downtimes/crashes? Have you had good communication with their support teams?
I’m interested too.
Thanks!
I don’t know wet, I use to have and fx account in the UK and due to deposit problem I had no choice of open one in Canada and I realized how bad it was in Canada and how much they make the possibility limited for us that push me to try to find if others country would take Canadian and mostly none!
And in my research I find them and I find that forum where they said that Alberta was blocking all possibility peoples.
I just pass on my discovery of FBS forex, today I just open my account to test the service, story to follow for me.
Good luck on that
what about withdrawal from broker into tfsa? have multiple tfsa at different banks? no taxes? might work?
The only way I’ve found to trade live funds in Alberta is by buying crypto and depositing with a crypto-deposit broker. I hit up all the recommended brokers on that babypips thread and most of them would take Alberta clients. Lots of issues from the banking end that prevented deposits though. I was able to buy crypto using etransfer (why I can buy crypto and not forex contracts is beyond me). You can then send it to FX brokers who accept crypto deposits. The issue is the volatility of crypto and taking on lots more risk.
Alberta’s finance minister is campaigning in my area tonight. If he stops by I’ll ask him about this.
Yeah what I would be scared of is the volatility of the crypto and just how it fluctuates. That would definitely scare me and obviously prices can change in a second/min from buying crypto to depositing it with a broker.
I think trading on the forex market is absolutely legal and must be allowed to the people to trade from anywhere in the world. I do not know why people love to ban things. Kindly let people do what they want to do. I am a trader and I support my trading fellows.
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Did you lose any profit made and just receive back your investment?
Just started what I am hoping to be my journey in FOREX trading and have recently found out that because I live in Alberta I am unable to join any brokers. I’m assuming from what I have read that this only applies to Albertans and not the rest of Canada? Has there been a petition started at all to change this unconstitutional law? Pretty silly I can lose my money and expose my self to all sorts of other risk but not CFDs.
Just letting you all know that the IIROC will dissuade you from trading forex at all times. Trade forex on good brokerages like Global Prime, and pay your taxes. Also the only time I believe the IIROC can charge you is for manipulating others for profit while not being an actual broker or accredited advisor to investors.
Like just think about it, the CRA is the one you really need to worry about when you transfer funds from your offshore forex trading account to your actual bank account.
Visit my thread: Alberta traders, which broker do you trade with in 2018? and read the experience that I myself and a few others had dealing with IIROC.
All in all, pay your damn taxes and you’re good.
Cheers
Is trading with pair gold/dollar or bitcoin/dollar under the same restrictions?