Can any intercontinental traders share their experience with me if they share the same profile as me.
Based in Canada (I know:15: but choice of broker discussion will be for another thread & a day).
Looking to choose a broker in FCA UK or ASIC Australia broker.
[U]As of now,I strictly prefer bank wire so please no discussion regarding other withdrawal methods as my choice of broker may not have them.[/U]
Now I can convert CAD on my end & deposit money to match the base currency of the broker.
[B][U]OPTION 1 -[/U][/B] But when I want to withdraw what happens ?
lets say UK broker sends GBP to my local CAD denominated account, will my local bank convert them & credit my account in CAD or the transfer will just be denied reason being funds arrived in GBP ?
[B][U]OPTION 2 [/U][/B]-If option 1 is invalid, Are there any brokers that convert your funds if your withdrawal currency does not match your trading account base currency ?
Take a look at IC Markets they have really good spreads with a leverage from 1:100- 1:500 + you can trade in your local currency. I am based in Canada too so i deposit in CAD, trade in CAD, withdraw in CAD no fuss whatsoever. Regulated and based in Australia. Deposit and withdrawl can be done via bank transfer or if u want u can even deposit/withdraw with a visa card or mastercard so u can use your debit card u get from the banks as long as it has a Visa or Mastercard Logo on it
Anyway am new too. Plus thanks for IC Markets , they look good but now studying them.
But let me ask another question -
So I am new to trading and found conflicting information regarding regulations with regards to alberta. but am still researching.
As per my knowledge retail investors can use a regulated broker in UK or Australia ?
Even so when making a bank transfer (deposits as well as withdrawals) to/from broker in UK or Australia, are there any issues that my local bank may raise and I need to aware of ?
I dont know anything about Alberta, I am based in Ontario… You might have different tax laws so you might wanna look into the paper work when it comes for tax time… I don’t see the problem in using a broker in a different country.
I have had no problems with my bank. The bank doesnt know that your trading and getting paid, all they see is a transfer. You could have gotten paid by Ebay for selling something and they wouldnt really know… Ask your bank for those questions… Everyone’s situation is different, but I dont see why
traders share their experience with me if they share the same profile as me.