Best Broker for Canadians from Alberta

i used their demo but never traded live with them. they are on cyprus so if you are trading 5K account it is ok, if you are trading 50K or more i would not risk.

Wait a second... So you're worried about ASIC regulation, but you're happy to move to a Cypriot based broker? Whaaaa?

I would only ever trade with brokers only regulated in the UK (FCA) and Australia (ASIC). The rest, no wayyy.

AA1 Hows your trading going on? You still trading with Pepperstone and Vantage Australia?

Damn it, that guy got banned. Now I look like a fool talking to myself haha.

I started Forex (mainly gold) for the first time in Dec 2015 with Fxpro. Seemed good enough, and I greatly prefer it to trying to trade gold 8 hours per day on the stock market through low leverage ETFs, but this morning (March 21) I get an email saying they are no longer providing services to Canadian residents as of March 21, and will close positions April 21. What the heck??

Dear meharin,

Having carefully weighed our options, we have decided to withdraw from the Canadian market and will no longer be able to offer trading services to Canadian residents, effective 21 March 2016. A combination of factors have contributed to our decision, the most significant of which have been our renewed focus on improving our position in our core markets, as well as our decision to work on building a localised presence in the regions where we foresee the greatest potential for growth. As such, we feel that it is preferable to withdraw from this market rather than compromising the quality of our service.

Kind regards,
FxPro Team

Very, very disappointing :-( I was quite happy with your service. Fun times trying to find a decent broker again :-(

bull no. the way i traded stopped working so i am not trading live now, demoing a new way to trade. when i start live again will do another broker's research. last time australians seemed to be the best.

That means they don't want to comply with the stringent margin requirement set by the IIROC which limits the maximum leverage to 50:1 for forex and since they are probably are a STP broker with B-booking they need to be able to offer higher leverage than that to attract more customers and since they can't do it with such low leverage in Canada hence the phrase "to work on building a localised presence in the regions where we foresee the greatest potential for growth".

Just shows that they are not a real pure ECN broker. IB has been in Canada for years offering only 33:1 leverage on forex and they are still there.

Has anyone used Questrade for forex in Canada? If I move to Alberta am I no longer able to trade forex?

Hi candoit2,
Albertan here. Land of the Calgary Stampede . Yup buddy, you can no longer trade forex if you are a regular joe as per the conditions mentioned by Alberta Securities Commissions. But you can trade with an international broker without issues. You are not allowed to trade with any forex broker in Canada if you live in Alberta.

Hi All Canadian/ Albertan Traders,

Any good news for trading forex in Alberta?

I am from ASEAN country and having both account Interactive broker (UK) and Oanda MT4 (Australia), in my country normally I deposit USD to Oanda the fund via credit card but a few bank owner of credit card (HSBC, Citibank) do not allow my fund to Oanda, I normally use my visa local bank to fund. The deposit spent around 2-3% and withdrawn spent 2-3% into my local currency but I had gain if my local currency depreciate comparing to USD. I have no way to deposit my fund via bank wire due to restriction from my country. It is quite difficult for us to fund so tht having bigger account.

I have IB account via a friend he is UK passport and he had IB account and created another account in his name for me. He have both PP (UK and my country) live in my country.

My wife (Canada student) and Kids moved to Alberta last year, I will soon come there (may be visitor visa or work permit). I want to continue trade with my Oanda Australia. A few step I will do, could you pls review and comment.

1) I open a Canada bank account and let say deposit 10K CAD
2) I open a Canada credit card based on 10K CAD deposit
3) Funding CAD to my Oanda account via credit card (is it possible?) or I do bank wire CAD to my Oanda account ( Australia)
4) Can I withdrawn CAD to my credit card? Why I do this because withdrawn money to credit card is almost free ( I know we only withdrawn money equal the money you fund via credit card).

If I deposit USD to Oanda account via my local credit card (spend 2-3%), I withdrawn USD from Oanda to my local credit card (spend 2-3%) and spending money in Canada via my local credit card (2-3%), total around 6 to 9%. It is quite expensive to do this way. Therefore, I would like to open a Canada bank account and Canada credit card.

Or any advise my situation to have best way to do forex trading when I am in Alberta ( I am still foreigner)

I currently have two trading strategy : long term is quite good result but I dont think I can trade with IB due to low leverage and mid term strategy ( holding position around 2 to 3 days) I think I can trad with IB but the result is not good.

Another question about the Canada tax for trading forex for foreigner?

Thanks a lot for your help

Hello Guys,
I'll appreciate any feedback regarding trading from Alberta, Canada.

After going through the thread i understand that some people are able to trade with a foreign broker account.

Is anyone out there still managing to trade this way?

Which brokers are the most recommended due to their historical good performance?

Thanks in advance.

I'm with Fxprimus. They just dropped credit card funding for all Canadian accounts(not sure why).
You know any good brokers for Canadians. Still waiting to hear back from support why.

I think Australian brokers and Cayman Island brokers are best for Canadians. UK brokers and US brokers do not allow Canadian citizens to open trading accounts. I would not advise going with Cyprus brokers as Cyprus regulator Cysec is not good so I heard. FCA, ASIC, NFA and Cayman Island Financial Authority regulators are the best. Tradeview markets and Xenia are two good brokers in Cayman Islands who take Canadian clients.

Hey all, trader from Ontario here. Man, you folks in Alberta have it rough with your provincial legislation. It's just insane. $200k annual income, or $5mil in assets, plus having to be registered as an accredited investor..... damn, those rules are insane.

As far as offshore brokers go, I'm currently looking at Global Prime (basically the only Australian one left that will take on traders from Ontario at least), Dukascopy, and FXOpen (mostly because they have a prepaid mastercard which is great for small traders like myself). Those are the three options I would look into. I think Duka and Global are more trustworthy than FXOpen, but FXO has been around for a very long time. So a long history does add to their credibility, and they are regulated by several agencies. I do like having the highest leverage available, so FXO is the best bet for that at 500:1, but Duka can go up to 300:1 if you go with their European subsidiary, and Global Prime offers 100:1, but they say they can go up to 200:1 on a case by case basis. I've only tried out FXOpen's demo so far, but now that I'm between jobs, I'm going to look into the other brokers and see what their server/ping times are like.

Both FXO and Global have MT4. Dukascopy has their own trading platform, but they do have a bridge to MT4 service for those who want to use MT4 with them. I think it's just a minor markup in the spread to use it. As far as any other brokerages go... There's FXTM (Forextime), but they're in Belize, yet somehow regulated in Cyprus. Kind of weird if you ask me. Tradersway offers insane 1000:1 leverage, but they have no published physical address, so that's a big red flag to me there. The pickings are becoming slim for Canadians, especially when it comes to finding a regulated broker, where the regulator is actually good. There's plenty of unregulated ones, but if a broker isn't regulated in a country that has a regulatory body, well, it says a lot about that broker.

The only broker I traded with in the past that was unregulated was FinFx. Only reason they weren't regulated, is because Finland had no regulatory body for forex for a while. They eventually did create one, but there was a lot of good feedback from traders before the regulatory body came along, so I gave them a shot. Damn I miss them...

Hi to all Forex traders! Today I decided to join the club as I have a great results in Forex trading but need your advise: "How do you trade from Canada, Alberta, if Forex trading is prohibited by law " .Advise needed..
I know you guys may trade with Asia or Europe brokers, but how do you wire $$$ back to your account? I mean if you opened account with $100 or $5000 and made a $100,000 - or $1 mil/year and wired tons of $$$ back to RBC bank account, the tax agency CRA will take money away???????????????? HELP with advice PLEASE!!!!! Thank you

If you're trying to dodge paying taxes, I wouldn't recommend it. I traded with the now defunct FinFx for a year or so. I made sure to send an excel file with all my trades on it to my accountant when tax season came along. I only had losses, but at least this way I can claim those against the future earnings I'll be making. The only reason I'm looking for an overseas broker is better leverage. Plain and simple. If Canada offered competitive rates, I'd be doing my trading here instead. But they don't. So it's off-shore for me.

Forex is not banned in Alberta, you just need to have tons of money and/or assets, and become an accredited investor to trade Forex there. My opinion, move out of that province, unless you already have tons of cash. Forex is regulated provincially. B.C. and Quebec are the ones that keep popping up as the most frequently denied provinces from the brokers I've been checking out. Ontario is showing up in a few as well. So that basically leaves Manitoba, Saskatchewan, and the entire east coast as provinces that are still widely accepted globally. Just don't be a fool and try to skip out on paying your taxes. Once you have a large enough account, it's a very high reward, low-risk job. You don't even have to leave your bed to go to work if you trade Forex full-time.

appreciate for your comments. Yes, I know about these 2 criteria, cash and asset, where eventually reach have chance to become richer, but what shall we-I do? I do not have tons of cash or 500k asset, cant move out of Alberta yet, and definitely not looking to avoid taxes, but want to trade forex. So I am planning to open account in Dukascopy in Swiss or Lawtvia, so my question is, lets assume I make 1 mil/a year and will withdraw here in RBC and will pay taxes or course, SO will CRA say, eh- you did not have the right to open account oversees!- so your earned money are confiscated???? Thank you for advice.