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Best Broker for Canadians from Alberta

  • #121
  • Jul 18, 2015 12:34pm Jul 18, 2015 12:34pm
Quoting aa1
i haven't. i think that they required an accredited investor confirmation and that was the main problem for me. of course you can lie to them but if you are successful and your account really growes, at some point you may have to talk to cra and then nobody knows what happens as they will pull out everything. would you risk all your money because of that? i don't really care about oanda any more, they are just one of many brokers.
Just move to another neighbouring province and continue to trade with whichever broker you want to. Alberta is only province that uses this draconian requirement as an excuse to curtail investors of freedom choice in self-managed investment so to protect its professional investment industry. Stupid!
Make your losses in demo. Earn your profits live.
  • #122
  • Jul 20, 2015 8:50pm Jul 20, 2015 8:50pm
Quoting mry2001
{quote} I admit global prime is a very good broker. One of the slippage was their fault but I got refund. I am going to stay with global prime. It is not true that brokers do not manipulate there are many scam brokers. I have seen brokers cancel profit or reject withdraw etc.
Update: Global prime is a market maker as it is stated in the pds:
Each Global Prime Product which is agreed and entered into with you will be entered into by Global Prime as principal. Global Prime makes a market in its products since it regularly states the price at which it is prepared to deal with a client as principal.

Should have read it before start trading with them.
  • #123
  • Jul 20, 2015 8:56pm Jul 20, 2015 8:56pm
http://www.forexfactory.com/showthread.php?p=5850820

"marv" has summarized very well a few years ago. Little has changed except a few new brokers such as darwinex.
  • #124
  • Jul 20, 2015 9:43pm Jul 20, 2015 9:43pm
Quoting mry2001
{quote} Update: Global prime is a market maker as it is stated in the pds: Each Global Prime Product which is agreed and entered into with you will be entered into by Global Prime as principal. Global Prime makes a market in its products since it regularly states the price at which it is prepared to deal with a client as principal. Should have read it before start trading with them.
That is an ASIC requirement across all Australian Brokers .. Anything outside of an exchange and you are making a market according to their policy.
  • #125
  • Jul 21, 2015 12:01am Jul 21, 2015 12:01am
Quoting lasty
{quote} That is an ASIC requirement across all Australian Brokers .. Anything outside of an exchange and you are making a market according to their policy.
That is true but in many cases; they really ARE market makers (who may or may not hedge) especially regarding CFD because they are the issuers of those CFD's themselves.
Make your losses in demo. Earn your profits live.
  • #126
  • Jul 25, 2015 1:30pm Jul 25, 2015 1:30pm
Just finished 30 day demo with Vantage. Completely new at this so it was quite a learning experience. Think I'll try demo with Pepperstone now as I don't think I'm quite ready for live acct. Any advice from anyone on what broker to go with (or ANY advice would be helpful. I live in Alberta. Thanks.
  • #127
  • Jul 26, 2015 5:43pm Jul 26, 2015 5:43pm
i have live accounts with both of them. nothing wrong so far with any of them.
  • #128
  • Jul 26, 2015 9:07pm Jul 26, 2015 9:07pm
Thanks aa1. Just starting demo acct with Pepperstone. HATE Metatrader 4 platform. Not user friendly. Vantage's platform was so easy to use.
  • #129
  • Jul 26, 2015 10:52pm Jul 26, 2015 10:52pm
trim, i don't understand your post. what are you using for pepperstone or used for vantage? i use their mt4. i am not sure what is not user friendly in mt4 though. spend 10 minutes learning it and it will become very friendly. not sure what can be easier than mt4.
  • #130
  • Jul 27, 2015 12:30pm Jul 27, 2015 12:30pm
aa1. If I spend some time at it I might get used to it. I find there's an extra step or two to enter a trade and placing SL/TP are awkward. Maybe it's not suited so much for an I Phone? The Vantage platform was MXT Global. When I go into MT4 user guide it takes me into MT5. Not sure what that's about. I'll have to go on there website. Thanks for reply
  • #131
  • Jul 27, 2015 4:46pm Jul 27, 2015 4:46pm
I am from Alberta too and Interactive brokers refused my trade order as Albertans are not allowed to use leverage for FX! What is the best broker this group suggests? (I am okay with MT4 platform)
  • #132
  • Jul 27, 2015 6:03pm Jul 27, 2015 6:03pm
Quoting dewdrops
I am from Alberta too and Interactive brokers refused my trade order as Albertans are not allowed to use leverage for FX! What is the best broker this group suggests? (I am okay with MT4 platform)
Move out of Alberta and I will tell you!
Make your losses in demo. Earn your profits live.
  • #133
  • Jul 27, 2015 6:09pm Jul 27, 2015 6:09pm
Quoting Forexia
{quote} Move out of Alberta and I will tell you!
If you promise to feed me twice a day and provide me a nice place to stay, I'll move out tomorrow morning before sunrise
  • #134
  • Jul 28, 2015 12:06pm Jul 28, 2015 12:06pm
Quoting dewdrops
{quote} If you promise to feed me twice a day and provide me a nice place to stay, I'll move out tomorrow morning before sunrise
You just want to be fed twice a day? LOL If that's the case, any place in Canada will do. Move to Ontario next door and both of your conditions will be satisfied with plenty of room to spare! LOL

Just get out of the draconian Alberta!
Make your losses in demo. Earn your profits live.
  • #135
  • Edited 12:27am Jul 29, 2015 12:13am | Edited 12:27am
dew, don't listen to forexia. it is jealousy talking there nothing else as all of them are just dreaming to live here in alberta but for different reasons they can't. we are blessed being here...

i believe that your limitation is not a broker, it is you. go with pepperstone, go with vantage, go with a bunch of other decent brokers just make sure you do your homework. open demo and run extreme conditions of your trading and see if it works. also contact their support and ask questions. if you ask a direct question they won't lie. if you look through previous pages i've mentioned several brokers that i tried. i ended up with vantage and pepperstone for now. looks ok so far.

down the road i discovered very strange things like extreme widening of leverage with ducas over the weekend, for example, and some others. they never mention it on their promo page so this is your job to find out what they are hiding and make sure it won't damage your trading. what fits me won't necessarily fit you. the way i trade now, i have a very specific list of requirements and making sure the broker i trust my money is fitting my list. do your list and check the perspective broker against it. they need you not otherwise so do your homework to make sure they deserve your money.
  • #136
  • Jul 29, 2015 12:38am Jul 29, 2015 12:38am
Quoting aa1
dew, don't listen to forexia. it is jealousy talking there nothing else as all of them are just dreaming to live here in alberta but for different reasons they can't. we are blessed being here... i believe that your limitation is not a broker, it is you. go with pepperstone, go with vantage, go with a bunch of other decent brokers just make sure you do your homework. open demo and run extreme conditions of your trading and see if it works. also contact their support and ask questions. if you ask a direct question they won't lie. if you look through...
LOL Jealousy over living in Alberta? Really? For what? Its year-long -20 degree weather or its polluting oil sands or its wonderful KKK chapter or its restrictive draconian securities regulations that forces its residents to only able to invest in stocks and mutual funds? Reasons are plenty why people avoid Alberta unless they have no choice but to work in the oil fields which are producing not that much $$ anymore for Canada due to the plunging oil prices.

Seriously, get out of Alberta and you open yourself up to a world of choices of reliable brokers. Right of the bat, Interactive Brokers, one of the best true ECN brokers and Oanda, one of the best among money market brokers will be immediately available to you. And that's just a start.
Make your losses in demo. Earn your profits live.
  • #137
  • Aug 6, 2015 8:11pm Aug 6, 2015 8:11pm
... just saw this thread and thought I would throw my 2 cents into the mix. Sorry, if this rehashes previously posted comments but i really do feel for the "Unaccredited Albertan Investor" (UnAI).

First, the accredited investor requirement only applies to residents of Alberta who wish to deal with a broker who is soliciting business in Canada. In order for a firm to solicit business here (Canada) they need to be 'registered' with both a provincial securities regulator and the national securities industry (self)regulator IIROC ( = Investment Industry Regulatory Organization of Canada (https://www.google.ca/url?url=http://www.iiroc.ca/&rct=j&q=&esrc=s&sa=U&ved=0CB4QFjAAahUKEwj7pLfny5XHAhVFPogKHYlqDaY&sig2=YRZRbHv3FaUS8uhT15DXmA&usg=AFQjCNFaA9uharojI_L8vX61mjj9n3d19g) ~ formerly know as the Investment Dealers Association). Once registered they will of course need to comply with all of the rules & reg's which includes Alberta's strange rules for highly levered investments. So even if the firm is owned/domiciled outside of Canada but has a registered office within Canada (either directly or through an affiliate, e.g. FXCM thru independently owned Friedberg Mercantile) then they must promise that all of their offices regardless of location will abide by the Canadian rules when dealing with Canadian residents. The upside for the Canadian trader dealing with a "Canadian" broker is both stringent broker regulation (take that for what it is worth) and a kind of deposit insurance*** provided by the Canadian investor Protection Fund (CIPF) (http://www.cipf.ca/HomePage.aspx).

***please note the "insurance" is not provided to reimburse your for stupid money losing trades; it's there in case your broker goes bust or leaves the country with your funds in his suitcase. or something like that.

All that being said, Alberta laws do not prevent you from sending some or all of your money abroad and depositing those funds with whomever you choose provided the bank/broker is willing to accept you as a client. There a number of large, liquid and legitimate brokers outside of Canada's borders that choose not to open a Canadian office / solicit Canadian investors and who will be more than happy to open an account for you: the Unaccredited Albertan Investor (UnAI). Some firms (most likely those based in the US) who will ask you to sign some document to the effect that you, the client, asked them, the broker, out on the date first and that you had no idea that they would say yes, they had not smiled or batted their eyes or really even looked at you from across the bar ... er, I digress, the document is a non-solicitation type of declaration.

As an UnAI, you will have to decide whether you want to forgo the protection afforded by the Canadian rules in order to trade these types of investments with another broker. It's your money and you are still free to blow it anywhere in the world on whatever crazy assed trading scheme your heart desires, damn it! It's also worth noting that there are other legitimate regulatory regimes in the world (really?)through which your intended broker may be governed but Canada (in effect her provincial regulatory authorities) is among the few who regulate brokers that specialize in levered investments (futures, spot currency, cfd's, etc,) to the same (higher) levels that full fledged stock brokers are governed. In any case, its always "buyer beware" and "do your homework". And here you thought it was all flowers and chocolates.

Finally, (yes, I am getting to it), thereis at least one exemption available to Alberta's Accredited Investor rules and those pesky financial requirements. If you have been previously employed in Canada as a Registered Representative of an IIROC member firm you can be exempted from meeting the other requirements and are free to open an account with any "Canadian" broker who'll have you. Basically, if you were a stock broker or the like at anytime in the past, anywhere in Canada you can receive the exemption and do as you will. Of course, you will have to prove this to your broker but the ever friendly and helpful IIROC should be able to dig up your PAPERWORK so that you can present it to your broker who will then turn around and present it back to IIROC. (all kidding aside , and no italics, they really were helpful, although a bit formal for my liking and at a cost of $50!).

Bottom line for Albertans: if you don't qualify as an Accredited Investor, and you can't get the exemption then you will have to weigh the pro's and con's of doing business with a broker doing business in some other part of the world but not doing (soliciting) business in Canada. Does it need mentioning that a broker who is soliciting business in Canada and is not registered to do so is breaking Canadian laws and maybe the laws of their own country and probably is a broker that one should avoid ... at all costs? Nah, no need to mention it.

Hope this helps any "UnAI" who needs it; cheers!

PS Forexia, if you hadn't noticed, what with will all of the Greek drama and stuff, Albertans are now the proud owners of a shiny, brand spanking new and very orange NDP government ... majority government, no less and we picked it out ourselves, thank you very much ... although, these orange governments (in other provinces) seem to turn very lemony after only a few km's, hmmm ... in any case, stick that in your progressive pipe and smoke it!
  • #138
  • Edited 1:29pm Aug 7, 2015 3:34am | Edited 1:29pm
Quoting timber
... just saw this thread and thought I would throw my 2 cents into the mix. Sorry, if this rehashes previously posted comments but i really do feel for the "Unaccredited Albertan Investor" (UnAI). First, the accredited investor requirement only applies to residents of Alberta who wish to deal with a broker who is soliciting business in Canada. In order for a firm to solicit business here (Canada) they need to be 'registered' with both a provincial securities regulator and the national securities industry (self)regulator IIROC ( = Investment (https://www.google.ca/url?url=http://www.iiroc.ca/&rct=j&q=&esrc=s&sa=U&ved=0CB4QFjAAahUKEwj7pLfny5XHAhVFPogKHYlqDaY&sig2=YRZRbHv3FaUS8uhT15DXmA&usg=AFQjCNFaA9uharojI_L8vX61mjj9n3d19g)...
Thank you for clarifying this still unreasonable and draconian "Accredited Investor Requirement". And this makes lot more sense. Except that with this rules in place, it scared a whole bunch of foreign brokers away from taking not just Albertan but the rest of Canadians as clients thinking that we Canada are the same as United States with their even stupider "US Investors must invest with US brokers" rule. Yes stupidity and ignorance exists both ways and everywhere. And then there are those brokers who just choose not to take Canadians as clients simply because, I suspect, we Canadians are just better traders that we are more prudent and do more homework and ask more questions and they just don't want the trouble. They are looking for easy money; money from people who don't bother to do research and chooses to trust those brokers easily and wholeheartedly and the brokers are free to do as they please.

Quoting timber
Albertans are now the proud owners of a shiny, brand spanking new and very orange NDP government ... majority government, no less and we picked it out ourselves, thank you very much ... although, these orange governments (in other provinces) seem to turn very lemony after only a few km's, hmmm ... in any case, stick that in your progressive pipe and smoke it!
And for that, all I can say to Alberta is a BIG BOLD "ABSOLUTELY THE VERY BEST OF LUCK!" cuz Alberta is gonna need every single ounce of it. NDP is like the Vikings from the old time. Every place that NDP has gone to, bloodshed and tears follows and people sigh a huge breath of relief when they finally get thrown out. Last time when Ontario voted in Bob Rae, the ONLY time in Ontarian history that NDP has ever taken power, the economy dropped by AT LEAST 15% (the FIRST thing that the NDP government did was to forbid stores to open on Sunday go figure LOL), budget deficit shot through the roof and ballooned into the BIGGEST ever in Ontarian history. And what followed was SEVEN years of PC rule that finally cleaned up the mess left by the NDP and set the budget straight. People complained so much because they got so used to reckless spending under NDP but Mike Harris didn't care and still continued with his program and that was one of the BEST thing that has ever happened to Ontario.

So now maybe Alberta is rich enough to be able to afford to have NDP to go in and reck things a little, to squander some of those huge mound of oil money but consider yourself warned. NDP never fares well, never has and not sure if ever well.

Again very best of luck!!
Make your losses in demo. Earn your profits live.
  • #139
  • Aug 10, 2015 9:23am Aug 10, 2015 9:23am
Quoting lasty
{quote} That is an ASIC requirement across all Australian Brokers .. Anything outside of an exchange and you are making a market according to their policy.
STP brokers are always the counterparty of your trades. When u open a long position, a stp broker will open a short position. This step is exactly the same with market makers. But immediately after opening a short position, a stp broker will open a long position with its LP and that is the difference between STP brokers and market makers. Pure STP broekrs do not take any risks. All your trades are passed on to another market maker(liquid providers are market makers and they trade against you). Think about the cost when trade with STP brokers, commissions and stops triggered by slippage. It is pure brain wash that stp/ecn is the future of forex trading.

STP brokers do not protect negative account balance.
STP brokers also do not guarantee stop loss.

Advantage of STP brokers is security and privacy. As for no manipulation and transparency, it is a straight out lie. banks do everything the market maker does at a higher degree: requotes(order rejection), delay, spread widening, and stop loss hunting.

My conclusion is to trade with a regulated market maker. No wonder most of the top 10 volume brokers are market makers.
  • #140
  • Edited 6:57pm Jan 1, 2016 3:16am | Edited 6:57pm
Hi guys
Has anyone tried Fxpro? They accept Albertans! It would appreciate if you share your experience with them. They offer ECN ctrade platform but the commission is high!
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