Forex trading is allowed and it completely legal in Alberta but is strictly regulated by the Alberta governments ASC (Alberta Securities Commission). To trade forex in Alberta you need to be deemed a professional or accredited investor. The province of Alberta has one of the strictest Forex regulations in all of Canada. You can still find Forex brokers accepting Alberta clients, but these brokers are likely to be offshore. Down below we have listed the best forex brokers for Alberta.
Best Forex Broker for Alberta
There are literally only a handful of trustworthy forex brokers that accept clients from Alberta. Many scams exist so it is important to do your own due diligent when choosing a forex broker.
It is important to note that that some of the brokers listed are offshore and are regulated under the regulator of that brokers country. Listed below are the best forex brokers for Alberta. As of 2021, these are the only trustworthy FX brokers accepting Albertans:
- BlackBull Markets
Forex Broker List For Alberta
|Account Base Curreny||USD, EUR, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum and XRP|
|Trading Platforms||Metatrader 4/5|
|Broker Type||Market Maker|
|Regulations||ASIC, B.V.I, FSA, FFAJ, FSCA, IIROC|
|Account Base Currency||USD EUR GBP AUD|
|Max Leverage||400:1 / 30:1 EU Clients|
|Trading Platforms||Metatrade 4, AvaTradeAct, Web trading, AvaOptions AvaTradeGO, Mobile trading|
|Regulations||FSCL and FSPR|
|Account Base Currency||USD EUR GBP AUD NZD SGD CAD JYP ZAR|
|Trading Platforms||Metatrader 4|
Forex trading Alberta regulations
Forex trading in Alberta is regulated by the ASC the Alberta Securities Commission.
Forex trading is allowed in Alberta but is only accessible to Albertans with accredited investor status.
To become an accredited investor in Alberta you need an income of over 200k a year or have assets exceeding $5 million. This may be impossible to achieve for most living in Alberta, so many choose to trade with offshore Forex brokers.
All brokers in Canada are regulated by the IIROC, the Investment Industry Regulatory Organization of Canada.
Other provinces in Canada do not have as strict requirements as in Alberta. The reasoning behind the beefed up rules in Alberta are to protect investors from losing some or all of there investment trading Forex.
The ASC deems currency trading as high risk investing. It is well know that many FOREX scams exist.
According to the Alberta Securities Commission, Foreign currencies trading (forex trading) is listed as an “unconventional and complex investment” that holds a higher than average risk and are typically held by high net worth/institutional investors. The risk is always magnified with higher leverage.
About This Article
Author: Mark Prosz
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