This post in our “Summer Celebrations” blog series was inspired by national summer holidays - Canada Day and the 4th of July - and discusses foreign currency trading.
The calls and emails we receive here at the Alberta Securities Commission via our Public Inquiries Office are a great barometer of what’s on investors’ minds at any given time. Currently, we are receiving an increased number of inquiries about trading in the currency markets, also known as foreign exchange, or forex.
Recently, forex firms in the United Kingdom have begun removing non-residents (including Albertans) from their trading accounts. As a result, callers are contacting us to ask how to trade forex in Alberta. According to Alberta’s securities laws, forex issuers and dealers – whether based in Canada or another country – cannot distribute these high-risk investments to Alberta investors without complying with the prospectus and registration requirements or exemptions from those requirements.
As with any investment, it is important to do your research. Read more about scams related to forex (click on the “Foreign currency trading” drop-down). Also, remember we are here as a resource before you make any investment decision: call us toll-free at 1-877-355-4488 or email firstname.lastname@example.org.
Check back for the next instalment in our summer celebrations series.
Have a great summer everyone!