IIROC is an acronym for Investment Industry regulated Organization of Canada. It is the regulatory body saddled with the responsibility of monitoring and overseeing all the trading and investment activities in Canada. IIROC started operation in 2008 following the merging of the market Regulation Services Inc. and the Investment Dealers Association of Canada. Considering its reliability, you can trade with confidence on any of the IIROC regulated forex brokers Canada.
The body sets all the rules guiding trading organizations and also enforces these rules. Its activities are founded on fairness, integrity, and transparency too. The IIROC also seeks to ensure high proficiency in financial and business conducts across the trading firms in Canada.
In this write-up, we will show you some of the IIROC regulated forex brokers Canada. You can trade with confidence on virtually all of them. You will also learn about the uniqueness of IIROC regulatory services.
You can go for any of these brokers in Canada since they are regulated by the IIROC.
IIROC regulated forex brokers Canada are consistently monitored by the regulatory agency. Its operation is similar to that of many top financial regulatory bodies in the world today and we can summarize its functions thus:
The agency also takes up the duty of inspiring confidence in customers and discouraging misdeeds among brokers. IIROC creates a highly conducive culture, enabling the Canadian investment world to attract and retain high-quality services.
IIROC regulated forex brokers Canada have the legal right to provide derivative products. All the regulated brokers in Canada can offer as much as 1:50 leverage to their customers. The Canadian Investors Protection Fund (CIPF) is yet another body working with the IIROC to protect the funds and property of traders being helped by the broker. If the broker liquidates, the customers will not lose their funds. One aspect that the IIROC needs to improve on is negative balance protection, which the agency does not offer.
Canada permits traders to asset different categories of assets, which many other countries prohibit. The EU and USA ban Spread Betting, but you can make money from spread betting in Canada. There is no restriction on the number of assets you can trade here. You can, however, not trade binary options through any of the IIROC regulated forex brokers Canada. This is about the only existing restriction by IIROC regarding tradable assets.
A broker must possess an IIROC license for it to be regulated by the IIROC. A licensed broker by the IIROC can, however, offer its financial trading services via a local regulated broker. Some brokers are not licensed by the IIROC and such unlicensed brokers will have many of their services limited. Such brokers will require permission from regional regulators to present their services to the customers. All Canadian regional regulators go through IIROC regulatory processes too.
Before you start trading forex on a broker’s platform, find out if it is among IIROC regulated forex brokers in Canada. A regulated broker should provide information regarding its regulatory agency. If the broker does not offer such information, you can visit the IIROC website to find out about the broker’s regulation status.
The website has a search tab that can help you investigate any broker operating in Canada. Just type the name of the broker in the search bar. If that broker is regulated by the IIROC, you will get a confirmation from the website. Make sure to use the broker’s business name when searching for this.
The financial market records several discrepancies and this also occurs in Canada. When the IIROC receives financial abuse reports from the customers, it attempts to find a win-win solution to satisfy both parties. The IIROC can bring its discretionary power to bear on any issue and this can culminate in the ban of the broker found guilty.
The IIROC is a trustworthy agency and you can rest assured that IIROC regulated forex brokers in Canada will not swindle you of your hard-earned money in any way.
Yes, the IIRC can save you from fraudulent brokers, helping you to trade forex without fear in Canada. The body can even ban the broker if found guilty.
All Canadian regional regulators are under the IIROC. So, the authority of the IIROC supersedes theirs.