IIROC Regulated Forex Brokers Canada

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.

Best Canadian forex brokers

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
FXCC

FSC

100% bonus

USD 100

1:500

2.
Easymarkets

FSA, CySec, BVI, ASIC

up to 50% bonus

USD 100

1:400

3.
Avatrade

IIROC, ASIC, BVI, CBI, JFSA, ADGM FRSA

up to $2000 bonus

USD 100

1:400

4.
Fusion Markets Canada

ASIC, VFSC

N/A

USD 100

1:500

5.
LegacyFX

CySEC, NBRB, FCA, VFSC

N/A

USD 250

1:500

6.
Blackbull Markets

ASIC, VFSC

N/A

USD 100

1:500

7.
Fpmarkets

CySEC, ASIC

N/A

USD 100

1:500

8.
Forex.com

IIROC, ASIC, FCA, JFSA, NFA, CFTC, CIMA

up to 20%

USD 50

1:500

9.
Fortrade

IIROC, FCA

up to 20%

USD 100

1:100

10.
FXChoice

FSC

up to 15%

USD 100

1:200

Who is the best forex broker in Canada?

Forex.com

  • It is regulated by the IIROC directly.
  • The minimum deposit required to trade on the platform is $100.
  • It is, however, not a member of the Alberta retail traders.
  • The trading fee on the trading platform is low too.
  • Withdrawal is 100% free.
  • Aside from Canada, the broker is also regulated in Cyprus, Cayman Island, Japan, the UK, and the USA.

Oanda

  • It is regulated directly by the IIROC.
  • It is also not a member of the Alberta.
  • There is no minimum deposit, making it a good starting point for a forex trading beginner with limited capital.
  • Its trading platform is unique and easy to navigate.
  • The platform also offers impressive research tools to traders.
  • The account opening process is user-friendly and fast.

Interactive Brokers

  • The broker is regulated by the IIROC.
  • There is no minimum deposit too.
  • It has won several awards in 2022, including the best online broker, the Best broker for day trading, and the best broker for investing.
  • The fee is very low too.
  • Traders can access a wide range of trading products.
  • You can also access several research tools here.

CMC Markets

  • It is regulated by the IIROC and there is no minimum deposit.
  • The trading platform is recommended for CFD and forex trading.
  • It offers a highly advanced trading platform and the traders can access several research tools.
  • The trading fee on this platform is very low too.
  • Its mobile and web platforms are impressive.
  • The platform does not charge its customers for withdrawal.
  • You can access several deposit methods on the platform.

You can go for any of these brokers in Canada since they are regulated by the IIROC.

How the IIROC works

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:

  • It offers financial oversight for trading companies.
  • It also protects the customers of brokers operating within its jurisdiction.
  • The agency promotes the growth and viability of the Canadian financial market.

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.

Characteristics of IIROC

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.

IIROC prohibitions

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.

IIROC licensed brokers vs. IIROC regulated brokers

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.

How to know if your broker is regulated by the IIROC

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.

How the IIROC resolves financial abuse

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.

Frequently Asked Questions

How trustworthy is the IIROC?

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.

Can the IIROC help me in case any of its regulated brokers swindle me?

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.

Which is more powerful between IIROC and Canadian regional regulators?

All Canadian regional regulators are under the IIROC. So, the authority of the IIROC supersedes theirs.