Best Canadian forex brokers – list of brokers regulated by IIROC

BrokerCountryRatingMin. DepositWebsite
US, UK, CA, SG, AU, JP4/5$1Read the review
UK4/5n/aRead the review
UK, Australia3.85/5$50Read the review

The Investment Industry Regulatory Organization of Canada (IIROC) is a self-regulatory organization that oversees all forex brokers (officially referred to as investment dealers) and trading activity on debt and equity markets in the country. The financial regulator was established in June 2008 through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc.

All Canadian forex brokers have to be registered with the IIROC. However, Canadian citizens are not obliged to trade with nationally-licensed brokers and, unlike US ones, are able to do that with nearly any brokerage of their choosing as long as this broker conforms to IIROC guidelines. Still, some recent changes in Canada’s legal framework have stopped several brokers from offering their services to Canadian citizens.

Canada is not a particularly popular destination for forex brokers – the reason for that is most probably rooted in the high capital adequacy requirements, and the complicated regulatory environment in the country. Brokers in Canada need to be regulated by different regulatory agencies depending on the province where they are registered and have to comply with different regulations. Quebec and Ontario, for example, impose additional requirements on forex and CFD brokers. This complicated system is one of the reasons why very few companies have chosen Canada as the base for their operations.

Nonetheless, IIROC sets high-quality regulatory and investment industry standards for protecting investors and strengthening market integrity while maintaining efficient and competitive capital markets. The regulator regularly reviews the activities of brokers under its supervision to make sure they follow all regulatory guidelines and procedures, maintain a high standard, and only hire employees that are well-trained and after a background check. It is IIROC that investigates allegations of misconduct.

Unlike the situation in the United States, Canada has not banned hedging, nor has imposed restrictions on leverage.

What is probably the biggest advantage of trading with a Canadian forex broker is that all of them are members of the Canadian Investor Protection Fund (CIPF). The latter ensures all client accounts for up to $1 million against suffering losses due to broker insolvency.

 

Canadian brokers news

Non-Profit in Support of Crypto Regulation Launched in Canada

Connor Spelliscy and Jelena Djuric, two Canadian crypto leaders have launched a non-profit organization which aims to push for regulations of the

Posted in News | Tagged , , , , | 💬Leave a comment

A 400% Jump in Crypto Scams in Canada

Between 2017 and 2020, Canada has seen a spike in cryptocurrency scams. Private citizens are increasingly being scammed as the number af

Posted in News | Tagged , , , , | 💬Leave a comment

Over 130 crypto scams currently investigated in US and Canada

The North American Securities Administrators Association (NASAA), an organization of securities regulators in the U.S. and Canada, whose aim is to protect

Posted in Forex, News | Tagged , , | 💬2 Comments

Canada regulators planning crypto exchange rules

The Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA) are considering new rules for the crypto trading

Posted in News, Regulation | Tagged , , , , | 💬Leave a comment

Canada’s BCSC warns AvaTrade is not authorized to target local citizens

Canadian provincial financial regulator British Columbia Securities Commission (BCSC) issued a warning on Monday regarding the unauthorized operation of forex and contracts

Posted in Forex, Regulation | Tagged , , , , | 💬Leave a comment

BCSC warns against Option Financial Markets, IvoryOption and Trades Capital

Canada’s provincial regulator, the British Columbia Securities Commission (BCSC) has warned that three binary options brokers: Option Financial Markets, IvoryOption and Trades

Posted in Regulation | Tagged , , , , , , | 💬Leave a comment

Canada’s BCSC warns of the AlfaTrade forex broker

Canada’s regional financial regulator, the British Columbia Securities Commission (BCSC) has warned that the AlfaTrade forex broker is not registered to trade

Posted in Regulation | Tagged , , , , | 💬Leave a comment

Canada’s BCSC warns against unregistered binary options platform Binex Markets, partners

Canadian financial regulator British Columbia Securities Commission (BCSC) has issued a warning against online binary options platform Binex Markets and advisory firms

Posted in Binary options, Regulation | Tagged , , , , , , | 💬Leave a comment

Canada’s BCSC adds five binary options brokers to warning list

Canada’s financial regulator British Columbia Securities Commission (BCSC) expanded over the weekend its Investment Caution List of companies unauthorized to operate in

Posted in Binary options, Forex | Tagged , , , , , , , , , | 💬Leave a comment

Canada’s BCSC warns against unauthorized forex broker Smart FX Online

The British Columbia Securities Commission (BCSC) published on Thursday a warning noitce against unauthorized forex broker Smart FX Online (SFO). The broker

Posted in Forex, Regulation | Tagged , , , , , , , | 💬Leave a comment

Ontario’s OSC adds unauthorized forex broker Prosper Trade FX to warning list

The Ontario Securities Commission (OSC) has included forex broker Prosper Trade FX to its warning list of companies that are not authorized

Posted in Forex, Regulation | Tagged , , , , | 💬Leave a comment

Canada’s OSC adds binary options brokers Redtulips Consultants, Binarybrokerz to warning list

The Ontario Securities Commission (OSC) included on Friday two binary options brokers – Redtulips Consultants and DSMG, to its warning list with

Posted in Binary options, Regulation | Tagged , , , , , , , | 💬2 Comments