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6 Best IIROC-Regulated Forex Brokers

Last Update: June 26th, 2024

Best IIROC-Regulated Forex Brokers

 

The 5 best IIROC-Regulated Forex Brokers revealed. We have explored and tested several prominent brokers to identify the 5 best regulated brokers.

 

In this in-depth guide, you’ll learn:

  • Who regulates forex brokers in Canada?
  • What is an IIROC-regulated Forex broker.
  • Who is the Best 5 IIROC-regulated Forex Brokers.
  • Best IIROC-Regulated Forex Brokers reviews.
  • Pros and cons of each broker
  • Popular FAQs about IIROC-regulated Forex brokers

 

And lots more…

So, if you’re ready to go “all in” with 6 best IIROC-regulated Forex brokers list below…

Let’s dive right in…

 

🏆 10 Best Forex Brokers

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

5 Best IIROC-Regulated Forex Brokers (2024*)

  1. ☑️AvaTrade – Overall Best Forex Broker that is IIROC-Regulated.
  2. ☑️Oanda – Best Overall Broker Regulated globally.
  3. ☑️Interactive Brokers – Offers an impressive portfolio of Tradable Instruments.
  4. ☑️Forex.com – Is known for its Low Fees to traders.
  5. ☑️CMC MarketsUltra-low forex spreads with zero commission.

 

What is an IIROC-Regulated Forex broker?

 

The Investment Industry Regulatory Organization of Canada (IIROC) is a national self-regulatory organization whose mandate is defined by the Canadian Securities Administrators. In addition, IIROC-regulated Forex Brokers are those that fall within this entity’s oversight in Canada.

 

It creates regulations that hold companies that deal in financial products like debt and equity to high standards in the investment industry and regulatory framework.

 

Thus, one of the best real-time monitoring systems makes the IIROC stand out from other regulatory agencies overseeing forex brokers.

 

The 6 Best IIROC-Regulated Forex Brokers

👥 Brokers👉 Open Account💰 Minimum Deposit ⚖️ Regulation ✔️ Demo Accounts
AvaTrade 👉 Open Account$100Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC ✔️
OANDA👉 Open Account$100FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA ✔️
Interactive Brokers👉 Open AccountNo specific amountSEC, CFTC, FCA✔️
Forex.com👉 Open Account$100ASIC, CIRO, CIMA, SFC, FSA, MAS, FCA, NFA, CFTC✔️
CMC Markets👉 Open Account$100FCA, CySEC, SCB, FSCA, FSC✔️

 

AvaTrade

 

Overview

AvaTrade provides Canadians with distinctive features designed to meet their trading requirements. The broker is widely recognized for its intuitive interface, which enables smooth cryptocurrency, Forex, and other financial instrument trading.

 

AvaTrade

 

Traders in Canada are catered to by various educational resources, competitive margins, and dependable execution, which render it an optimal platform for novice and experienced traders.

 

Moreover, multiple international authorities oversee AvaTrade, guaranteeing a secure trading environment. It also provides excellent services and customer care.

 

Unique Features

FeatureInformation
🏛️ RegulationIIROC, Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
📲 Social Media PlatformsInstagram
Facebook
X
You Tube
LinkedIn
Telegram
💻 Trading AccountsRetail Account, Professional Account
📊 Trading PlatformsAvaTradeGO
AvaOptions
AvaSocial
MetaTrader 4
MetaTrader 5
DupliTrade
ZuluTrade
💰 Minimum Deposit$100
📉 Trading AssetsForex
Stocks
Commodities
Cryptocurrencies
Treasuries
Bonds
Indices
Exchange-Traded Funds (ETFs)
Options
Contracts for Difference (CFDs)
Precious Metals
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
➕ Bonuses for traders?✔️ Yes
📈 Minimum spreadFrom 0.9 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes (Dubai)
👉 Open Account👉 Open Account

 

AvaTrade Pros and Cons

✔️ Pros❌ Cons
AvaTrade provides traders with a trading environment that can be profitable.Variable spreads are not available at this time.
There are Islamic and demo accounts to choose from.Only two types of trading accounts are available.
Since its founding, AvaTrade has established a strong reputation and won multiple awards.There is a penalty for inactivity on dormant accounts.
On financial markets, there are roughly 1,250 traded assets available.
Skilled traders can access the basic trading tools at AvaTrade.
There are numerous intricate and innovative trading tactics up for review.

 

Trust Score

AvaTrade has a high trust score of 93%.

 

OANDA

 

Overview

OANDA operates under the oversight of the IIROC, ensuring compliance with rigorous Canadian financial regulations and instilling trust and confidence among traders.

 

It offers various investment opportunities, including currency pairs, indices, commodities, and bonds, catering to diverse trading strategies and preferences.

 

Oanda

 

The broker provides traders in Canada with competitive and clear commission structures, enabling them to effectively manage costs while taking advantage of tight spreads to increase revenue.

 

With OANDA’s cutting-edge trading platforms, including its web-based platform and MetaTrader 4, traders can execute trades and make decisions easily, thanks to sophisticated tools and analysis features.

 

Furthermore, OANDA strongly emphasizes customer service, offering support through multiple channels such as live chat, email, and phone.

 

Unique Features

Feature Information
🏛️ RegulationIIROC, FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA, CFTC
🏛️IIROC Regulation✔️ Yes
📲 Social Media PlatformsLinkedIn
X
Facebook
YouTube
💻 Trading AccountsStandard Account, Core Account, Swap-Free Account, Demo Account
📊 Trading PlatformsOanda Platform, MetaTrader 4, TradingView, FxTrade
💰 Minimum DepositNo specific minimum deposit required.
📉 Trading AssetsIndex CFD's, Forex, Metals, Commodity CFD's, Bonds CFD's, Precious Metals, Real-Time Rates
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
➕ Bonuses for traders?✔️Yes (except for US traders, as per US regulation)
📈 Minimum spreadFrom 0.1 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes
👉 Open Account👉 Open Account

 

OANDA Pros and Cons

✅Pros❌Cons
There is no minimum for lower deposits, which is convenient for traders who want to start modestlyDeposits of more than US$9,000 require additional documentation
Some accounts have minimal spreads, allowing for competitive trading conditionsSome accounts charge commissions per million transacted
OANDA offers a range of tradable marketsSome risk-averse traders may find a 50% stop-out too high
Advanced trading platforms include the MT4, MT5, and FxTrade platformsCertain bonuses need a high minimum balance and trading volume
There are no restrictions on trading strategies

 

Trust Score

OANDA has a trust score of 91%.

 

Interactive Brokers

 

Overview

Interactive Brokers is a renowned Forex broker regulated by the IIROC, ensuring compliance with stringent Canadian financial regulations.

 

The broker offers diverse investment opportunities, including currency pairs, stocks, options, futures, bonds, and more, catering to various trading preferences and strategies.

 

Interactive Brokers, a reputable IIROC-regulated Forex broker, follows strict Canadian financial standards. The broker offers currency pairs, equities, options, futures, bonds, and more to suit different trading strategies and techniques.

 

Interactive Brokers

 

The broker provides advanced trading tools and powerful trading platforms like Trader Workstation (TWS) and IBKR Mobile, facilitating trade execution and comprehensive market analysis.

 

Interactive Brokers provides traders with fixed and tiered pricing options, enabling them to effectively manage expenses through competitive commission structures and transparent charge policies.

 

In addition, Interactive Brokers offers responsive customer support through various channels such as live chat, email, and phone, ensuring traders receive prompt support.

 

Unique Features

Feature Information
🏛️ RegulationFINRA, IIROC, FCA, CSSF, CBI, MNB, ASIC, SFC, MAS
📲 Social Media PlatformsLinkedIn
X
Facebook
YouTube
💻 Trading AccountsIndividual, Joint, Trust, IRA, Non-Professional Advisor, Family Office, Advisor, Advisor Client (including Non-Professional Advisor and Family Office), Broker Client, EmployeeTrack
📊 Trading PlatformsIBKR
💰 Minimum DepositNo specific minimum deposit required.
📉 Trading AssetsGlobal Stocks, options, futures, currencies, cryptocurrencies
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
➕ Bonuses for traders?✔️Yes (except for US traders, as per US regulation)
📈 Minimum spreadFrom 0.6 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account❌ No
🏛️ IIROC Regulation✔️ Yes
👉 Open Account👉 Open Account

 

Interactive Brokers Pros and Cons

✔️ Pros❌ Cons
Extensive range of financial instruments including stocks, options, futures, Forex, bonds, and more. Complex fee structure that may be confusing for some traders.
Direct market access (DMA) providing transparent and efficient trading execution. Higher minimum deposit requirements compared to some other brokers.
Competitive pricing with low commissions and margin rates. Steeper learning curve for beginners due to the advanced trading tools and features.
Powerful trading platforms such as Trader Workstation (TWS) and IBKR Mobile, offering advanced tools and analytics. Limited customer support options, primarily through email and chat.
Global presence with access to over 135 markets in 33 countries. Inactivity fees on dormant accounts.

 

Trust Score

Interactive Brokers has a trust score of 95%.

 

FOREX.COM

 

Overview

FOREX.COM operates under the oversight of the IIROC, ensuring compliance with rigorous Canadian financial regulations and instilling trust and confidence among traders.

 

In addition, FOREX.COM is also overseen by regulatory bodies such as the Cayman Islands Monetary Authority (CIMA), Financial Conduct Authority (FCA), Financial Services Authority (FSA), Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), and the Australian Securities and Investments Commission (ASIC).

 

FOREX.COM is a global forex and CFDs broker operated by StoneX Group. The company offers traders an impressive portfolio of tradable instruments and a range of trading platforms and tools for novice and experienced traders. As seen above, the broker is highly regulated, providing traders with security and trust.

 

FOREX.com

 

Among the many advantages of FOREX.COM is the extensive platform selection, which includes not only the FOREX.COM proprietary platform but also MetaTrader 4 and MetaTrader 5.

 

Trading glossaries, webinars, and instructional guides are just a few educational materials traders can access on FOREX.COM. The customer service department is also available around the clock to help and assist traders with inquiries.

 

Nevertheless, trading expenses may be affected by FOREX.COM‘s spreads, which are larger than those of other brokers, notwithstanding the platform’s benefits.

 

Unique Features

Feature Information
🏛️ RegulationIIROC, ASIC, CIRO, CIMA, SFC, FSA, MAS, FCA, NFA, CFTC
📲 Social Media PlatformsLinkedIn
Twitter
Facebook
YouTube
X
💻 Trading AccountsStandard Account, Meta Trader Account, RAW Spread Account
📊 Trading PlatformsMobile App, WebTrader, MetaTrader 5, TradingView
💰 Minimum Deposit$100
📉 Trading AssetsForex, Indices, Stocks, Cryptocurrency, Commodities, Gold and Silver
💲 USD-based Account?No
💲 USD Deposits Allowed?✔️ Yes
➕ Bonuses for traders?No
📈 Minimum spreadFrom 0.6 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes
🏛️ IIROC Regulation✔️ Yes
👉 Open Account👉 Open Account

 

FOREX.COM Pros and Cons

✅ Pros❌ Cons
Tight spreads across a variety of currency pairs There are no strong incentives for high-volume trading
There are multiple trading platforms The demo account expires after 90 days
Strong educational support for traders Platform options can be challenging to browse
Competitive price and a straightforward fee structure Aside from Forex, there are limited product options
An extensive toolkit for analyzing and trading If you do not trade consistently, you will incur an inactivity fee

 

Trust Score

FOREX.COM has a trust score of 98%.

 

CMC Markets

 

Overview

CMC Markets is a well-regarded entity within the online financial trading arena, boasting a robust heritage from 1989.

 

The company operates under the oversight of the IIROC, ensuring compliance with rigorous Canadian financial regulations and instilling trust and confidence among traders in Canada.

 

Its additional regulatory structure will reassure traders considering CMC Markets. It is supported by monitoring from numerous Tier-1 agencies such as the FCA, ASIC, and MAS, demonstrating the broker’s commitment to high financial standards and customer protection measures.

 

CMC Markets

 

A large variety of tradable commodities, including foreign exchange, cryptocurrencies, stocks, and treasuries, are part of CMC Markets‘ extensive offerings, contributing to the platform’s popularity. Thanks to this variance, traders with diverse preferences will have access to different markets.

 

The broker also offers the MetaTrader4 and the Next Generation trading platform, providing customers with powerful tools for market analysis and trade execution.

 

The availability of a demo account allows novice traders to become acquainted with the complexities of trading without incurring financial risk.

 

Unique Features

Feature Information
🏛️ RegulationIIROC, BaFin, IIROC, FCA, ASIC, MAS, FMA, DFSA
📲 Social Media PlatformsYelp
Snapchat
Pinterest
Instagram
Facebook
Twitter
Messenger
Groupon
X
💻 Trading AccountsCFD, Spread Betting, Corporate
📊 Trading PlatformsMetaTrader 4, Next Generation, CMC Markets App
💰 Minimum Deposit$0
📉 Trading AssetsForex
Indices
Shares
Share baskets
Commodities
Crypto CFDs
ETFs
Treasuries
💲 USD-based Account?✔️ Yes
💲 USD Deposits Allowed?✔️ Yes
➕ Bonuses for traders?No
📈 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic AccountNo
🏛️IIROC Regulation✔️ Yes
👉 Open Account👉 Open Account

 

CMC Markets Pros and Cons

✔️ Pros❌ Cons
CMC Markets offers CFDs and spread betting across several asset classesWithdrawal and inactivity fees are a drawback for many traders
CMC Markets offers webinars and training modulesSome users report delays in customer service responses
CMC Markets' charting and technical analysis tools benefit advanced tradersCMC Markets has limited account types
The Next Generation platform is advanced and configurable, developed for user experienceAlthough currency and index CFD rates are competitive, stock CFD fees are often higher than those charged by other rivals.
CMC Markets has a solid regulatory framework

 

Trust Score

CMC Markets has a trust score of 99%.

 

 

IIROC Regulated brokers

 

Conclusion

 

For traders in Canada looking for security, transparency, and dependability in their trading endeavors, choosing the appropriate IIROC-regulated Forex broker is essential.

Furthermore, traders can pick the ideal broker by evaluating platforms, fees, investment offerings, regulatory compliance, and customer service. Therefore, our guide is handy for traders seeking the best brokers regulated in Canada.

 

Frequently Asked Questions

 

Is Forex trading illegal in Canada?

 

Yes, the foreign exchange market is legal and regulated in Canada. The Investment Industry Regulatory Organization of Canada (IIROC) imposes stringent regulations on currency trading in Canada.

 

Furthermore, the Canadian Investors Protection Funds (CIPF) insures individual Forex investors up to $1,000,000 in case of a broker failure. IIROC-authorized Canadian Forex firms are also members of this fund. The IIROC will oversee the top Canadian Forex dealers.

 

What are the advantages of choosing an IIROC-regulated Forex broker?

 

The Canadian Investor Protection Fund (CIPF) provides additional security in insolvency, while IIROC-regulated brokers provide strong customer protections such as segregated accounts and stringent margin requirements.

 

What are the requirements for IIROC?

 

Except for Type 1 Introducing Brokers, who must have $75,000 in capital, all applicants must have a minimum capital of $250,000. This is just the minimum amount of capital that needs to be provided, and the applicant must also supply enough operating capital to run their business.

 

What does it mean to be a regulated forex broker?

 

To put it plainly, a regulated Forex broker must follow the rules laid forth by the relevant regulatory organizations to provide Forex trading services.

 

These organizations require brokers to act ethically by protecting traders’ capital and ensuring their operations are transparent and honest.

 

Are unregulated brokers illegal in Canada?

 

Unlicensed brokers may be prevalent, but they are not inherently unlawful. Having legal remedy available to you is the most important thing that could go.

 

Regulated brokers may not always serve their clients fairly, but the law will look into it if they do. A bare minimum for a regulated Forex broker is compliance with rules.

FAQs

Yes, the foreign exchange market is legal and regulated in Canada. The Investment Industry Regulatory Organization of Canada (IIROC) imposes stringent regulations on currency trading in Canada.

 

Furthermore, the Canadian Investors Protection Funds (CIPF) insures individual Forex investors up to $1,000,000 in case of a broker failure. IIROC-authorized Canadian Forex firms are also members of this fund. The IIROC will oversee the top Canadian Forex dealers.

 

The Canadian Investor Protection Fund (CIPF) provides additional security in insolvency, while IIROC-regulated brokers provide strong customer protections such as segregated accounts and stringent margin requirements.

Except for Type 1 Introducing Brokers, who must have $75,000 in capital, all applicants must have a minimum capital of $250,000. This is just the minimum amount of capital that needs to be provided, and the applicant must also supply enough operating capital to run their business.

To put it plainly, a regulated Forex broker must follow the rules laid forth by the relevant regulatory organizations to provide Forex trading services.

 

These organizations require brokers to act ethically by protecting traders’ capital and ensuring their operations are transparent and honest.

Unlicensed brokers may be prevalent, but they are not inherently unlawful. Having legal remedy available to you is the most important thing that could go.

 

Regulated brokers may not always serve their clients fairly, but the law will look into it if they do. A bare minimum for a regulated Forex broker is compliance with rules.

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