6 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

	Broker	Review	Regulators	Min Deposit	Website
🥇		Read Review	ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA	USD 100	Visit Broker
🥈		Read Review	FSCA, IFSC, ASIC, CySEC, DFSA, FCA	USD 5	Visit Broker
🥉		Read Review	FCA, FSCA, FSC, CMA	USD 200	Visit Broker
4		Read Review	ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB	USD 200	Visit Broker
5		Read Review	FSC, FSA, VFSC	USD 10	Visit Broker
6		Read Review	CySEC, MISA, FSCA	USD 25	Visit Broker
7		Read Review	CySEC, FCA, FSA, FSCA, Labuan FSA	USD 100	Visit Broker
8		Read Review	CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA	USD 10	Visit Broker
9		Read Review	ASIC, CySEC, FSCA, CMA	USD 100	Visit Broker
10		Read Review	IFSC, FSCA, ASIC, CySEC	USD 1	Visit 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 Markets – Ultra-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

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.

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

AvaTrade Pros and Cons

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.

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

OANDA Pros and Cons

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.

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

Interactive Brokers Pros and Cons

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.

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

FOREX.COM Pros and Cons

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.

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

CMC Markets Pros and Cons

Trust Score

CMC Markets has a trust score of 99%.

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.