You are currently viewing Best IIROC Regulated Forex Brokers

Best IIROC Regulated Forex Brokers

If you are a Canadian wanting to trade forex within Canada it is very important that you choose a IIROC regulated Fx broker. The Canadian regulator only allows legitimate trading brokers to operate in Canada. This means when you choose an IIROC regulated forex broker you know with confidence that the brokerage is trustworthy and safe.

Some examples of IIROC regulated Forex Brokers:

  • Oanda
  • Questrade
  • AvaTrade

Forex Rank has reviewed all the IIROC brokers on our list

IIROC Regulated Forex Broker Insights

RegulatorInvestment Industry Regulatory Organization of Canada (IIROC)
Max Leverage50:1
Safety Score10/10
Negative Balance ProtectionNo
Client Funds InsuranceYes, up to 1 million dollars

List of IIROC Regulated Forex Brokers in Canada


Broker Name: AvaTrade

Broker TypeMarket Maker
Min Deposit$100.00
Account Base CurrencyUSD EUR GBP AUD
Max Leverage400:1 / 30:1 EU Clients
Trading PlatformsMetatrade 4, AvaTradeAct, Web trading, AvaOptions AvaTradeGO, Mobile trading
quest trade

Broker Name: Questrade

Broker Type Market Maker
RegulationsIIROC and CIPF
Min Deposit$1,000.00
Account Base CurrencyCAD, USD
Max Leverage33:1 on popular pairs
Trading PlatformsQuestradeFX Global

Broker Name:

Broker TypeMarket Maker
Min Deposit$50.00
Account Base CurrencyUSD CAD GBP
Max Leverage 50:1
Trading PlatformsFOREXTrader, Metatrader 4

Broker Name: Oanda

Broker TypeMarket Maker
Min Deposit$1.00
Max Leverage 50:1
Trading PlatformsWeb trading, Metatrader 4, Oanda desktop trading platform

Offshore Forex Brokers For Canadians

LMFX broker

Broker Name: LMFX

Broker TypeECN
Min Deposit$50.00
Account Base CurrenyUSD, EUR, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum and XRP
Max Leverage1:1000
Trading PlatformsMetatrader 4, Web trader, Mobile app(MT4)
Forex Brokers Accepting CanadiansIIROC RegulatedReview
CMC MarketsYesYes
Global PrimeNoYes
Fusion MarketsNoNo
Interactive BrokersYesNo

What is IIROC?

IIROC stands for the Investment Industry Regulatory Organization of Canada (IIROC). IIROC has been operating since 2008. 

They are a national regulatory organization who are responsible for overseeing all Forex, trading and investment activities within Canada. 

IIROC is a newer regulator that was formed after merging with the Investment Dealers Association of Canada and the Market Regulation Services Inc.

The responsibilities for IIROC include:

  • Setting and enforcing rules related to financial activity
  • Provide transparency, integrity, and fairness within its rules
  • Determine current and future legal frameworks
  • Enforcing Canadian securities and trading laws
  • Protecting the rights of investors in Canada

Tips on IIROC Regulated Forex Brokers

IIROC regulated forex brokers must follow strict laws, rules and guidelines that are enforced by the Investment Industry Regulatory Organization. 

Trading with a fully regulated IIROC broker will insure a high level of confidence to the investor/trader. 

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Many other trading websites will show a list of Fx brokers regulated in Canada, but on closer inspection most brokers listed are not at all regulated within Canada. 

With our IIROC regulated forex brokers list, we make it clear which ones are actually regulated in Canada and provide some offshore options as well.

Why is an IIROC Regulated Fx Broker Important?

The regulator is there for one main reason and that is to protect the investor or client using the brokerage. 

The way IIROC protects traders is by setting strict rules and regulations within Canada that all brokerage and trading platforms need to follow.

IIROC Regulated vs Offshore Regulated

If you are a Canadian looking to trade forex you may find very little options and leverage caps at 50:1. 

This is because IIROC regulated forex brokers must follow strict rules on leverage and many other tough regulations. 

For Canadians looking for higher leverage, you would have to sign up for an offshore forex brokerage. There are a few offshore forex brokers accepting Canadians (check out our list). 

But extreme caution should be used as many offshore brokers are high risk.

For ultimate safety and confident trading forex, for Canadians, using an IIROC regulated Fx broker is your best bet.

Benefits Trading With an IIROC Forex Broker

IIROC regulated Fx brokers offer a high level of security. Security for clients funds and the security in the highly regulated environment. 

Most IIROC brokers have insurance protection through the CIPF (Canadian Investor Protection Fund), who offer protection to clients’ funds up to 1 million dollars. 

These kinds of protections would most likely not be offered with an offshore regulated foreign exchange broker.
Another benefit of trading with an IIROC broker is the confidence that traders funds are safe from financial fraud or any malpractice.

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Disadvantages Of an IIROC Fx Broker

Like with anything there are always pros and cons. 

Some of the biggest disadvantages of IIROC brokers, simply put, are over regulation. Sometimes having too many rules and laws make for limited trader products, tools and more restrictive. 

The biggest restriction is the cap on forex leverage, which is capped at 50:1 in Canada. If Canadians are looking for more leverage, the only option is to look for an offshore Forex broker with high leverage

The biggest disadvantage Fx trading with an IIROC broker is that some provinces require traders to be an “ accredited investor” which usually means the client needs to have a high net worth and trading experience.. This will limit who can trade forex in Canada.

Again, that is why many Canadians open Offshore forex broker accounts.


Canada has very few options when it comes to IIROC regulated forex brokers, but they do exist. For the most secure and legitimate Fx trading conditions, choosing an IIROC regulated broker is without a doubt the best choice.

About This Article

Author: Mark Prosz

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