The best Forex brokers regulated by the Canadian Investment Regulatory Organization (CIRO) (former IIROC), according to our research, are:
- Forex.com
- AvaTrade
- FXCM
- Oanda
- CMC Markets
- Interactive Brokers
In order to rank the best CIRO (former IIROC) brokers we have taken into consideration a range of factors including:
- An active CIRO (former IIROC) license;
- The commissions charged on forex;
- The general quality of the broker;
- The deposit/withdrawal currencies accepted.
What are the best CIRO (IIROC) Forex Brokers?
Below is our curated list of the best forex brokers regulated by the CIRO (former IIROC), with details and information about the regulation, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Forex.com
deep liquidity provided
Forex.com operates under CIRO regulation in Canada. Forex.com excludes Alberta for non-accredited investors. Forex.com offers access to various assets and forex pairs. Forex.com lacks a local office.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- Forex.com is regulated by CIRO as FOREX.com Canada Limited.
- Available in the whole of Canada except Alberta where only accredited investors are eligible for trading online.
- Forex.com under CIRO provide access to nearly 3,000 assets for canadian traders including more than 80 forex pairs charging spreads from 0.8 pips on EUR/USD.
- Unfortunately, CAD is not selectable as a base currency nor is french as the website language, apart from some document sheets.
- There is no local office in Canada, instead the registered office is in Bedminster One, 135 US Hwy 202/206, Suite 11, Bedminster NJ 07921.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
AvaTrade
fixed spread trading
AvaTrade utilizes CIRO-regulated Frieberg Direct in Canada. AvaTrade subjects traders in Alberta to accreditation. AvaTrade supports multiple languages and offers unique assets. AvaTrade accepts CAD for accounts.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade provides its services in Canada through Frieberg Direct, a division of Friedberg Mercantile Group Ltd., member of CIRO, and holder of the trading accounts.
- Traders from Alberta need to be qualified as accredited investors to open an account with AvaTrade.
- The website is provided both in English and French.
- AvaTrade under CIRO offers a hundred tradable assets all as CFDs including more than 30 forex pairs.
- AvaTrade charges only fixed spreads and on forex, these starts from 0.6 pips for the EUR/USD.
- CAD is accepted as the account currency and you need to deposit 300 CAD to open an account, though if you opt for a USD account then only $250 is required.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FXCM
top service quality
FXCM operates via CIRO member Friedberg Direct in Canada. FXCM excludes non-accredited Alberta residents. FXCM focuses on forex pairs and CFDs. FXCM supports Canadian funding options and accounts.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FXCM
FXCM is a global forex and CFD broker founded in 1999, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FXCM provides MetaTrader 4 and proprietary trading platforms. FXCM is regulated by multiple authorities including FCA, ASIC, and CySEC. FXCM is known for competitive spreads, extensive educational resources, and copy trading services. FXCM recently launched a sister platform called Tradu. The FXCM parent company “Stratos Group” CEO is Brendan Callan.
FXCM Features
The features of FXCM are listed below.
- FXCM operates in Canada through an CIRO member, Friedberg Direct.
- Just like the above case of AvaTrade, FXCM doesn’t own a local office in Canada but is still able to provide services to all residents. As always, traders from Alberta must be classified as accredited investors.
- The only language available on the website is English.
- The FXCM CIRO entity provides fewer assets than competitors with around 100 CFD assets of which more than 40 are forex pairs with spreads from 0.2 pips on EUR/USD.
- The active trader program is designed for high-volume traders with at least $50 million traded monthly and a balance of $25,000. These traders can reduce spread costs by up to 60%.
- Traders can deposit funds and open accounts in both USD and CAD though the minimum deposit to open any new account is 5,000 CAD or USD.
FXCM Pros and Cons
Advantages of FXCM
The advantages of FXCM are listed below.
- Regulation and Trust
- Advanced Trading Tools
- Competitive Spreads for Active Traders
Disadvantages of FXCM
The disadvantages of FXCM are listed below.
- Limited Range of Instruments
- Average Pricing Structure
Oanda
best for beginner traders
Oanda functions under CIRO regulation as OANDA Canada. Oanda offers extensive forex and CFD trading. Oanda provides Canadian account and language options. Oanda situates a local office in Toronto.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- OANDA (Canada) Corporation ULC is the entity regulated in Canada by the CIRO.
- Canadian traders will find access to 120 CFDs of which more than 70 are forex pairs.
- Spreads on forex start from 1 pip on EUR/USD while the leverage available is up to 1:50 as imposed by the CIRO.
- CAD is accepted both as the account currency and for deposits.
- Oanda is available both in English or French for all Canadian traders except those from Alberta that require to be classified as accredited investors to register with the broker.
- Local office is situated in Toronto, Ontario.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
CMC Markets
best for CFDs trading
CMC Markets Canada operates under CIRO. CMC Markets supports varied instruments and forex pairs. CMC Markets offers discounts and accepts CAD. CMC Markets excludes non-accredited Alberta residents.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- CMC Markets Canada Inc. is the Canadian entity of the broker regulated by CIRO.
- Trade over 10.000 financial instruments including more than 330 forex pairs with spreads from 0.7 pips.
- Cash rebates program for Canadian traders who trade at least $10 million per month in order to get up to 20% discount on spread.
- The Canadian dollar is eligible for deposits and along the USD is the base currency of your account.
- CMC Markets CIRO is available in every province, however in Alberta it is available to accredited investors only. Canadian residents however can’t choose french.
- The local registered office of the broker is in Toronto, Ontario.
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
Interactive Brokers
wide range of available markets
Interactive Brokers Canada, regulated by CIRO, provides broad market access. Interactive Brokers accepts CAD and offers low spreads. Interactive Brokers includes language options and maintains an office in Montréal.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- Interactive Brokers is a regulated dealer in Canada by CIRO as Interactive Brokers Canada Inc.
- The Canadian dollar (CAD) is among 23 currencies for account funding and serves as the base currency for accounts as well.
- Traders here have access to more than 100 global markets for around 7,000 assets of which you can trade more than 100 forex pairs at low spreads since they start from 0.2 pips on EUR/USD.
- Being compliant with the CIRO, the broker is able to accept traders from all of Canada but the province of Alberta where only accredited investors can apply.
- Canadian traders have the choice of English or French for the language of the website.
- Local office of the broker is situated in Montréal, Québec.
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
What is CIRO in Canada?
The Canadian Investment Regulatory Organization (CIRO) is the national regulatory organization responsible for overseeing all investment and trading activities in Canada.
The Organization was founded in 2023 through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
In turn, the Investment Industry Regulatory Organization of Canada (IIROC) is the result from the merger of the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc.
The CIRO is responsible for setting and enforcing rules with transparency, integrity, and fairness regarding the proficiency, business, and financial conduct of all firms trading within Canada.
CIRO Regulated Forex Brokers Comparison
Here’s the final comparison between the 6 brokers above. As you can see, none of them accepts retail clients from Alberta, and this is due to the strict regulatory environment of the region (which can be somewhat compared to Belgium within the European ESMA area). Check our post on how to trade forex in Alberta if you’re a resident of that region.
| Brokers | Directly regulated by CIRO | Alberta retail traders | Minimum deposit |
|---|---|---|---|
| Forex.com | Yes | No | $100 |
| Oanda | Yes | No | No minimum deposit |
| CMC Markets | Yes | No | No minimum deposit |
| Interactive Brokers | Yes | No | No minimum deposit |
| AvaTrade | No | No | $100 |
| FXCM | No | No | $50 |
How does CIRO work?
The CIRO operates in a similar faction as other top financial regulatory bodies. It provides the following functions in the financial market.
- Promotes growth of the Canadian financial market;
- Protects customers;
- Offers financial oversight for firms.
Besides this, the purpose of the CIRO is to inspire confidence while deterring wrongdoing in the market. As a leading-edge securities regulator, it creates a conducive culture that attracts and retains high-quality service in the financial market. As a forex trader, the CIRO serves as a body that regulates the activities of forex trading. Here is a link to check the verified Canada forex brokers approved by CIRO.
What are the characteristics and benefits of CIRO?
As a broker, being enlisted as a regulated broker means you have the legal right to offer different derivative products. Furthermore, all regulated brokers offer leverage up to 1:50 when trading.
Also, the Canadian Investor Protection Fund (CIPF) offers limited protection for property held by a member firm on behalf of an eligible client peradventure the member firm becomes insolvent. Another vital benefit of the CIRO is that securities are held in segregation by a Dealer member for a client. However, members are not protected from any negative balance.
What are the prohibitions with CIRO?
While other countries have restrictions in most trading financial instruments and derivatives, Canada allows most of these assets. It allows Spread Betting, which is banned in the USA, EU, and other countries, thereby allowing traders to trade whatever asset they desire.
Nevertheless, the CIRO doesn’t allow any broker to trade binary options, which is the only restriction in terms of tradable assets. All brokers have the license to offer other types of options.
Differences between CIRO Regulated and CIRO Licensed Brokers
To be a regulated forex broker in Canada, you need to have an CIRO license. However, a licensed broker offers its services through a local regulated broker. For instance, AvaTrade and FXCM can offer their services to Canadians through Friedberg Direct.
Nevertheless, some brokers are neither CIRO regulated or licensed that operate in Canada. While it is possible, these broker faces limitations because they still need permission from each regional regulator to operate effectively. Remember, the CIRO inspects and oversees all Canadian regional regulators.
Process to know if a broker is CIRO regulated
Whether you are a new or experienced trader in Canada before you start trading, you should verify if a broker is regulated or not. While several websites provide information in this regard, the only verified source you can use is the CIRO website.
You can confirm by using the search tab on the website to see the list of regulated brokers. All you need is the broker’s business name, and every information regarding the broker will pop up for you to see.
How does CIRO intervene in case of financial abuse?
Several discrepancies come to play in the financial market. Finding a win-win solution for both parties is essential. The CIRO uses discretionary power to issue fines and ban brokers who don’t adhere to the body’s regulations. That according to the scale and severity of the issue, a broker might have its membership revoked temporarily or permanently.
How CIRO can help you
The CIRO allows you to identify any illegal broker in Canada. Furthermore, the CIRO websites contain a list of approved forex brokers permitted to trade forex. However, if you discover any unlawful forex broker, you can inform the body to investigate the matter. You can navigate to the “Inquiries & Complaints” section to lay your complaint on the website.