IIROC regulated forex brokers in Canada
| Company | Country | Rating | Min. Deposit | Website |
 | USA, Canada, UK, Singapore, Australia | /5 | $1 | Read the review |
The main regulatory agency of forex brokers in Canada is the Investment Industry Regulatory Organization of Canada, or IIROC, which is a self governed organization. The license issuer and financial watchdog was established in 2008 when the Investment Dealers Association of Canada (IDA) and the Market Regulation Services Inc merged together.
Note that brokers in Canada may need to follow slightly different regulatory decrees that change from province to province. For instance, Quebec and Ontario are known to impose an extra layer of requirements, on top of the usual IIROC ones. However, these additional conditions are nothing to be overly concerned about as they do not alter the experience in any significant way.
Nevertheless, IIROC strives to set an industry standard regulatory framework, while endeavoring to protect investors, and solidifying the Canadian financial market integrity, all the while promoting fair yet efficient competition in order to propel business.
Most notably, all traders that have chosen to invest with a Canadian brokers are automatically enrolled into the Canadian Investor Protection Fund, which ensures that all victimized clients be reimbursed up to $1 million CAD if the broker cannot pay its dues due to insolvency or any other similar circumstance. What’s more is that, unlike its southern neighbor – the US – Canada does not have a ban on hedging, there is no “first in, first out” rule, and most notably, the leverages have not been restricted to a given maximum value.
Furthermore, Canadian citizens are free to trade with international broker, meaning that they are not obligated to stick exclusively to Canadian brokers, like in the United States where its citizenry is obliged to invest only in US based brokerage firms. Canadian traders, being free of said mandate, can open an account with whatever broker they like, be it European or offshore. Yet, in spite of this, Canada still remains unpopular with brokers, who see this loosened ruling as unfavorable for conducting business.
