26 Best IIROC Regulated Forex Brokers – (Reviewed) 2025

The IIROC (The investment industry regulatory organisation of Canada) writes rules that set high regulatory and investment industry standards for firms that deal in financial products like equity and debt. Canada boasts a stable and mature foreign exchange market making it attractive for investors. A list of the 26 best IIROC Regulated Forex Brokers has been formulated to help you find a reputable broker.

Forex trading is well-regulated in Canada although some brokerages consider the regulatory framework in the country unfavourable.

The IIROC is a national self-regulatory organisation whose mandate is defined by the Canadian Securities Administrators.

The organisation protects investors and IIROC brokers rights, by ensuring an impartial, competitive environment for all the stakeholders.

All investment advisors employed by IIROC regulated firms are rigorously screened and trained to make sure they meet the required standards.

Minimum capital requirements are set to make sure that broker firms have enough capital to operate in this business sector reducing the possibility of firms failing. However, in the event that a firm does fail and go bankrupt all investor funds are protected by the Canadian Investor Protection Fund.

IIROC regulated advisors are expected to advise and transact for their clients after they have confirmed their financial situation, investment needs, objectives, investing experience and tolerance for risk.

The IIROC is noted to stand out from other regulatory bodies because they have one of the best real-time monitoring systems. Alerts are received immediately when rules are being broken and this makes fraudulent activities a rare occurrence.

We have put a list together of the 26 Best IIROC regulated forex brokers. It is not in any particular order.

Alpari

Alpari was opened in 1996 and has its main office in Mauritius. It is one of the biggest brokers in the forex industry.

Alpari is licensed and regulated by the SVG FSC (Financial Services Authority) in Mauritius, by the FCA (Financial Conduct Authority) in the UK and by the IFSC (International Financial Services Commission) in Belize

Alpari has 2 million active clients across 150 countries. Alpari provides a wide range of services like guidance, advice and educational material for advanced and beginner traders.

Features

• Regulated by an offshore industry centre (SVG FSC Mauritius)
• Choice between ECN and market-maker execution models
• Max leverage is 1000 to 1
• Over 60 Forex currency pairs and crosses available for trading

Pros and Cons

FXTM

FXTM was founded in 2011 and is well known among traders all over the world.

When it opened it intended to provide its clients with technologically advanced trading platforms. This broker has been able to meet the needs of all types of traders, advanced and beginners.

FXTM is constantly striving to improve with new market inventions and exciting offers for traders.

FXTM is regulated by different watchdogs around the world and is managed by different companies in different countries. Regulation bodies FXTM has licenses with are CySEC, FSCA, FCA

Features

• 200+ instruments
• Attractive bonuses
• Trading prizes for traders
• Very competitive trading conditions

Pros and Cons

FP Markets

FP Markets was established in 2005. It is an Australian brokerage company regulated by the ASIC. The ASIC license, and regulation, provides a safe trading environment for traders.

The Australian broker has also received a CySEC license that allows European clients to trade freely.

The FP Markets head office is in Sydney Australia and the broker serves over 12 000 clients worldwide. FP Markets offers traders more than 13000 products to trade with.

VPS hosting, extremely fast execution speed and a no dealing desk (NDD) execution model create ideal trading conditions for automated trading solutions.

Features

• Offers CFD trading to international clients
• MT4 and MT5 platforms
• Direct marketing share trading via Iress trading platform
• Offers tight spreads
• Competitive leverage
• Extremely fast execution
• VPS hosting
• No dealing desk (NDD)

Pros and Cons

XM Group

The XM Group is a group of online regulated brokers. The group is highly regulated by CySEC in Cyprus, ASIC in Australia and FCA in the UK. This provides for a safe environment to trade.

The website has fantastic customer support with all queries being answered in multiple languages 24/5.

The XM website has a number of trading options including foreign currencies, commodity, stocks, precious materials etc. They provide 100 financial instruments with numerous currency options.

The broker has more than 60 currency pairs to trade with.

There is a minimum deposit required to start trading which is ideal for beginners.

Features

• Bonus system is fantastic
• 4 types of accounts
• Demo account
• Strong regulation
• Good reputation
• Efficient and fast trade execution
• Good leverage 1:30.
• No hidden commissions or fees

Pros and Cons

AvaTrade

AvaTrade was founded in 2006 and is one of the oldest online brokerages with a reputation for reliability. Their head office is in Dublin, Ireland with sales centres in Dublin, Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Nigeria, Santiago, and Johannesburg.

AvaTrade is regulated by the Central Bank of Ireland, in Europe, the British Virgin Islands, ASIC (in Australia), FSA (Japan), Abu Dhabi and FSB (South Africa).

Friedberg Direct is one of the oldest and most trusted regulated brokers in Canada. This broker formed a relationship with AvaTrade to allow Canadians access to Forex Trading on their platforms.

AvaTrade has won numerous awards for “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider” and “Best Forex Broker YEAR”

The broker offers more than 250 instruments with on a range of automated trading platforms with EA compatibility, with more than 60 currency pairs, majors stock indices, cryptocurrencies, commodities, bonds, individual shares and ETFs.

Features

• Platforms MT4 and MT5
• AvaTradeGO app provides necessary information
• Islamic account
• 250 + instruments
• More than 60 currency pairs
• Spreads are competitive
• Trading websites in more than 20 languages

Pros and Cons

Go Markets

Go Markets was founded in Australia in 2006 and is regulated by the Australian watchdog ASIC. Its head office is in Melbourne, Australia.

This allows for a safe trading environment. All clients’ accounts are in separate trust accounts at top rated banks.

With Go Markets traders can trade on 350+ financial CFD instruments covering Forex, Shares, Indices, Metals and Commodities.

There are 2 main account types, the standard account which is commission-free trading with spreads from 1 pip and the GoPlus Account which is commission-based with spreads from 0 pips.

The broker offers a large amount of educational resources through the Go Trading Academy.

Features

• Max Leverage: 1:500
• Various deposit and withdrawal options
• Tradable assets
• Trading platforms: MT4, MT5 and Webtrader
• Commission on trades
• No fixed spreads
• Trading Desk: ECN, Market Maker, No dealing desk, STP
• Smart Phone trading

Pros and Cons

Exness

Exness has been operating since 2008 and is a leading international CFD/Forex broker.

Exness is regulated by CySEC in Cyprus, FCA in the UK and the FSA in the Seychelles.

The broker offers traders access to more than 120 financial instruments including Crypto, Forex, Stocks and Indices.

Their website is available in 23 different languages and customer support is in 13 languages

Features

• Tight spreads from 0.1 pips
• Copy trading system
• No hidden commission fees
• Trading platform MT4
• Well regulated
• Segregated accounts for clients
• Investor compensation scheme
• Fast withdrawals

Pros and Cons

HotForex

HotForex was voted as the Best Online Broker for Asia in 2012. HotForex is located and registered in Mauritius. It is a safe platform to trade as it is also regulated by Financial Services Commission (FSC). HotForex is also regulated by the EU.

The company motto is “Honesty, Openness and Transparency” three features every trader looks for.

Their customer service is excellent with employees speaking multiple languages.

Only EUR and USD can be used to open an account.

Features

• Interesting bonus system
• Free trading tools
• Educational material
• Min deposit to start trading is $50
• Leverage: 1000:1
• Many payment methods
• Spreads from 0.2 pips
• 40 currency pairs
• Numerous trading instruments
• 6 different accounts

Pros and Cons

Velocity Trade

Velocity Trade, founded in 2007 is a global broker with offices in South Africa, London, Australia, Canada and New Zealand. Velocity Trade Capital is linked to the Johannesburg Stock Exchange, The Australian Securities Exchange and the Toronto Stock Exchange.

The broker is regulated by a few regulatory bodies namely FCA in the UK which allows them to operate all over the world, IIROC in Canada, ASIC in Australia and the FSP in New Zealand.

Velocity Trade offers a few trading platform options with competitive pricing and access to international, multi asset products spanning Foreign Exchange, Equities, Commodities, Futures and a selection of Margin Products.

South Africa developed their own trading platform called Protrader. It is a multi-asset platform available on mobile applications. It offers traders a number of trading tools, watch-lists, alerts etc.

Velocity Trade Capital clients have an opportunity to get a DMA (direct market access) to the Johannesburg Stock Exchange & other financial markets in the world.

Features

• One account offered
• No commission fees
• Lowest margin for Forex trading is 1.30%
• Minimum deposit $1000
• 30 currency pairs
• Maximum leverage 100:1
• Good customer support

Pros and Cons

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Equiti

Equiti is an online trading brokerage based in the UK. It is a global brand with offices in other parts of the world like the Middle East, North America, Europe and the Asia Pacific regions.

Equiti is regulated by the very strict regulatory body the FCA in the UK, by ASIC in Australia and by IIROC in Canada.

The broker offers trading in forex, shares, indices and commodities.

Features

• No dealing desk (NDD) model
• ECN execution technology
• Two account types available
• 170+ tradeable instruments available
• Maximum leverage of 1:500
• Demo account offered
• Segregated accounts

Pros and Cons

IFC Markets

IFC Markets has its head office in Cyprus and was founded in 2006.

Since opening it has been focused on the development and implementation of innovative approaches to trading.

IFC Markets is licensed by the BVI FSC (British Virgin Islands Financial Services Commission) and by CySEC. This regulatory body makes IFC Markets a safe broker as it is a European authority and oversees the company’s overall investment activities.

The broker also has a membership with the Investor Compensation Fund (IFC) and complies with the European Commission’s MiFID.

Features

• 600+ instruments
• No hidden commissions
• Instant deposits and withdrawals
• Tight spreads
• Leverage up to 1:400
• Autocharist analytical products

Pros and Cons

Legacy FX

Legacy FX is regulated under the CySEC body meaning it is also part of the MiFID giving it a right to operate throughout Europe.

The broker is also aligned with the FCA in the UK another very strict watchbody.

It offers trade in forex, indices stocks, and commodities and provides currency pairs, metals, commodities, stocks and indices for trading on its platform across multiple devices.

Features

• Competitive trading conditions
• Negative balance protection
• Segregated client funds
• Simple and easy deposit and withdrawal
• 200+ instruments
• Spreads start at 0.5 pips
• No hidden commissions and fees

Pros and Cons

FBS

Financial Brokerage Services (FBS) is an Asian Forex Broker with offices in China, Malaysia, Phillippines, Indonesia, Jordan, Vietnam and Russia.

FBS is regulated by the IFSC in Belize. It has 15 000 000 traders and 410 000 partners and is present in 190 countries worldwide.

The broker is a multi-award-winning broker having received numerous international awards.

Features

• Low minimum deposit
• Maximum leverage 1:3000
• Five types of accounts
• Spreads start from 0 pip
• Broker offers an ECN account
• Full range of payment options
• Trading instruments include 32 currencies and two metals
• MT4 & MT5 Forex Platform

Pros and Cons

Trading 212

Trading 212 was opened in 2004 originally in Bulgaria but since 2013 has their head office in London. The broker is regulated by the FCA (UK authority), making it a safe brokerage due to the FCA strict regulations, and the FSC (Bulgarian Financial Supervision Commission).

The trading platforms are intuitive and user friendly. Trading 212 is a CFD and Forex broker and is recommended for traders interested in investing in equities or trading with leveraged FX and CFD products.

Features

• Low minimum deposit
• No inactive account fees
• No deposit or withdrawal fees
• Demo account available
• Products offered: Stock, ETF, Forex, CFD and Crypto
• Commission-free stock and ETFs
• Low CFD fees
• User friendly platform
• Negative balance protection

Pros and Cons

IG Trading

In 1974 IG Trading was established in the UK and today it is one of the biggest CFD brokers in the world.

It is regulated by a few regulatory bodies world-wide including the UK’s Financial Conduct Authority (FCA) and Germany’s Federal Financial Supervisory Authority (BaFin)

IG is considered a safe environment in which to trade because of the regulatory bodies but also because it is listed on the London stock exchange and discloses its financials.

The IG web trading platform is excellent for beginners and professional traders.

Negative balance protection is provided for forex spot and CFD trading, but only for retail clients from the EU. Professional and non-EU clients are not covered.

Features

• Inactive account fee charged
• No withdrawal fees
• Low minimum deposit
• Opening an account takes between 1 and 3 days
• Demo account available
• Trading fees on commissions, spreads, financing rates and conversion fees
• No trading fees on withdrawals or inactive accounts

Pros and Cons

Tickmill

Tickmill was established in 2014 and is a low-cost global forex and CFD broker.

It is a safe broker to trade with due to it being regulated by the FCA in the UK, CySEC in Cyprus and FSA in

There are a lot of free deposit and withdrawal options and the fees for forex and CFD are low.

Tickmill is recommended to clients who prefer trading on MetaTrader trading platforms and who are interested in CFD and forex trading. 

Features

• A number of excellent trading tools
• Trade 80+ spreads as low as 0.0 pips
• Educational resources are good
• Trading instruments: Forex, Stocks, Indices and Oil, Precious Metals and Bonds
• Competitive commission-based pricing for professionals
• Four types of accounts
• Demo account available
• Islamic account available
• MetaTrader 4 and WebTrader

Pros and Cons

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Markets.com

Markets.com opened in 2010 and is a global Forex broker who is regulated in five countries and offers three trading platforms and more than 2200 products to trade with.

They are regulated by the FCA in the UK, CySEC in Cyprus and the ASIC in Australia. These 3 regulatory bodies ensure a safe trading environment for any trader.

The CySEC license means that they are subject to the Financial Instruments Directive of MIFID II and the EU’s 4^th Anti-Money Laundering Directive. Both directives mandate participation in the Investor Compensation Fund (CIF) with a maximum coverage of 20 000 pounds.

Features

• Client funds are segregated
• Negative balance protection
• Leverage ratios 1:30
• Free demo account
• 2200+ assets to choose from
• Fifteen trading tools

Pros and Cons

XTB

XTB was opened in 2002 and has offices in more than ten countries with its head office in London and Warsaw. It operates online trading in CFDs, Crypto and forex.

XTB is a highly regulated company with licenses from the UK’s Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF), CySEC and IFSC

As a result, XTB is considered low risk.

They are listed on the Warsaw stock exchange and have 140 000 + clients worldwide trading over 1500 global markets.

It offers negative balance protection for Forex spot and CFD trading for clients from the EU. Non-EU clients are not covered.

Features

• 1500+ trading instruments
• Simpler trading platform MetaTrader 4
• Good broker for beginner traders
• User friendly research tools
• Good customer support
• Demo account offered
• Leverage limited to 1:30 inside the EU
• Minimum Forex and Crypto CFD trade size are 0.1 lot

Pros and Cons

Forex.com

Forex.com has a long track-record and is regulated by top-tier financial authorities like

the Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA) regulatory bodies.

Forex.com is one of the largest retail forex brokers globally with 71000+ active clients.

Forex.com offers low commissions with highly advanced research and trading tools.

It is a great broker for beginners and advanced traders.

They offer more than 4,500 CFD instruments to trade with. They also allow access to over 180 markets which include stocks, Forex pairs, Commodities, Indices and Cryptocurrencies.

Features

• Great mobile and desktop functionality
• Research tools are good
• Trading View charts built into platform
• Over 40,000 traders
• Regulated by several authorities
• Range of technical research tools

Pros and Cons

Oanda

Oanda was founded in 1996 and is an American forex broker and technology-driven financial services corporation.

The broker is a global corporation with offices in eight financial centres in the USA, Canada, UK, Japan, Singapore and Australia.

Oanda is regulated by 6 regulatory bodies namely CFTC in the USA, FCA in the UK, ASIC in Australia, IIROC in Canada, MAS in Singapore and FFAJ in Japan.

According to these regulatory bodies all client funds are kept in segregated accounts in top tier banks and is protected by negative balance protection.

Oanda offers both Forex and CFD trading, corporate FX payments and exchange rate services for many organisations and investors.

Features

• Web trading platform
• Good fees
• Powerful research tools
• No minimum deposit
• Transparent pricing
• Quality market research
• Limited offering of FX pairs and CFDs

Pros and Cons

Pros Cons Low fees Customer support slow Web trading platform simple Limited product portfolio Digital account opening easy High withdrawal fees No withdrawal fee in some cases Regulated by top tier regulators
Pepperstone   Pepperstone offers a variety of third-party trading platforms including the popular MetaTrader platform.   The broker is regulated in Australia (USIC) and the UK (FCA). Beginner traders like to use Pepperstone because they don’t charge for inactive accounts or a minimum deposit for standard accounts.   Pepperstone provides Forex and CFD traders with pricing that is competitive, excellent customer service, a large selection of third-party platforms including several options for social copy trading.   They have offices in the USA, UK, China and Thailand and their niche offering is for traders who focus on Forex and CFD markets.   Features ·         Forex and equity index fees low ·         Good customer service ·         No fees on deposits and withdrawals ·         No inactive account fee ·         No minimum deposit ·         Competitive pricing for Forex and CFD traders ·         One of largest selections of third-party platforms ·         Social copy trading options ·         Negative balance protection    Pros and Cons
Pros Cons Account opening is fast and digital Product offering limited Low Forex and equity index CFD fees No fundamental research Non-trading fees low No investor protection outside EU No deposit fee Excellent customer service

FXCM

FXCM has been operating for 20+ years and in that time, it has acquired several awards and titles and thousands of traders.

It was opened in 1999 in the UK. It boasts impressive trading platforms and beneficial offerings.

It has licenses from four different countries reassuring that the broker is reputable.

FXCM has a relationship with Friedberg Direct in Canada. Friedberg Direct is one of the oldest and most trusted regulated brokers in Canada. This broker formed a relationship with FXCM to allow Canadians access to Forex Trading on their platforms.

FXCM focuses on traders wanting to start out. Beginner traders can take advantage of the resource tools and education offered.

Features

• 70+ trading instruments
• 5 top-tier licenses
• Extensive research tools
• Competitive spreads
• Profitable leverage ratios
• Minimum initial deposit
• VIP discounts

Pros and Cons

Saxo Bank

Saxo Bank is a leading fintech and regtech specialist broker. Found in 1992 it is highly regulated by six top tier regulatory bodies namely the FCA in the UK, MAS in Singapore, FINMA in Switzerland, ASIC in Australia, FSA in Denmark and the JFSA in Japan.

Saxo Bank connects traders, investors and partners to 35000+ instruments and sets itself apart by building digital platforms to facilitate multi-asset market access. Assets include CFDs, stocks, forex, ETFs and more.

The broker supplies clients with advanced research tools, industry competitive and leading prices and excellent customer service.

Features

• Impressive trading platforms
• Average leverage ratio. Maximum 1:200
• 3 account types
• Extensive product portfolio
• 9 different asset classes
• Competitive pricing on trading
• Tight variable spread
• 160+ currency pairs

Pros and Cons

easyMarkets

easyMarkets founded in 2001 introduced CFD trading in 2016. It is a solid and reliable broker who can boast impressive operational statistics. The company has also won many awards the latest award being in 2019 – Best Forex Broker – The Forex Expo – Dubai.

easyMarkets is regulated by the CySEC, and as a result also compliant to MiFID II, meaning that client funds are segregated from the business accounts and that in the event of a problem the Investor Compensation Fund (CIF) will compensate the traders with a maximum coverage of 20 000 Euro. A guaranteed stop loss and negative balance protection are also available for clients.

Features

• Max leverage 1:400
• 3 types of accounts
• 200+ assets across 6 investment classes
• Free deposits and withdrawals
• Super customer support 24/5
• Educational resources available
• Dedicated research division

Pros and Cons

HYCM

HYCM is based in the UK and is licensed and regulated by FCA.

HYCM offers traders access to a large range of different trading markets, from currencies to commodities and stocks.

They are also a good platform for advanced traders and beginners. They offer educational material for all traders to improve their knowledge.

HYCM offers state-of-the art technology with 100+ financial instruments with which to trade

Features

• Client funds in segregated accounts
• FSCS Compensation of up to 50 000 pounds
• Mobile trading
• 120+ tradeable assets
• Leverage as high as 200:1

Pros and Cons

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Conclusion

All IIROC regulated brokerages and brokers must abide by strict rules with respect to the protection of the interests of investors.

If they fail to abide by the rules, the regulatory body can hand over a hefty fine or withdraw their membership permanently or temporarily.

We trust this list of 27 Best IIROC Regulated Forex Brokers will assist you to find a broker that can meet your investment needs.