Forex Brokers in Canada
In Canada, forex brokers are overseen by the Investment Industry Regulatory Organization of Canada (IIROC). Unlike many other countries, IIROC is the industry’s self-regulatory organization. The organization is recognized by the separate financial regulators that exist in Canadian provinces, such as the British Columbia Securities Commission and the Ontario Securities Commission.
Regarding the strict financial regulations by the Canadian government, many international forex brokers refuse to accept Canadian residents as their clients. Most of the Canadian traders are forced to sign up with a Canada-based forex broker. Therefore, many international forex brokers choose to set up a local presence with legal business entities registered in Canada, in order to serve the local Canadian traders better.
| Broker | Regulation | Max Leverage | Min Deposit | General Rating | |
|---|---|---|---|---|---|
|
FXCM Canada 1999 |
ASIC 309763 CONSOB (Italy), 76 CySEC, 392/20 DMCC (Dubai), 31171 FCA (UK), 217689 ISA (Israel), 2 SFC (Hong Kong), AIM232 |
1:400 | $1 | Review | |
|
OANDA Canada 1995 |
CFTC/NFA 0325821 FCA (UK), 54257 FSA (Japan), 1571 Kanto Local Finance Bureau (Japan), 2137 MFSA, 18.12.2020 |
1:50 | $1 | Review | |
|
Interactive Brokers Canada 1977 |
ASIC, 453554 Central Bank of Ireland 23.12.2020 CFTC/NFA, 0258600 FCA (UK), 208159 Monetary Authority of Singapore, CMS100917 SEC (US), 8-47257 |
1:100 | $10000 | Review | |
|
CMC Markets Canada 1989 |
FCA (UK) 173730 |
1:500 | $1 | Review | |
|
Questrade FX Canada 1999 |
None | 1:200 | $1000 | Review | |
|
FXPCM Canada 2007 |
Dubai Gold and Commodities Exchange 114 SCA (UAE), 204 |
1:500 | $100 | Review | |
|
WesternFX Canada 2013 |
FSA (St. Vincent & the Grenadines) 21937 |
1:500 | $25 | Review |
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.
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