The annual forex broker review (three years running) is themost citedin the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year.How we test.
Trading forex (currencies) in international markets is popular among residents in Canada. Before any fx broker in Canada can accept forex and CFD traders as clients, they must become authorised by theInvestment Industry Regulatory Organization of Canada (IIROC), which is the financial regulatory body in Canada. IIROCs website isiiroc.ca. We recommend Canadian residents follow IIROC on Twitter,@.
To find thebest forex brokersin Canada, we created a list of all IIROC authorised firms, then ranked brokers by theirTrust Score. Here is our list of the top Canadian forex brokers.
Compare Canada authorised forex and CFDs brokers side by side using theforex broker comparison toolor the summary table below. This broker list is sorted by the firms mTrust Score.
To identify if a forex broker is regulated as Dealer Member by IIROC, the first step is to identify the registered name from the disclosure text at the bottom of the brokers homepage. For example, heres the key disclosure text from OANDAs website:
OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROCs online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
Next, look up the firm name on the Dealer Member section or AdvisorReport module of the IIROC website. Here is the official page forOANDAand results are also available on the CSAs websitewebsitewhich shows each province that the broker can operate in Canada.
IIROC is a national self-regulatory organization (SRO) that was established as a non-profit corporation on June 1st, 2008 as part of the consolidation of the Investment Dealers Association of Canada (IDA) and the Maket Regulation Services Inc. (RS). IIROC is recognized by the Canadian Securities Administrators (CSA) which includes all Canadian provinces including the following regulatorty bodies in Canada:
For a historical breakdown, heres a link to IIROCs webpage onWikipedia.
For our2019 Forex Broker Reviewwe assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more abouthow we test.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Learn more.
About the author:Steven HatzakisSteven Hatzakis is the Global Director of Research for . Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The m staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
OANDA – CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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