1Top-tier

CIRO regulated forex brokers

Canadian Investment Regulatory Organization · 🇨🇦 Canada

The Canadian Investment Regulatory Organization (CIRO) is the financial regulator for Canada, established in 2023. ForexLicenses.com classifies it as tier 1 (top-tier regulation). We currently match 7 brokers in our database to an CIRO licence.

CIRO was created in June 2023 by merging IIROC and the MFDA, and it is now the self-regulatory organisation overseeing investment dealers across Canada, operating under the provincial securities commissions. Canadian forex brokers must be CIRO dealer members, which brings them under capital, margin and conduct rules and gives clients protection from the Canadian Investor Protection Fund (CIPF) if a member firm becomes insolvent. Because provincial registration also applies, check both CIRO membership and the National Registration Search maintained by the Canadian Securities Administrators.

Key rules for retail clients

Tier: Tier 1 — Top-tier regulation
Compensation: CIPF — up to CAD 1,000,000 per account category
Leverage: Margin set by CIRO rules; up to roughly 50:1 on major pairs
Negative balance protection: Not a regulatory requirement
Client money: Client assets held in trust at a CIRO dealer member
Complaints: OBSI (Ombudsman for Banking Services and Investments)

Brokers licensed by the CIRO 7

Broker Licences on record Licence Score Actions

1 CM CMC Markets Spread betting & CFD provider, since 1989 ASIC BaFin CIRO FCA MAS FMA (NZ) 86Very strong Licences Visit site

2 FC FOREX.com Forex & CFD broker, since 2001 ASIC CFTC / NFA CIRO FCA JFSA MAS+1 86Very strong Licences Visit site

3 IB Interactive Brokers Multi-asset broker, since 1978 ASIC CBI CFTC / NFA CIRO FCA JFSA+2 83Very strong Licences Visit site

4 O OANDA Forex & CFD broker, since 1996 ASIC CFTC / NFA CIRO FCA JFSA MAS+2 82Very strong Licences Visit site

5 F Fortrade Forex & CFD broker, since 2013 ASIC CIRO FCA CySEC 71Strong Licences Visit site

6 FD Friedberg Direct Forex & CFD broker, since 1971 CIRO 60Moderate Licences Visit site

7 Q Questrade Multi-asset broker, since 1999 CIRO 60Moderate Licences Visit site

Frequently asked questions

How do I check if a broker is CIRO regulated?

Search the firm's name or licence number on the CIRO official register (https://www.ciro.ca/investors/choosing-investment-advisor/dealers-we-regulate), confirm the status is current and that the website domain you're using is listed, then check the CIRO warning list for clones.

Does the CIRO offer investor compensation?

CIPF — up to CAD 1,000,000 per account category

What leverage do CIRO-regulated brokers offer?

Margin set by CIRO rules; up to roughly 50:1 on major pairs

Is negative balance protection required by the CIRO?

It is not a regulatory requirement under the CIRO, though some brokers offer it contractually.