Investment Industry Regulatory Organization of Canada (IIROC)
The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization responsible for overseeing investment dealers and trading activity in Canada’s debt and equity markets. IIROC regulates forex brokers offering leveraged trading and ensures transparency, financial stability, and client protection.
The Investment Industry Regulatory Organization of Canada (IIROC) — now part of CIRO — plays a vital role in ensuring that forex brokers operate with transparency, solvency, and integrity. Choosing an IIROC/CIRO-regulated broker ensures strong legal protections, limited leverage risk, and investor coverage.
Leverage is determined by risk-based margin requirements:
- Generally ranges between 18:1 and 50:1 for major currency pairs
- Tighter leverage may apply based on volatility and client classification
- Licensing and oversight of investment dealers and forex brokers
- Setting and enforcing margin/leverage limits
- Supervising trading practices and financial disclosures
- Ensuring investor protection and firm solvency
- Visit the CIRO AdvisorReport Tool
- Enter broker or firm name to view regulatory status
- Confirm dealer membership and disciplinary history
- Capital Adequacy Rules: Must meet minimum net capital and solvency standards
- Client Fund Protection: Funds held at custodial institutions with strict segregation rules
- Risk Disclosure Documents: Required for forex and margin trading
- Leverage Monitoring: Firms must calculate and disclose daily margin requirements
- IIROC Membership: All investment dealers offering forex must be IIROC members
Advantages
- High transparency and strict risk oversight
Real-time monitoring of trading activity and compliance
Investor protection fund available through CIPF
CIRO publishes disciplinary actions and firm alerts
Limitations
- Stricter leverage limits than offshore jurisdictions
No ESMA-style harmonization — rules vary by province
Limited number of IIROC-regulated brokers
Country
Canada
Established
2008
Contact
+1 877 442 4322
Complaint bodies
CIRO (formerly IIROC) Ombudsman for Banking Services and Investments (OBSI)
Hotline
+1 877 442 4322
Complaint email
Last updated on: March 27, 2025
High Risk Warning : Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.