Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025
We’ve personally tested and ranked the top brokers regulated by the Canadian Investment Regulatory Organization (CIRO), ensuring high standards of trust and reliability.
-
1Interactive Brokers (IBKR) is a top brokerage firm offering access to 150 markets in 33 countries and a range of investment services. With 40 years in the field, this company listed on Nasdaq strictly follows the rules set by authorities such as the SEC, FCA, CIRO, and SFC. It's recognized as one of the most reliable brokers for global trading.
-
2Founded in 2006, AvaTrade is a top forex and CFD broker trusted by over 400,000 traders. Regulated in 9 regions, it handles more than 2 million trades monthly. AvaTrade offers platforms like MT4, MT5, and WebTrader, with over 1,250 instruments. Traders of all levels can explore CFDs, AvaOptions, and AvaFutures for short-term trading. AvaTrade provides excellent education and 24/5 multilingual customer support for a complete trading experience.
-
3Established in 1989, CMC Markets is a reputable brokerage firm authorized by various top regulators such as the FCA, ASIC and CIRO, and is listed on the London Stock Exchange. They boast a global client base of over 1 million traders and have received numerous awards.
-
4FXCM is a well-known forex and CFD broker that was set up in 1999. Its head office is in the UK, but it operates globally, including in places like Australia. FXCM offers trading without any commission fees, a selection of more than 400 assets, and a variety of analysis tools. Many traders prefer it, which is why it has received several awards. Major entities such as FCA, ASIC, CySEC, FSCA, and BaFin regulate FXCM.
-
5Qtrade is a respected Canadian financial company offering various investment accounts featuring $8.75 and $6.95 stocks, mutual fund trades, and more than 100 commission-free ETFs. The company is extensively recognized and chosen by many investors in Canada to grow their savings or retirement funds. Qtrade is also fully authorized by the Canadian Investment Regulatory Organization (CIRO).
Compare Brokers
| Broker |  |
USD Account |
Demo Account |
Minimum Deposit |
Minimum Trade |
Leverage |
Copy Trading |
Regulator |
Instruments |
Platforms |
Account Currencies |
Automated Trading |
AI |
Guaranteed Stop Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 |
✓ | ✓ | $0 | $100 | 1:50 | ✗ | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF | Capitalise.ai & TWS API | ✓ | ✗ | |
 |
✓ | ✓ | $300$100 | 0.01 Lots | 1:30 (Retail) 1:400 (Pro) | ✓ | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | USD, EUR, GBP, CAD, AUD | Expert Advisors (EAs) on MetaTrader | ✗ | ✗ | |
 |
✓ | ✓ | $0 | 0.01 Lots | 1:30 (Retail), 1:500 (Pro) | ✗ | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4, TradingView | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN | Expert Advisors (EAs) on MetaTrader | ✗ | ✓ | |
 |
✓ | ✓ | $50 | Variable | 1:30 | ✓ | FCA, CySEC, ASIC, FSCA, BaFin, CIRO | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs | Trading Station, MT4, TradingView, Quantower | USD, EUR, GBP, AUD | ✗ | ✗ | ✗ | |
 |
✓ | ✓ | $0 | Variable | ✗ | ✗ | CIRO | Stocks, ETFs, Bonds, Mutual Funds, Options, GICs | TradingCentral | USD, CAD | ✗ | ✗ | ✗ | |
| Broker | |
USD Account |
Demo Account |
Minimum Deposit |
Minimum Trade |
Leverage |
Copy Trading |
Regulator |
Instruments |
Platforms |
Account Currencies |
Automated Trading |
AI |
Guaranteed Stop Loss |
Safety Comparison
Compare how safe the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025 are.
| Broker | Trust Rating |
Guaranteed Stop Loss |
Negative Balance Protection |
Segregated Accounts |
|---|---|---|---|---|
|
✗ | ✓ | ✓ | |
|
✗ | ✓ | ✓ | |
|
✓ | ✓ | ✓ | |
|
✗ | ✓ | ✓ | |
|
✗ | ✗ | ✗ | |
| Broker | Trust Rating |
Guaranteed Stop Loss |
Negative Balance Protection |
Segregated Accounts |
Mobile Trading Comparison
Compare the mobile trading features of the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025.
| Broker | Mobile Apps |
iOS Rating |
Android Rating |
Smart Watch App |
|---|---|---|---|---|
|
iOS & Android | ✓ | ||
|
iOS & Android | ✗ | ||
|
iOS & Android | ✗ | ||
|
iOS and Android | ✗ | ||
|
iOS & Android | ✗ | ||
| Broker | Mobile Apps |
iOS Rating |
Android Rating |
Smart Watch App |
Comparison for Beginners
Compare how suitable the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025 are for beginners.
| Broker | Demo Account |
Minimum Deposit |
Minimum Trade |
Education Rating |
Support Rating |
Fractional Shares |
Demo Competitions |
|---|---|---|---|---|---|---|---|
|
✓ | $0 | $100 | ✓ | ✗ | ||
|
✓ | $300$100 | 0.01 Lots | ✗ | ✗ | ||
|
✓ | $0 | 0.01 Lots | ✗ | ✓ | ||
|
✓ | $50 | Variable | ✗ | ✓ | ||
|
✓ | $0 | Variable | ✗ | ✗ | ||
| Broker | Demo Account |
Minimum Deposit |
Minimum Trade |
Education Rating |
Support Rating |
Fractional Shares |
Demo Competitions |
Comparison for Advanced Traders
Compare how suitable the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025 are for advanced or professional traders.
| Broker | Automated Trading |
VPS |
API |
AI |
Pro Account |
Leverage |
Low Latency |
Extended Hours |
|---|---|---|---|---|---|---|---|---|
|
Capitalise.ai & TWS API | ✗ | ✗ | ✓ | ✗ | 1:50 | ✓ | ✓ |
|
Expert Advisors (EAs) on MetaTrader | ✗ | ✓ | ✗ | ✓ | 1:30 (Retail) 1:400 (Pro) | ✓ | ✗ |
|
Expert Advisors (EAs) on MetaTrader | ✓ | ✗ | ✗ | ✓ | 1:30 (Retail), 1:500 (Pro) | ✓ | ✓ |
|
✗ | ✗ | ✗ | ✗ | ✗ | 1:30 | ✗ | ✗ |
|
✗ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ |
| Broker | Automated Trading |
VPS |
API |
AI |
Pro Account |
Leverage |
Low Latency |
Extended Hours |
Accounts Comparison
Compare the trading accounts offered by Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025.
| Broker | Demo Account |
Interest on Cash |
Islamic Account |
Joint Account |
Managed Account |
PAMM |
MAM |
LAMM |
Pro Account |
|---|---|---|---|---|---|---|---|---|---|
|
✓ | USD: 4.8%, GBP: 4.7% | ✗ | ✓ | ✓ | ✗ | ✓ | ✗ | ✗ |
|
✓ | USD: 2.7% | ✓ | ✗ | ✗ | ✓ | ✓ | ✗ | ✓ |
|
✓ | ✗ | ✓ | ✗ | ✗ | ✗ | ✗ | ✗ | ✓ |
|
✓ | ✗ | ✓ | ✗ | ✗ | ✗ | ✓ | ✗ | ✗ |
|
✓ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ |
| Broker | Demo Account |
Interest on Cash |
Islamic Account |
Joint Account |
Managed Account |
PAMM |
MAM |
LAMM |
Pro Account |
Detailed Rating Comparison
Compare how we rated the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025 in key areas.
| Broker | Trust |
Platforms |
Assets |
Mobile |
Fees |
Accounts |
Research |
Education |
Support |
|---|---|---|---|---|---|---|---|---|---|
|
|||||||||
|
|||||||||
|
|||||||||
|
|||||||||
|
|||||||||
| Broker | Trust |
Platforms |
Assets |
Mobile |
Fees |
Accounts |
Research |
Education |
Support |
Fee and Cost Comparison
Compare the cost of trading with the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025.
| Broker | Cost Rating |
Fixed Spreads |
Inactivity Fee |
CFD Stocks Spread |
EUR/USD Spread |
Crypto Spread |
|---|---|---|---|---|---|---|
|
✗ | $0 | 0.003 | 0.08-0.20 bps x trade value | 0.12%-0.18% | |
|
✓ | $50 | 0.13 | 0.9 | BTC <1%, ETH 2% | |
|
✗ | $10 | 0.02 | 0.7 | From 1.3 | |
|
✗ | ✗ | 0.2% Var* | 0.2 pips var* | Variable | |
|
✗ | ✗ | ✗ | ✗ | ✗ | |
| Broker | Cost Rating |
Fixed Spreads |
Inactivity Fee |
CFD Stocks Spread |
EUR/USD Spread |
Crypto Spread |
Broker Popularity
See how popular the Best Canadian Investment Regulatory Organization (CIRO) Regulated Brokers 2025 are in terms of number of clients.
| Broker | Popularity |
|---|---|
| Interactive Brokers |
|
| AvaTrade |
|
| CMC Markets |
|
| FXCM |
|
Why Trade With Interactive Brokers?
Interactive Brokers is ideal for seasoned traders due to its robust charting platforms, updated data, and adaptability, especially with the IBKR Desktop application. Its exceptional pricing and advanced order features appeal to traders, and its variety of stocks remains unmatched in the market.
Pros
- IBKR is a highly regarded brokerage, regulated by prime authorities. This ensures the safety and reliability of your trading account.
- IBKR provides a cost-effective platform for traders by offering low fees, narrow spreads, and clear pricing.
- There's a large selection of free or paid research subscriptions available to all traders. If you subscribe to Toggle AI, you will also receive commission refunds from IBKR.
Cons
- Customer service may take time to respond, and there may be delays in fixing problems based on tests. It could be difficult to reach the customer service promptly.
- TWS's platform may be difficult for beginners to grasp because of its complexity. Plus500's web platform, on the other hand, is more appropriate for those new to trading.
- Only one active session per account is allowed, which means you can't run the desktop version and mobile app at the same time. This can sometimes lead to a frustrating trading experience.
Why Trade With AvaTrade?
AvaTrade provides traders with essential tools: an intuitive WebTrader, strong AvaProtect risk management, a quick 5-minute sign-up, and reliable support for fast-paced markets.
Pros
- AvaTrade enhances its products with AvaFutures, offering an alternative to trade over 35 markets with low trading margins.
- The WebTrader performed well in our tests, featuring an easy-to-use interface for beginners and strong charting tools, including 6 chart layouts and over 60 technical indicators.
- AvaTrade's support team did well in tests, responding within 3 minutes and providing local support in major regions like the UK, Europe, and the Middle East.
Cons
- The AvaSocial app is satisfactory but could be better. Its design, usability, and navigation between strategy providers and account management need improvement to compete with top platforms like eToro.
- AvaTrade’s WebTrader has improved, but it needs more customization as widgets like market watch and watchlists can't be hidden, moved, or resized.
- Signing up is easy, but AvaTrade doesn't offer an ECN account like Pepperstone or IC Markets, which provides raw spreads and fast execution that many traders want.
Why Trade With CMC Markets?
CMC Markets offers a great online platform for traders. It has advanced charting tools and a wide variety of CFDs to trade, including a large selection of currencies and customized indices. It caters to traders at all levels.
Pros
- We upgraded its 'Assets & Markets' rating due to frequent product additions in early 2025, including extended hours trading on US stocks and new share CFDs.
- CMC Markets is strictly overseen by respected finance entities, helping to ensure safe and reliable trading. Its excellent reputation ensures a secure trading environment.
- CMC provides great pricing, with narrow spreads and low fees for trading except for stock CFDs. The Alpha and Price+ programs also give benefits to active traders, including up to 40% spread discounts.
Cons
- Trading stock CFDs carries a comparatively high commission charge, particularly when contrasted with more affordable brokers such as IC Markets.
- CMC provides a commendable range of assets, but lacks support for actual stock trading and UK customers are unable to trade cryptocurrencies.
- While the web platform has improved, it still needs more enhancements to be as user-friendly for trading as competitor software such as IG.
Why Trade With FXCM?
FXCM is a top choice for traders using automated strategies because of its four strong platforms, strategy testing, and API trading. The company is also highly recommended for active traders due to its reduced spreads and minimal or zero commissions on frequently traded assets.
Pros
- FXCM now offers 24-hour stock CFD trading via MetaTrader 4 platform.
- The Trading Station terminal is suitable for traders seeking a comprehensive solution for their short-term and automated trading approaches.
- Traders have access to high-quality trading tools: a market scanner, forex signals and eFXPlus, a third-party research site.
Cons
- FXCM primarily caters to proficient traders, but unfortunately, they do not provide managed accounts.
- Traders do not have the option to choose between different retail accounts, and there are no options for Cent/Micro accounts.
- The live chat support might not be as quick or dependable as that of leading competitors.
Why Trade With Qtrade?
Qtrade is suitable for Canadian traders seeking a trustworthy, regulated broker for long-term and leveraged trading.
Pros
- Trailing stop loss is an important tool for risk management in trading.
- User-friendly, award-winning trading platform and customer service.
- 100+ commission-free ETFs
Cons
- CAD to USD exchange charge
- Only accessible to those residing in Canada. If you're from Dubai, the UK, or Lebanon, you won't be eligible.
- Equity commissions of $8.75 can accumulate quickly.
Filters
Trading in Canada? Choose a Reliable Broker
Looking to trade in Canada? It’s crucial to pick a broker regulated by the Canadian Investment Regulatory Organization (CIRO). CIRO is trusted for ensuring security in investment practices, making it a valuable partner for your trading journey.
Top CIRO-Regulated Brokers
Check out our curated list of the best CIRO-regulated brokers to find the ideal trading platform for your needs. We’ve confirmed each broker’s legitimacy via CIRO’s database of approved “Dealers We Regulate.”
Our Method for Selecting Brokers
To identify the best trading platforms under CIRO regulation, we:
– Pulled data from our expanding broker library to identify those claiming CIRO regulation.
– Verified these claims through CIRO’s “Dealers We Regulate” database.
– Ranked brokers based on this information and our rigorous testing of over 200 data points.
How to Confirm If Your Broker Is CIRO-Regulated
Ensure your broker is CIRO-regulated with these simple steps:
- Visit CIRO’s Website: Check the updated list of all firms and advisors regulated by CIRO.
- Use the “Dealers We Regulate” Tool: This search tool helps verify a broker’s registration status and reveals details like licensing and any disciplinary actions.
- Look for Certifications: Regulated brokers typically display CIRO membership details on their websites, often in the footer or an “About Us” section.
- Cross-Verify via the Canadian Securities Administrators (CSA): Use the CSA’s national registration search tool for added verification.
- Contact CIRO: If needed, CIRO’s customer support can verify a broker’s status for you.
Example: Checking a Broker
Let’s see how to verify that CMC Markets is authorized by CIRO:
– Visit the CIRO website.
– Find the “Dealers We Regulate” section.
– Enter “CMC Markets” in the search tool to check for their listing.
– Review the registration details provided, such as their registration number and status.
To be doubly sure, check their details on the CSA website too.
What is CIRO?
The Canadian Investment Regulatory Organization (CIRO) is Canada’s primary regulatory body for investment dealers and marketplaces. Formed by merging two previous entities, CIRO ensures investor protection and maintains market fairness and efficiency.
CIRO focuses on:
– Investor Protection: Ensuring ethical standards to prevent fraud.
– Market Integrity: Enforcing transparency and conducting regular inspections.
– Financial Oversight: Monitoring the financial health of regulated firms.
– Dispute Resolution: Providing a fair system for resolving investor complaints.
CIRO’s Powers
CIRO has significant powers to govern Canada’s trading industry:
- Rulemaking Authority: Sets rules for ethical and transparent broker operations.
- Licensing and Registration: Regulates who can legally operate.
- Monitoring and Surveillance: Checks trading activities to prevent misconduct.
- Enforcement Actions: Can penalize or ban firms for rule violations.
- Investor Protection Fund: Offers up to CAD 1 million coverage if a broker fails.
- Complaint Resolution: Provides a system to address trader grievances.
CIRO also promotes financial literacy to help traders understand their rights and potential risks.
Broker Rules Under CIRO
Brokers regulated by CIRO must adhere to:
- Know Your Client (KYC): Collect client info to match investments with their goals.
- Suitability Checks: Ensure trades align with client risk profiles.
- Conflict of Interest Disclosure: Brokers must be transparent about potential conflicts.
- Client Relationship Documentation: Clearly outline fees and services.
- Financial Transparency: Provide clients with detailed account statements.
- Capital Requirements: Maintain financial stability with minimum capital levels.
- Data Protection: Secure client data to prevent breaches.
- Fair Dealing Standards: Prioritize clients’ best interests.
- Anti-Money Laundering (AML) Compliance: Follow strict protocols to prevent illicit activities.
- Leverage Limits: Cap leverage to reduce trading risks for retail traders.
These rules create a safe, transparent, and ethical trading atmosphere in Canada.
Actions Taken by CIRO
CIRO holds brokers accountable and has penalized firms such as:
- FXCM Canada Ltd.: Fined $500,000 for poor trading supervision and misleading information.
- OANDA Canada Corp.: Fined $300,000 for inadequate compliance measures.
- Vantage FX: Fined $150,000 for misleading promotional content.
- IG Markets Ltd.: Fined $100,000 for poor supervision and risk disclosure.
- AxiTrader: Fined $50,000 for insufficient trading fee disclosure.
- City Index: Fined $75,000 for misleading marketing practices.
Criticisms
Despite CIRO’s efforts, it has faced criticism for potential conflicts of interest due to its funding model and inconsistencies in enforcing penalties. While CIRO brokers are generally safer, it’s not as highly regarded as some other global regulators like the UK’s Financial Conduct Authority (FCA).
Conclusion
CIRO is vital in regulating the trading landscape in Canada, ensuring that brokers operate transparently and ethically. Whether you’re just starting or an experienced trader, understanding CIRO’s role helps secure your trading experience. Always verify your broker’s regulatory status and stay aware of your rights and protections.
For a reliable start, explore brokerlistings.com’s selection of top CIRO-regulated trading platforms.