Canadian Investment Regulatory Organization (CIRO) Brokers 2024

The Canadian Investment Regulatory Organization (CIRO) plays a key role in upholding the integrity of financial markets, including overseeing brokers and trading platforms. This guide covers how the CIRO works, from its structure and history to its responsibilities and powers. We also rank the top CIRO brokers.

Best CIRO Brokers

Brokers authorized by the CIRO have to follow rules designed to protect Canadian traders, facilitating a secure trading environment. These are the leading brokers regulated by the CIRO:

#1 -

Why We Chose

Founded in 1999, is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

" remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:400

#2 - CMC Markets

Why We Chose CMC Markets

Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
  • Regulator: FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
  • Platforms: Web, MT4
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:500 (Pro)

#3 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

- DayTrading Review Team
  • Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: $100
  • Leverage: 1:50

#4 - Qtrade

Why We Chose Qtrade

Qtrade is an award-winning Canadian financial services firm that offers a selection of investing accounts with $8.75 and $6.95 stocks, mutual fund trades and 100+ commission-free ETFs. This is a long-running brand that is well regarded in Canada, where many investors choose it to build their savings account or pension pot. QTrade is also highly trusted and authorized by the Canadian Investment Regulatory Organization (CIRO).

"Qtrade is a good match for Canadian traders who are looking for a reputable and regulated broker to make longer-term investments as well as leveraged trades."

- DayTrading Review Team
  • Instruments: Stocks, ETFs, Bonds, Mutual Funds, Options, GICs
  • Regulator: CIRO
  • Platforms: TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: Variable

#5 - Fortrade

Why We Chose Fortrade

Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.

"With strong regulatory oversight, helpful educational content and support for the market-leading MetaTrader 4 platform, Fortrade is a good pick for newer traders."

- DayTrading Review Team
  • Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies, DMAs, ETFs, bonds
  • Regulator: FCA, ASIC, CySEC, NBRB, FSC, CIRO
  • Platforms: MT4, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (varies by entity)

What Is The CIRO?

The Canadian Investment Regulatory Organization, or CIRO, is a self-regulatory body of investment brokers, mutual fund dealers, and other firms operating in the country’s equity marketplace.

It was formed through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) in 2023.

The CIRO sets and maintains industry standards that safeguard Canadian investors, amongst other objectives, including monitoring the activities of online brokers. It has the power to investigate businesses to ensure compliance and discipline any firms in breach of the rules.

The CIRO is the Canadian equivalent of regulatory bodies such as the Financial Industry Regulatory Authority (FINRA) in the USA and the Financial Conduct Authority (FCA) in the UK.

There are around 262 firms and 108,000 representatives that are members of the CIRO.

CIRO logo


The CIRO was formed through the combination of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) in January of 2023.

Initially, it was named the New Self-Regulatory Organization of Canada but in June of 2023, its name was changed to the Canadian Investment Regulatory Organization.


The CIRO is a non-profit and self-governing regulatory body funded through membership fees whereby firms are charged both an entrance fee to become members alongside an annual fee. The annual fee varies according to several factors such as the total revenue of the broker and the number of approved persons.

The organization is run by a president and CEO, along with a board made up of both independent and industry directors. For example, the president and CEO of TMX Group and the chairman of Peak Financial Group.

Andrew J. Kriegler was appointed as CEO of the IIROC in 2014 and kept his position after the amalgamation with the MFDA.

Responsibilities & Powers

The Canadian Investment Regulatory Organization oversees the way that businesses operate, including trading brokers, and implements standards that firms must abide by. In other words, it carries on the duties of both the IIROC and MFDA.

The main responsibilities and powers of the CIRO include:

Note that these rules are an updated version of the Universal Market Integrity Rules implemented by the IIROC. Also, at the time of writing, these are classified as interim rules and are subject to change in the future.

The interim rules are in place to help brokers transition from the IIROC and the MFDA to the CIRO’s single rulebook.

Protective Measures

To help protect retail traders, the CIRO mandates certain measures.

One measure is that CIRO-regulated brokers can only use counterparties that are deemed to be acceptable according to certain criteria. This includes Canadian banks that have between $10 million and $100 million in paid-up capital and surplus. Another acceptable counterparty is a corporation with a net worth in excess of $75 million.

These strict rules mean that brokers cannot use fraudulent counterparties or liquidity providers with insufficient capital and, as a result, can keep order quality high.

Additionally, regulated entities such as licensed brokers must be members of the Canadian Investor Protection Fund (IPF). This ensures that client and business funds are kept separate so that traders can reclaim their money if the broker were to default.

In the case where clients’ funds cannot be recovered due to insolvency, they can claim compensation of up to $1 million.


One key criticism regarding the CIRO surrounds conflicts of interest. As the organization is funded by its members and has many directors from licensed companies and entities, there is arguably cause for concern.

For instance, how independent can the CIRO really be, and how robust will it be in terms of disciplining non-compliant firms?

This concern is backed up by common criticisms of the IIROC and MDFA that relate to inconsistent enforcement actions. For example, there have been times when the regulators have issued penalties that arguably did not correspond with the magnitude of the infraction or misconduct. This is in addition to instances where fines have been overturned completely.

So while CIRO brokers are normally a safer bet than brokers that aren’t registered with the CIRO, the financial body is not held in the same regard as top-tier agencies like the UK’s Financial Conduct Authority.

How To Check If A Broker Is Regulated By The CIRO

CIRO-regulated brokers usually publish this information on their websites. This can often be found in the footer of the homepage along with information on the registered name, address and license number.

You may also be able to find this on any page on the site dedicated to legal information and regulatory authorizations.

Another option is to check the regulator’s directory. At the time of writing, the CIRO has not set up a publicly-accessible registry containing all the members. Therefore, you may need to confirm membership by looking at registries on the IIROC and MFDA websites. On both sites, you can search for brokers to verify their license details and to see how long they have been members.

You can also check to see if the broker is a member of the IPF by looking at the members directory on the Canadian Investor Protection Fund website. This will show whether you will be able to claim compensation if you register with a broker that later becomes insolvent.

Note that CIRO members have until the 31st of December in 2024 to update their systems so you may need to check the IIROC or MFDA website prior to this date.

Final Word

The CIRO has the important tasks of overseeing Canadian-based brokers and implementing rules that protect the financial markets and retail investors. To do so, it provides Canadian traders with various protections, including access to the Investor Protection Fund.

While there have been criticisms of both the IIROC and MDFA, they have generally been reliable regulators. The amalgamation of the two bodies should also mean that they are stronger moving forward.


Can I Trust CIRO-Regulated Brokers?

The Canadian Investment Regulatory Organization is a reputable regulatory body and its authorized brokers are generally legitimate and trustworthy.

The CIRO ensures that trading platforms abide by strict operational rules, with the aim of maintaining market transparency and integrity while protecting retail investors.

How Does The CIRO Keep Retail Traders Safe?

The Canadian Investment Regulatory Organization issues rules that members must abide by, including using credible counterparties, separating client assets from company capital, and ensuring access to compensation schemes in the event that a brokerage becomes insolvent.

The CIRO also has the power to investigate and punish non-compliant brokers using fines, suspensions or outright bans.

How Can I Make Sure A Broker Is Licensed By The CIRO?

If a broker is authorized by the Canadian Investment Regulatory Organization, generally, there is information on the website confirming this.

For example, you can check the ‘About Us’ section or scroll down to the footer on the homepage. Alternatively, you can check the regulator’s directory which includes a list of all current members.

How Can I Report Misconduct To The CIRO?

If you have a complaint about a regulated broker, you can contact either the IIROC-based branch or the MFDA-based branch. To do this, you can either fill out a secure form on the respective agencies’ websites or you can call the teams at 1-877-442-4322 for the IIROC or 1-888-466-6332 for the MFDA.

How Was The Canadian Investment Regulatory Organization Created?

The Canadian Investment Regulatory Organization is a self-regulatory body formed from the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) in 2023.

The Investment Industry Regulatory Organization of Canada was the main financial regulator in the country that oversaw the operation of trading brokers. The Mutual Fund Dealers Association specialized in regulating certain investment vehicles, such as mutual funds.

Article Sources

The writing and editorial team at use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust