Methodology
How we rate brokers
By ForexCanada Editorial Team · Updated
Every broker score on ForexCanada.ca comes from the same published formula. Here's exactly how it works.
Step 1: Canadian registration status
Before anything else, we classify each firm:
| Status | What it means | Protection score (out of 10) |
|---|---|---|
| CIRO-registered | Registered investment dealer and CIRO member; CIPF and OBSI apply | 10 |
| CSA-authorized crypto platform | On the CSA list of authorized crypto trading platforms | 8.5 (9 if also a CIRO member) |
| Registered, under restrictions | Registered but subject to an order limiting its business (e.g. no new accounts) | 3 |
| Not registered — top-tier licence abroad | Licensed by a major foreign regulator (e.g. FCA, ASIC) but not in Canada | 4 |
| Not registered — established licence abroad | Licensed by a mid-tier foreign regulator only | 3 |
| Offshore | Licensed only in light-touch jurisdictions, or not at all | 1.5 |
| Exited / barred / prohibited product | Left Canada, barred by a Canadian regulator, or offering a product banned for Canadians | 0 |
Prop trading firms aren't dealers, so they aren't scored.
How we check
We look up the legal entity (not just the brand) in CIRO's dealer list, the CSA National Registration Search, the CSA crypto platform list and the CIPF member directory, and search CSA and provincial investor alerts and CIRO enforcement decisions.
Step 2: Editorial ratings
Our editors rate four areas from 1 to 5, based on the broker's published pricing and features, platform testing on demo accounts, and comparison with peers:
- Costs — spreads, commissions, financing, currency conversion, account and inactivity fees.
- Platforms & tools — stability, order types, charting, MetaTrader/TradingView/API support, mobile apps.
- Product range — currency pairs, CFDs, stocks, options, futures, registered accounts.
- Canadian convenience — CAD accounts, funding from Canadian banks, province coverage, French service, support hours in Canadian time zones.
Step 3: The formula
Overall score = 40% protection + 20% costs + 15% platforms + 10% range + 15% convenience (each converted to a 0–10 scale).
Then three hard rules apply:
- A firm that doesn't accept Canadian residents is capped at 3.5.
- A firm that has exited Canada, been barred, or offers a prohibited product is capped at 1.5.
- If we can't confirm a firm accepts Canadians, we deduct 0.5.
Because protection carries 40% of the weight, a perfectly priced offshore broker can't outscore a registered one.
What doesn't affect scores
- Whether a broker pays us. Commercial relationships are handled separately from editorial ratings, and we publish the formula so anyone can check.
- Reader reviews. We publish moderated reader reviews on profiles, but they don't change scores.
Updates and corrections
We review every profile at least every six months and whenever a regulator announces a change (new registrations, enforcement orders, exits). Each profile shows when it was last reviewed. If you spot something out of date, tell us.
Limitations
Fees, platforms and eligibility change frequently, and offshore firms change their onboarding rules without notice. Scores are an editorial summary, not a recommendation to open an account, and nothing on this site is personal financial advice.