Reason for this visit

The forex market is extremely distinctive in Canada because the country has its own financial authority, the Canadian Securities Administrators (CSA), which provides a unified management of all financial industries. Meanwhile, CSA set up its subsidiary body, the Investment Industry Regulatory Organization of Canada (IIROC), in 2008, which is primarily responsible for the regulation of the retail forex market. And the IIROC has independently built many low-level regulatory bodies supervising three regions and ten provinces respectively. All these institutions release multiple independent laws and regulations. The integration of unity and differentiation in regulation makes the Canadian forex market the most complex in the world. In order to help investors or practitioners to gain a more comprehensive understanding of forex brokers in Canada, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Canada to visit forex broker Solid Investments as planned according to its purported regulatory address that Room 8, 514-3601 HWY 7E Markham, ON, Canada L3R0M3.

The investigators came to 514-3601 HWY 7E in Markham of Ontario, Canada for an on-site visit to the brokers office, and located a modern commercial building in a less bustling street.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which did not list the company name of Solid Investments.

The inspection team then took the elevator to the 5th floor and discovered that room 514 was actually occupied by Aim Home, a Realty Inc. Brokerage, rather than Solid Investments. After searching the entire floor, they failed to find any information regarding the broker.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to Canada to visit forex broker Solid Investments as scheduled, but did not find the company at the regulatory address. It indicates that the broker may just register at the address without a physical business office. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.