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 get 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 TELA as planned according to its regulatory address that 610 Constellation Dr., Mississauga, ON, Canada L5R2X4.

The investigators came to 610 Constellation Drive in Mississauga, Canada for an on-site visit to the brokers office, and located a building on the quiet street in close proximity to a residential district.

Upon arrival at the building for further investigation, the survey personnel did not spot the company name of TELA at 610 Constellation Drive. According to the people living nearby, no companies operated at the location.

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 TELA 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.