Reason for this visit

The foreign exchange market is extremely distinctive in Canada, since 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 foreign exchange 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 the countrys foreign exchange brokers, WikiFX survey team decides to go to Canada for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Canada to visit forex broker Eangel Markets as planned according to its regulatory address that 1108 - 250 Consumers Road, North York, ON, Canada M2J4V6.

On January 16, 2024, the investigators arrived at 250 Consumers Road in North York of Ontario, Canada for a visit to the brokers office, and located a commercial building at the relatively quiet street.

Upon arrival at the building for further investigation, the survey personnel didnt spot any security guard and reception area in the lobby, except a directory. After searching all the floors of the building, the inspection team failed to discover any information concerning Eangel Markets as well as its logo.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the place.

Conclusion

The survey team went to Canada to visit forex broker Eangel Markets as scheduled, but didn‘t find the company’s name at the regulatory address. This signifies that the broker doesnt have a physical business office at the location. Therefore, investors are advised to make an informed decision following much deliberation.

Disclaimer

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