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 country's 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 the forex broker CP Markets as planned according to its regulatory address that 140 Yonge Street Suite 200 Toronto, ON, Canada M5B2L7.

On November 27, 2023, the investigators arrived at 140 Yonge Street in Toronto of Ontario, Canada for a visit to the companys office, and located a well-established commercial building, Dineen Building, in downtown. The building boasts a fabulous location easily accessible via public transport at the bustling street.

After accessing the building for further investigation, the survey personnel spotted a reception area and a directory in the lobby. The directory displayed that the 2nd floor was occupied by IQ Offices, a co-working space.

And then the team arrived at the 2nd floor of the building by the elevator, and saw the reception area and staff of IQ Offices as well as its company name and logo. According to the staff, they had never heard of “CP Markets”, except for the only company “CP Partners”.

Based on the on-site survey, it is confirmed that CP Markets doesnt have a physical presence at the place.

Conclusion

The survey team went to Canada to visit forex broker CP Markets as scheduled, but didn‘t find the company’s office 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 a comprehensive consideration.

Disclaimer

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