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 Everforex as planned according to its regulatory address that 430-5900 No. 3 Road (Vancity Office Tower) Richmond, BC V6X 3P7 Canada.

The investigators came to 430-5900 No. 3 Road in Richmond, Canada for a visit to the brokers office, and located Vanity Tower, a commercial building, at the intersection of two main streets. And the bustling streets are lined with government institutions and a large array of entertainment facilities like shopping malls, and more.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the wall of the lobby, which displayed that Everforex was situated in suite 430. And then they took the elevator to the target floor and discovered that suite 430 was vacant and did not have any signs of renovation. It appeared that the company had moved out of the building a long time ago. In the meanwhile, its website did not show any information concerning the relocation.

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 Everforex as scheduled, but did not find the companys office at the regulatory address. Accordingly, investors are advised to make a sensible 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.