Reason for this visit

The Canadian foreign exchange market is very unique. Canada has a unified financial supervisory authority covering all financial industries, that is the Canadian Securities Administration (CSA). On the other hand, however, under the CSA is the Investment Industry Regulatory Organization of Canada (IIROC), which was established in 2008 and is the regulator primarily responsible for the retail foreign exchange market. IIROC is further divided into three regions and ten provinces independently, and each province and region has its own regulatory environment. Given the country’s sovereignty and its multiple laws and regulations, the foreign exchange market in Canada is rather complex compared with other countries. In order to help investors or practitioners have a more comprehensive understanding of the foreign exchange dealers in Canada, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team went to Canada to visit the foreign exchange dealer HIIFX as planned, and the survey address was 500- 7030 WOODBINE AVE MARKHAM Province ON Postal Code L3R 6G2 Country CA.

The survey personnel came to the destination of the current survey according to the above address. The destination is located in Markham, and there is a large shopping mall J-Town nearby. The surrounding environment is clean. The destination building is mainly rented out as shared offices, with a reception desk and an electronic water sign inside. The investigators did not find any information about the trader HIIFX in the building.

The survey personnel consulted the front desk staff about the dealer HIIFX, who said that HIIFX had never settled in the building. In addition, the office at the trader's displayed business address is currently vacant. Therefore, the survey personnel confirmed that the broker HIIFX does not have an office here.

Conclusion

The investigators went to Canada to visit the foreign exchange dealer HIIFX as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

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