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 gain 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 KnightsbridgeFX as planned according to its purported regulatory address that First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7.

The investigators came to 100 King Street West in Toronto in Ontario, Canada for an on-site visit to the brokers office. First Canadian Place, as a magnificent landmark located in the heart of central business district of Toronto, boasts a glass façade reflecting the city skyline in a dynamic and premium commercial environment. In addition, the bustling street is lined with multiple financial institutions and high-end office buildings, drawing a constant stream of people.

Upon arriving at the building for further investigation, the survey personnel noted a reception area and stringent security system with professional security guards on duty. Furthermore, the lobby features contemporary interior design with perfectly organized common areas. However, a thorough search of the lobby directory yielded no relevant information regarding KnightsbridgeFX, raising initial doubts about its presence in the building.

According to the registered address, KnightsbridgeFX should be located in Suite 5700 on the 57th floor of the building. The inspection team attempted to access this floor via the elevator but found that the 57th floor is a restricted area, accessible only with specific access credentials. Upon inquiry with security personnel, it was confirmed that the upper floors of the building primarily house financial institutions and private offices, and unauthorized personnel are not permitted entry. This restriction prevented the investigator from directly reaching the target floor or observing the companys internal premises.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Canada to visit forex broker KnightsbridgeFX as scheduled, but did not find the company at the aforementioned 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.