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 Zara FX as planned according to its purported regulatory address that 148 West Drive Brampton, ON, Canada L6T5P1.

The investigators came to 148 West Drive Brampton in Ontario, Canada for an on-site visit to the brokers office.

Upon arriving at the building for further investigation, the survey personnel noticed a significant difference between the actual situation and their expectations. Located on a less bustling street, the building was highly secured with several security guards, and everything inside was arranged in an orderly manner.

However, the inspection team encountered a significant challenge when entering the building for a thorough search. As a matter of fact, the target building was a large shopping mall rather than an office building. The survey team thoroughly searched every corner of the mall, particularly each advertising board, to find out the relevant information about Zara FX. Following a comprehensive and careful search, the team unfortunately did not discover any signs of the companys presence in the building. Based on the findings of the investigation, it is clearly confirmed that the forex broker Zara FX does not exist at the given address.

Thus, the broker does not have a physical presence at the location.

Conclusion

The survey team went to Canada to visit forex broker Zara FX 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.