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 SOPHIE CAPITAL FINANCIAL TRADING PTY LTD as planned according to its regulatory address that 4243C Dundas Street West Unit 5 Etobicoke, ON, Canada M8X1Y3.

On February 22, 2024, the investigators arrived at 4243C Dundas Street West in Etobicoke of Ontario, Canada for a visit to the brokers office, and located a building at the relatively quiet street.

Upon arrival at the building for further investigation, the survey personnel surprisingly spotted a store providing print and express delivery services, where there wasnt any information pertinent to SOPHIE CAPITAL FINANCIAL TRADING PTY LTD.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the place.

Conclusion

The survey team went to Canada to visit forex broker SOPHIE CAPITAL FINANCIAL TRADING PTY LTD as scheduled, but didn‘t find the company’s name at the regulatory address. This signifies that the broker might just register with the address without a physical business office at the location. Accordingly, investors are advised to make an informed 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.