Reason for this visit

Canadas forex market is highly unique. While the country has a centralized financial regulator—the Canadian Securities Administrators (CSA)—overseeing the broader financial sector, retail forex trading is primarily regulated by the Investment Industry Regulatory Organization of Canada (IIROC), a self-regulatory organization operating under the CSA. Established in 2008, the IIROC has independently built many low-level regulatory bodies supervising three regions and ten provinces respectively with their own 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 GARNET TRADE as planned according to its regulatory address that 1 Yonge St., #1801, Toronto, ON M5E 1W7.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker GARNET TRADE at 1 Yonge Street in Toronto.

The target address is located on Yonge Street in downtown Toronto in the core business district of Ontario. The surrounding streets experience heavy pedestrian traffic and offer convenient transportation access, making it a quintessential bustling commercial area. The building exterior features a modern high-rise design with partial corporate signage on its façade, but no signage related to “GARNET TRADE” was observed.

Upon entering the building, the field investigators noted a secured lobby with security personnel and a service desk, presenting a clean and well-managed environment. Inquiries revealed that visitors require either access passes or prior appointments to reach office floors. When attempting to locate “GARNET TRADE” through the front desk systems and floor directories, no company information was found. Notably, while the lobby directory displayed multiple tenant names, the target company remained absent from the listing.

Without proper access credentials, investigators were unable to proceed to the 18th floor (the registered Suite 1801). To verify details, the inspection team contacted the building management posing as potential collaborators, but were informed that tenant information could not be disclosed without authorization. Subsequent efforts—including observing other floor access points and questioning select tenants—yielded no leads regarding GARNET TRADEs presence.

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

Conclusion

The survey team went to Canada to visit forex broker GARNET TRADE as scheduled but did not find the company at the aforementioned address. It denotes that the broker does not have a physical office or it just utilizes the address solely for registration purposes. Accordingly, investors are advised to make a well-considered decision following much deliberation.

Disclaimer

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