Reason for this visit

The foreign exchange market is extremely unique 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 country's 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 the forex broker Nava Ventures Ltd as planned according to its regulatory address that 150-10451 Shellbridge Way, Richmond, BC, Canada V6X2W8.

The investigators arrived at 10451 Shellbridge Way in Richmond of Britain Columbia, Canada on October 24, 2023, and located an office building in close proximity to the less bustling Shellbridge Way.

After entering the building for further investigation, the survey personnel spotted a directory in the lobby, which didnt display any information relating to “Nava Ventures Ltd”. There was no security and reception area.

And then the investigation team reached at suite 150, and saw the company name “Raydwell Center / Raydwell Enterprise Inc”, a virtual office service platform which offers administrative service and postal address service, without any information concerning Nava Ventures Ltd.

Through the on-site survey, it is confirmed that Nava Ventures Ltd doesnt have a physical presence at the place.

Conclusion

The survey team went to Canada to visit forex broker Nava Ventures Ltd as scheduled, but didn‘t find the company at the regulatory address. This indicates that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make an informed decision following a comprehensive consideration.

Disclaimer

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