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 STUNWILL as planned according to its regulatory address that 500 Laurier Avenue West, Suite 20, Ottawa, ON, Canada K1R7X6.

On May 11, 2024, the investigators came to 500 Laurier Avenue West in Ottawa of Ontario, Canada for a visit to the brokers office, and located a building on the prosperous street, which is lined with government institutions, shopping malls, and more.

Upon arrival at the building for further investigation, the survey personnel discovered that it was a nursing home. According to the staff working in the building, people weren‘t allowed to enter without a permission from the customers, and taking photos was prohibited inside. In the meantime, the lobby directory just showcased the staff’s names in the elderly care center, without any company names.

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 STUNWILL 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.