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 MICIG as planned according to its regulatory address that 66 Wellington St W, Toronto, ON M5J 2W4 Canada.

The field investigators conducted an on-site inspection of MICIG's office premises based on the provided information. The target address was 66 Wellington St W, Toronto, ON M5J 2W4, Canada. The destination is located in Toronto's downtown business district, an area known for its dense cluster of office buildings and busy traffic, with streets lined primarily by financial institutions and high-end service firms.

Upon arrival, the investigators observed a modern high-rise office tower with a glass façade. The building appeared well-maintained, with heavy pedestrian traffic in the vicinity. While prominent property signage was displayed at the entrance, no branding, logos, or advertisements related to “MICIG” were visible.

In the lobby, strict security measures were in place, with front desk staff registering visitors. Upon reviewing the building directory, the investigators noted that “MICIG” was not listed among the tenants, which only displayed well-known corporations. When queried, the property management staff stated they were unaware of MICIG operating within the building.

Although the lobby allowed unrestricted access, the investigators were unable to locate MICIG's office space. No signage, directional indicators, or any reference to the company was found during the physical inspection. Additionally, MICIG's logo was absent in common areas such as hallways and elevator bays, with no corresponding evidence discovered on-site.

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

Conclusion

The survey team went to Canada to visit forex broker MICIG as scheduled, but did not find the company at the aforementioned address. It indicates that the broker does not have a physical business office or it just utilizes the address solely for registration purposes. Accordingly, investors are advised to make a sensible 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.