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 foreign exchange brokers in Canada, WikiFX survey team planned to go to the country for on-site visits to local companies.

On-site visit

In this issue, the investigation team went to Canada to visit forex broker Illuminati Markets (licensee: Illuminati Markets Limited) as planned according to its regulatory address that 546 Steeles Avenue West, Vaughan, ON, Canada L4J8P7.

The survey personnel arrived at the destination in Vaughan of Ontario on September 12, 2023. A building called Amica Thornhill was positioned near 546 Steeles Avenue West with little traffic.

After entering the building, the investigators found that its not an office building but a health care center, with all the rooms for the members of the center, except for the lobby in the ground floor. Only the relatives of their customers were allowed to go upstairs. At the same time, taking photos was prohibited. And no information regarding broker Illuminati Markets was spotted.

Through an on-side investigation, it is confirmed that the company doesnt have a physical presence at the location.

Conclusion

The investigators went to Canada to visit forex broker Illuminati Markets as scheduled, and didn‘t find the company at its regulatory address. It indicates that the broker doesn’t have a physical business office at the place. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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