Reason for this visit

The Canadian foreign exchange market is very unique. Despite being one country, there is a unified financial regulatory authority, the Canadian Securities Administrators (CSA), covering all financial sectors. But on the other hand, under the CSA there is the Investment Industry Regulatory Organization of Canada (IIROC), which was established in 2008 and is primarily responsible for the regulation of the retail foreign exchange market. In addition, the IIROC is independently divided into three regions and 10 provinces, each with its own regulatory environment. Unity and division are contradictory, which makes the Canadian forex market the most complex in the world. In order to help investors or practitioners get a more comprehensive understanding of the country's foreign exchange dealers, the survey team to Canada for site visits.

On-site visit

This time the survey team visited the dealer EGM Forex in Canada, with the specific address at 285-A AUGUSTA AVE TORONTO, ON, CANADA M5T2M1.

Based on the above address, the survey team went to the destination of this survey, located in the city of Toronto, Canada. It is a residential community with many restaurants, coffee shops, and grocery stores nearby. The unit they arrived at was a restaurant called LaCevicheria Bar & Grill, and no information about the dealer EGM Forex was found in the vicinity.

Subsequently, the surveyors asked the employee in the restaurant about the dealer EGM Forex. He said that the restaurant had always been in operation and he had never heard of the dealer's name. In the end, the surveyors confirmed that EGM Forex did not have an office there.

Conclusion

The survey team went to Canada to visit the dealer EGM Forex as planned, and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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