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 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 CERES as planned according to its regulatory address that 10 Four Seasons Place Suite 1000 Toronto, ON, Canada M9B6H7.

On December 14, 2023, the investigators arrived at 10 Four Seasons Place in Toronto of Ontario, Canada for a visit to the brokers office, and located a modern commercial building at a quiet street.

Upon access to the building for further investigation, the survey personnel discovered suite 1000 with ease. At the same time, the floor directory didn‘t display the company name and logo of CERES. According the staff working at reception, it’s a co-working space without any information regarding the company.

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 CERES as scheduled, but didn‘t find the company’s office at the regulatory address. This signifies that the broker doesnt 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.