Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bonds default occurred, the Cyprus banking system suffered heavy losses exceeding 30% of the annual GDP of Cyprus, and the countrys domestic debt crisis occurred. In response to the crisis, the Cyprus government introduced a terrible solution that was opposed by all the people, which aggravated the crisis. At the same time, some people in Cyprus discovered that having an upward trend in price, various foreign currencies that were independent of the sovereign currency might be able to cope with this crisis. As a result, people poured funds into the small foreign exchange market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active foreign exchange transactions. In an attempt to help investors better understand the current situation of foreign exchange brokers in Cyprus, 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 Limassol, the second largest city of Cyprus, to visit forex broker INVESTING24 as planned according to its regulatory address that 4 Theklas Lysioti, Harmony House, 3rd Floor, Office 31, 3030, Limassol, Cyprus.

The investigators came to 4 Theklas Lysioti in Limassol, Cyprus for a visit the brokers office, and located the Harmony House, a 3-storey commercial building with a well-maintained façade, in the city center. And the building is easily accessible via public transportation.

Upon arrival at the building for further investigation, the survey personnel clearly saw a directory by the entrance, which displayed that the 3rd floor was occupied by “FXNET Limited.” But it did not provide any information regarding INVESTING24.

With the doubt whether the broker exists in the building or not, the inspection team reached the 3rd floor, where the company name and logo of “FXNET Limited” was prominently showed in the lobby. At the same time, according to the staff working for the company, INVESTING24 actually provided trading services under the name of “FXNET Limited” in the building.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker INVESTING24 as scheduled, and found the company at its regulatory address. This signifies that it has a physical business office at the place. Meanwhile, 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.