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 Cyprus to visit forex broker VIVERNO as planned according to its regulatory address that 6 Ioanni Stylianou, 2nd floor, Office 202, CY 2003, Nicosia, Cyprus.

The investigators came to 6 Ioanni Stylianou in Nicosia, Cyprus for a visit to the brokers office, and located a 5-storey commercial building with a well-maintained facade, on the main street.

Upon arrival at the building for further investigation, the survey personnel spotted a lobby and a parking lot on the ground floor. Meanwhile, people were not allowed to enter without an access card. The outdoor mailboxes did not display any company name. And there was no directory found in the lobby.

The inspection team made no progress in the search of “VIVERNO” or its operating company “BDSwiss Holding Ltd” in the building. Without the detailed door sign of office 202, the team had to ring the doorbell of office 201 for the related information. But nobody answered. After searching the internet, many companies chose the address for registration.

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

Conclusion

The survey team went to Cyprus to visit broker VIVERNO as scheduled, but did not find the companys office at its regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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