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 OCTAFX as planned according to its regulatory address that 47 Strovolou Avenue, Kyros Tower, 5th Floor, CY 2015, Nicosia, Cyprus.

The investigators came to 47 Strovolou Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located the “Kyros Tower,” a 6-storey commercial building, in a business center of the city. And the building is easily accessible via public transportation.

Upon arrival at the building for further investigation, the survey personnel noticed a directory by the entrance indicating that the 5th floor was occupied by “Andreas P. Siapanis & Associates LLC.” It is a law firm that has nothing to do with OCTAFX. Additionally, they did not find the company name or logo of OCTAFX.

Then the inspection team took the elevator to the 5th floor but failed to discover any signs of OCTAFX after a thorough search, including its company name and logo.

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 OCTAFX as scheduled, but did not find the company at its regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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