Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond management defaulted, the Cyprus banking system suffered heavy losses exceeding 30% of the annual GDP of Cyprus, and the country's 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 order to help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Limassol, the second largest city of Cyprus, to visit forex broker 3angleFX (licensee: Triangleview Investments Ltd) as planned according to its regulatory address that Kristelina Tower, 12 Arch. Makarios III Av., Office 401, Mesa Geitonia, 4000, Limassol, Cyprus.

On July 22, 2023, the investigators came to Kristelina Tower, a modern office building, at 12 Arch. Makarios III Avenue, a bustling street teeming with people and vehicles due to its fabulous location.

The survey personnel didn’t find any information of broker 3angleFX from the company directory outside the building. And room 401 on the 4th floor was occupied by company “ARGUENTO LTD”.

Through an on-site investigation, it is confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The investigators went to Limassol in Cyprus to visit forex broker 3angleFX as scheduled, and didn’t spot the company at its regulatory address. It indicates that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a good 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.