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 NOVOX as planned according to its regulatory address that 105 Georgiou Griva Digeni Avenue, 2nd Floor, Office 202, CY 3101, Limassol, Cyprus.

The investigators came to 105 Georgiou Griva Digeni Avenue in Limassol, Cyprus for a visit to the broker‘s office, and located a 4-storey commercial building. And there were some company business signs on the facade of the building, but NOVOX’s was not included.

Upon arrival at the building for further investigation, the survey personnel spotted a directory inside, which did not display the company name or logo of NOVOX. Meanwhile, company “Alive” was located on the 2nd floor. Then the inspection team took the elevator to the floor and saw three company names, including “Alive,” “Albert Management Limited,” and “Lausford Trading Ltd.” In order to find more information, the team tried to search the website of NOVOX, but it was unavailable to access.

Through the on-site investigation, it is confirmed that NOVOX does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker NOVOX as scheduled, but did not find the company at its regulatory address. Accordingly, 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.