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 FXGLOBE as planned according to its regulatory address that 2 Louki Akrita, CY 3030, Limassol, Cyprus.

The investigators came to 2 Louki Akrita in Limassol, Cyprus for a visit to the brokers office.

Upon arrival at the location for further investigation, the survey personnel spotted a residential building with no company signage indicating the existence of FXGLOBE. After ringing the bells at the front and back doors, nobody answered. According to the residents nearby, it was a residential building, where no companies were conducting business.

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

Conclusion

The survey team went to Cyprus to visit broker FXGLOBE as scheduled, but did not find the companys office at its regulatory address. The broker may simply register using that address. Accordingly, it is suggested that 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.