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 W.G. as planned according to its regulatory address that 61 Omirou Street, Joanna Court, 2nd Floor, Office 202, CY 3095, Limassol, Cyprus.

The investigators came to 61 Omirou Street in Limassol, Cyprus for a visit to the brokers office, and located Joanna Court, a 3-storey commercial building with a well-maintained façade, next to the street. Additionally, there were many business signs displayed on the building façade, one of which was “Wealth Guardian,” the full name of W.G.

Upon arrival at the building for further investigation, the survey personnel spotted a mailbox and a directory in the lobby, both of which displayed the name of “Wealth Guardian.” Then they took the elevator to the 2nd floor and discovered multiple company signs including “Wealth Guardian” at an office door.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker W.G. as scheduled, and found the company at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, 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.