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 in Cyprus, to visit forex broker XGLOBAL (licensee: X Global Markets Ltd) as planned according to its regulatory address that 162, Fragklinou Rousvelt, 1st Floor, 3045 Limassol.

On July 22, 2023, the investigators came to the destination at 162, Fragklinou Rousvelt, Limassol. An independent low-story building is located at a bustling street near mechanical and industry district of Limassol and a road toward Cyprus Ports Authority. It could be clearly seen from a distance that XGLOBALs logo was displayed on the glass curtain façade of the building.

After entering the building, the survey personnel didn‘t find other company’s office. The whole building was owned by XGLOBAL.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The investigators went to Limassol, Cyprus to visit forex broker XGLOBAL as scheduled, and spotted the companys name at the regulatory address. It suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice based on an overall consideration.

Disclaimer

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