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 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 Cyprus to visit forex broker ATLANTIC SECURITIES as planned according to its regulatory address that 37 Prodromou Street, Unit 104, 1st Floor, CY 1090, Nicosia, Cyprus.

The investigators came to 37 Prodromou Street in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 8, 2024, and located a 3-storey building at the comparatively flourishing street in the downtown area.

Upon arrival at the building for further investigation, the survey personnel spotted a mailbox in the lobby on the ground floor, which displayed prominently the company name of “ATLANTIC SECURITIES”. Without a directory in the foyer, there were some units on the 1st floor. And then the inspection team discovered the company name of “ATLANTIC SECURITIES” at unit 104. It signifies the existence of the broker in the building. However, people weren‘t allowed to enter without an appointment. So it’s unable to know the actual office size and working environment.

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

Conclusion

The survey team went to Cyprus to visit broker ATLANTIC SECURITIES as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following 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.