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 IC MARKETS as planned according to its regulatory address that 141 Omonoias Avenue, The Maritime Centre, Block B, 1st Floor, CY 3045, Limassol, Cyprus.

The investigators came to 141 Omonoias Avenue in Limassol, Cyprus for a visit to the brokers office on April 19, 2024, and located a 5-storey structure with a well maintained façade in close proximity to Limassol port.

Upon arrival at the building for further investigation, the survey personnel spotted clearly a reception area in the lobby with an advanced access control system. And people were not permitted to go upstairs without an access card. In the meantime, there was not a directory in the lobby. But IC Markets notice of visitor appointment contact information was displayed on the transparent window in the reception area.

As no security guards or receptionists were on duty in the lobby due to the break time, there was nobody the inspection team could turn to for determining the existence of the company. Without an access card or an appointment, the team failed to go upstairs for further checking the actual operational scale and staff size of the broker. However, the appointment of a visit to their office was made for next time after dialing the phone number showed on the notice.

Though the on-site investigation, it is confirmed that IC Markets has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker IC Markets as scheduled, and found the companys name at its regulatory address. This signifies that it 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.