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 forex market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active forex transactions. In an attempt to help investors better understand the current situation of forex 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 CI EUROPE as planned according to its purported regulatory address that 70 Kyrillou Loukareos, Kakos Premier Tower, 4156, Limassol, Cyprus.

The investigators came to 70 Kyrillou Loukareos in Limassol, Cyprus for an on-site visit to the brokers office, and located the Kakos Premier Tower, a four-story commercial building, in close proximity to the highway.

Upon arriving at the building for further investigation, the survey personnel could not locate the specific unit numbers for the relevant companies, making it difficult to find the target office. There were mailboxes at the entrance and a directory in the lobby. However, people were not allowed to visit the working area due to the stringent security rules.

However, the lobby directory did not list the company name of “CI EUROPE”. In the meantime, the attempt to access the brokers website failed because of its inaccessibility. According to the security officer on duty, the company did not operate in the building.

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

Conclusion

The survey team went to Cyprus to visit broker CI EUROPE as scheduled, but did not find the companys office at its purported regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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