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 COLMEX PRO as planned according to its regulatory address that 1 Chrysanthou Mylona, Panayides Building, 4th floor, Office 3, 3030, Limassol, Cyprus.

The investigators came to 1 Chrysanthou Mylona in Limassol, Cyprus for a visit the brokers office, and located the Panayides Building, 7-storey commercial building with a well-maintained façade. Boasting a fabulous location, the well-furnished office building is home to plenty of companies.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and mailboxes in the lobby, neither of which displayed the company name or logo of COLMEX PRO. Additionally, the directory showcased that office 3 in the 4th floor was occupied by C.Kozakos & Co Ltd., an aviation services provider.

And then the inspection team took the elevator to the 4th floor and easily discovered office 3, which was well-decorated and features a reception area. However, the team did not find any signs of COLMEX PRO in the well-organized office. At the same time, the adjacent office was also occupied by the same company.

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 Limassol, Cyprus to visit broker COLMEX PRO as scheduled, but did not find the company at its regulatory address. Accordingly, investors are advised to make a sensible 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.