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 B2PRIME as planned according to its regulatory address that Georgiou Griva Digeni and Anastasi Sioukri, Pamelva Court, 1st Floor, Office 104, CY 3105, Limassol, Cyprus.

The investigators came to Georgiou Griva Digeni and Anastasi Sioukri in Limassol, Cyprus for a visit to the brokers office, and located Pamelva Court, a 4-storey commercial building with a well-maintained façade, next to the street. Additionally, there was no directory or mailbox at the entrance that could indicate the existence of the company.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby that displayed many companies in a disorderly manner, and B2PRIME was not included. Then they walked directly to suite 104 on the 1st floor and clearly saw the logos of B2PRIME and B2B Prime Services EU Ltd at the door.

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

Conclusion

The survey team went to Limassol, Cyprus to visit broker B2PRIME as scheduled, and found the company at its regulatory address. This signifies that the broker 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.