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 country's 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 order to help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Limassol, the second largest city of Cyprus, to visit forex broker Toptrader (licensee: Goldenburg Group Ltd) as planned according to its regulatory address that 46 Ayiou Athanasiou Avenue, Interlink Hermes Plaza, Office 101, Ayios Athanasios, 4102 Limassol, Cyprus.

On July 27, 2023, the investigators came to Interlink Hermes Plaza at 46 Ayiou Athanasiou Avenue. Thanks to a fabulous location, just around 2 km away from the renowned costal avenue and adjacent to an expressway across the city, the building enjoys convenient transportation.

The building is situated at a flourishing business and shopping district, with several underground floors occupied by department stores and other shops. On the other side is the entrance of the commercial building. However, according to the security guard, people werent allowed to visit the working area without a staff card.

The survey personnel didnt find any information of broker Toptrader from the company directory at the entrance of the building.

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

Conclusion

The investigators went to Limassol in Cyprus to visit forex broker Toptrader as scheduled, and didn‘t spot the company at its regulatory address. It indicates that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a good decision following a comprehensive consideration.

Disclaimer

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