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 FINPROS as planned according to its regulatory address that 6 Laiou Street, Anna City Court, Block A, Shop 4, CY 3015 Limassol, Cyprus.

The investigators came to 6 Laiou Street in Limassol, Cyprus for a visit the brokers office, and located the Anna City Court, a 7-storey commercial building with a well-maintained façade, on the flourishing street. And the building was easily recognizable by the FINPROS logo at the entrance.

Upon arrival at the building for further investigation, the survey personnel spotted mailboxes in the lobby, one of which prominently displayed the company name “FINPROS.” However, people were not permitted to enter without an access card or an appointment. As a result, it was not possible to determine the exact office size and working environment of the company.

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

Conclusion

The survey team went to Cyprus to visit broker FINPROS as scheduled, and found the company 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.