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 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 Cyprus to visit forex broker PROCHOICE as planned according to its regulatory address that 15 Stratigou Timagia, Linda Court, 1st Floor, CY 6051, Larnaca, Cyprus. Upon arrival at the destination, an announcement on the door of the target office showed that the broker had moved to a new address, 21 Ariadnis, Patsias Court 25, Office 202, CY 7060, Livadia, Larnaca, Cyprus.

According to the new address of PROCHOICE, the investigators came to Patsias Court 25 at 21 Ariadnis of Livadia in Larnaca, Cyprus on February 28, 2024, and located a 2-storey apartment building, which was easily accessible with a well-maintained façade.

Upon reaching the building for further investigation, the survey personnel spotted mailboxes and a directory at the entrance, which didn‘t display any information regarding company Prochoice. And then the inspection team reached the 2nd floor via the elevator, and discovered the broker’s logo and company information at suite 202.

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

Conclusion

The survey team went to Cyprus to visit forex broker Prochoice as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the location. Meanwhile, 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.