Reason for this visit

CySEC entered the forex market back in 2001 and in the beginning provided a very favorable regulatory environment for forex brokers to operate in a relatively relaxed business environment. The tax advantages and simple regulatory framework allowed forex brokers to set up forex brokers in one of the most attractive regions in Europe. Cyprus became one of the most preferred regulatory environments for brokers due to the favorable tax structure and the light CySEC regulatory structure. Since then, the number of forex brokers in Cyprus has grown exponentially, but it has also quickly become a breeding ground for fraud and financial violations, ultimately reducing the country's efficiency in dealing with broker irregularities. CySEC has not punished or warned companies for related violations, and has let even larger financial crimes go unchecked, making it notorious for this too! The reason is that the country does not want to alienate its investors or shut down brokers to make them move their business elsewhere. But the lack of a strict regulatory regime has seriously affected CySEC as a reliable regulator. In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Cyprus, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer Tickmill in Cyprus, with the specific address at Kedron 9, Mesa Geitonia 4004 Limassol.

Based on the above address, the survey team went to the destination of this survey, which was located on a main road parallel to the expressway across the city in Limassol, Cyprus. Many brokers choose to set up their offices in this street. The office building where Tickmill was located looked grand, and the company logo was clearly visible. The surveyors found that access cards were required to enter the office building and the entire building is used independently by Tickmill.

The surveyors first contacted the marketing department of the dealer Tickmill. The staff inside then warmly greeted the surveyors and allowed them access to the interior for interviews and photos.

The interior of the office was clean and tidy with proper property management. And there were reception rooms and a small meeting room on each floor.

The person in charge of the marketing department took the surveyors to visit the offices of each floor of the company. The office decoration looked high-grade and warm, and the employees on each floor were also warm and friendly. However, due to the epidemic, most employees took turns to work at home. The surveyors observed that there were about 100 workstations with spacious office space. At that time, there were still many employees who were working seriously.

Conclusion

The survey team visited the dealer Tickmill in Cyprus as planned and the dealer's logo can be found on its publicly displayed address. There were about 100 workplaces inside the company, and the dealer used the whole building separately. Investors are advised to make their choice after comprehensive consideration.

Disclaimer

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