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 Cyprus to visit forex broker MEGA EQUITY as planned according to its regulatory address that 42-44 Georgiou Griva Digeni Avenue, 3rd Floor, CY 1080, Nicosia, Cyprus.

The investigators came to 42-44 Georgiou Griva Digeni Avenue in Nicosia, Cyprus for a visit to the broker‘s office, and located a 6-storey commercial building in the city center. The building is easily accessible via public transportation. Additionally, there is a large array of entertainment facilities nearby such as eateries, shopping malls, and more, which attract a steady stream of people due to the area’s prosperity.

Upon arrival at the building for further investigation, the survey personnel clearly saw the company name and logo of MEGA EQUITY outside.

The inspection team spotted a directory and mailboxes at the entrance of the building, which displayed that MEGA EQUITY was situated on the 3rd floor.

Then the team ascended the stairs to the 3rd floor, where they found two companies, one of which was MEGA EQUITY.

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 MEGA EQUITY 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.