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Olziit, Limassol District, Cyprus
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 SM CAPITAL MARKETS as planned according to its regulatory address that 227 Archiepiskopou Makariou III, Doma Building, 1st Floor, CY 3105 Limassol, Cyprus.
The investigators came to 227 Archiepiskopou Makariou III avenue in Limassol, Cyprus for a visit the brokers office, and located the Doma Building, an old structure with a well-maintained façade.
Upon arrival at the building for further investigation, the survey personnel noticed that the directory and mailboxes by the entrance did not display the company name or logo of SM CAPITAL MARKETS, and the 1st floor was occupied by “the Cyprus Shipping Company.” After reaching the 1st floor, the inspection team failed to spot any sign of the company.
Through the on-site investigation, it has been confirmed that the broker does not have a physical presence at the location.
Conclusion
The survey team went to Limassol, Cyprus to visit broker SM CAPITAL MARKETS as scheduled, but did not find the company at its regulatory address. Accordingly, 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.
Website:https://www.scopemarkets.cn/en
Website:https://www.scopemarkets.cn/en
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