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 NBI as planned according to its regulatory address that 256 Archiepiskopou Makariou III, Eftapaton Court 2, Unit A, 4th Floor, CY 3105 Limassol, Cyprus.

The investigators came to 256 Archiepiskopou Makariou III in Limassol, Cyprus for a visit to the brokers office, and located a complex building encompassing two 5-storey towers with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which displayed that the 4th floor was occupied by three companies including NBI Investments Ltd, Cambraro Holdings Ltd, and FRS Ship Management Ltd. In the meantime, people were not permitted to go upstairs without an access card or an appointment in advance. According to the security guard on duty, NBI was operating its business in the building.

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

Conclusion

The survey team went to Limassol, Cyprus to visit broker NBI 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.