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 order to help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Limassol, the second largest city in Cyprus, to visit forex broker Doto (licensee: DOTO EUROPE LTD) as planned according to its regulatory address that Agias Fylaxeos 1, KPMG Center, Ground Floor, 3025, Limassol, Cyprus.

On August 13, 2023, the investigators came to the destination at Agias Fylaxeos 1 in Limassol. Located at a busy street, KPMG Center is a modern office building with a simple and fashionable façade comprised of stones and French windows. The eye-catching logo of “KPMG” could be seen from a distance.、

After arriving at the commercial building, the survey personnel didn‘t find the reception area. And people weren’t allowed to enter without a staff card. From the company directory on the external wall of the building, Dotos name and logo could be seen.

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

Conclusion

The survey team went to Limassol in Cyprus to visit forex broker Doto as scheduled, and spotted the companys name and logo at the regulatory address. This suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice based on an overall consideration.

Disclaimer

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