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 decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to the second largest city Limassol in Cyprus to visit forex broker EVERFX as planned according to its regulatory address that 78, Spyrou Kyprianou Avenue, Magnum Business Center - 3076 Limassol (Cyprus).

On September 10, 2023, the investigators came to 78 Spyrou Kyprianou Avenue in Limassol, Cyprus, and located a modern commercial building Magnum Business Center beside a highway in a commercial district of the city.

The regulatory address of the broker just covers the information of building name without any accurate room or unit number. After arriving at the building, the survey personnel spotted an outdoor directory, which displays the information of companies in the building. But there wasn‘t any information concerning “EVERFX”, except “M4Markets” and other companies. Meanwhile, people weren’t allowed to access the building without an access card due to stringent security reasons.

Through an on-site investigation, it is confirmed that EVERFX doesnt have a physical business office at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker EVERFX as scheduled, and didnt find the company at its regulatory address. This suggests that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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