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 forex market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active forex transactions. In an attempt to help investors better understand the current situation of forex 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 KLIPS as planned according to its regulatory address that 1 Chrysanthou Mylona, Panayides Building, 6th floor, 3030, Limassol, Cyprus.

The investigators came to 1 Chrysanthou Mylona in Limassol, Cyprus for a visit to the brokers office, and located the Panayides Building, an old 7-storey commercial building with a well-maintained façade, in the city center. Furthermore, the building is easily accessible via public transportation.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which displayed that KLIPS was situated on the 6th floor. But the mailboxes in the building did not showcase any information regarding the company.

The inspection team then took the elevator to the 6th floor and easily saw KLIPS office, where their staff were working. The office included two areas, a reception area and a working area.

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 KLIPS 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 for informational purpose only, and shall not be taken as a final order for making a choice.