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 APME FX as planned according to its regulatory address that 25 Spyrou Kyprianou Avenue, 1st Floor, Office 103, CY 3070, Limassol, Cyprus.

The investigators came to 25 Spyrou Kyprianou Avenue in Limassol, Cyprus for a visit to the brokers office on April 19, 2024, and located a 2-storey building with a well maintained façade.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby, and then decided to search the entire floor. After proceeding to the 1st floor, there were just two offices, office 101 and 102, without any information pertinent to office 103 on the floor. In the meantime, office 101 was occupied by an insurance company named MetLife, while office 102 had no signage. According to the staff working in the building, APME FX did not exist at the address.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker APME FX as scheduled, but did not find the companys office at its regulatory address. This denotes that it might just register with the address without a physical business office at the place. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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