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 Cyprus to visit forex broker FATHOM WMA as planned according to its regulatory address that 42-44, Georgiou Griva Digeni Avenue, Office 302, CY-1096 Nicosia.

The investigators came to 42-44 Georgiou Griva Digeni Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located a 6-storey commercial structure in the business center. Additionally, there was a large array of entertainment facilities nearby, which appealed to a steady stream of people due to the prosperous area.

Upon arrival at the building for further investigation, the survey personnel easily saw the company name and logo of FATHOM WMA on the building façade.

Then the inspection team managed to enter the building and spotted a directory in the lobby, which displayed that the 3rd floor was occupied by “Mega Equity” instead of FATHOM WMA. According to the security guards on duty, FATHOM WMA was located on the 2nd floor.

After proceeding to the 2nd floor via the elevator, the inspection team discovered the company name of FATHOM WMA from the floor directory.

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 FATHOM WMA as scheduled, and found the company at its regulatory address. This signifies that the broker 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.