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 of Cyprus, to visit forex broker IGM Forex (licensee: IGM Forex Ltd) as planned according to its regulatory address that 1 Agias Zonis, No. 504, Block B, 5th Floor, Nikolaou Pentadromos Center Building, 3026 Limassol, Cyprus.

On July 22, 2023, the investigators came to Block B of Nikolaou Pentadromos Center, a modern office building, at 1 Agias Zonis in a business district of Limassol.

However, the survey personnel didnt find any information about both the 5th floor and broker IGM Forex from the company directory outside block B of the building.

Through an on-site investigation, it is confirmed that the broker doesnt have a physical presence at the location.

Conclusion

The investigators went to Limassol in Cyprus to visit forex broker IGM Forex as scheduled, and didn‘t spot the company at its regulatory address. This indicates that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a good decision following a comprehensive consideration.

Disclaimer

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