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 the second largest city Limassol in Cyprus to visit forex broker TriumphFX (licensee: Triumph Int. (Cyprus) Limited) as planned according to its regulatory address that Corner Sotiris Michailidis and October 28, Lophitis International Center, 3035 Limassol.

On August 13, 2023, the investigators came to Lophitis International Center in Limassol, Cyprus to pay a visit to broker TriumphFX‘s office for further checking its real operation environment. The modern 7-storey office building was situated in the heart of a commercial district. The survey personnel found a directory at the entrance of the building, from which it could be seen that there was no information concerning company TriumphFX. At the meantime, people weren’t allowed to access the working area and take photos in the building due to stringent security reasons. It was hard to see clearly the environment in the building from the outside. And the company address didnt show the specific floor and unit number of the office.

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

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker TriumphFX as scheduled, and didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. 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.