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 XB MARKETS as planned according to its regulatory address that 21-23 Vasili Michaelidi, Areti Tower, 2nd Floor, CY 3026, Limassol, Cyprus.

The investigators came to 21-23 Vasili Michaelidi in Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located a 4-storey structure with a well-maintained façade in the central business district of the city.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby on the ground floor, which did not display the company name of XB MARKETS. In the meantime, people were not permitted to go upstairs without an access card. Consequently, it was impossible to pay an internal visit to the companys office to further check its operational environment and staff size. However, according to the website of XB MARKETS, it was operated under RedPine Capital, whose name was showcased on the lobby directory.

Through the on-site investigation, it is confirmed that XB MARKETS has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker XB MARKETS as scheduled, and found the companys name 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 used for informational purpose only, and shall not be taken as a final order for making a choice.