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 in Cyprus, to visit forex broker SKANESTAS (licensee: Skanestas Investments Ltd) as planned according to its regulatory address that 226, Arch. Makariou III, 3030 Limassol.

On July 22, 2023, the investigators came to the destination at 226, Arch., 3030 Limassol. A modern office building is located at Makariou III, a bustling street teeming with vehicles. There are also plenty of cafes and office buildings nearby in the commercial area.

After arriving at the commercial house, the survey personnel found broker SKANESTAS name and logo from the company directory outside the building. However, people were not allowed to enter the building freely due to the stringent security reasons.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The investigators went to Limassol, Cyprus to visit forex broker SKANESTAS as scheduled, and spotted the companys name at the regulatory address. It suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice based on an overall consideration.

Disclaimer

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