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 INVESTFW as planned according to its regulatory address that 99 Gladstonos Street, Elnor Hermes Building, 3rd Floor, CY 3032, Cyprus.

The investigators came to 99 Gladstonos Street in Limassol, Cyprus for a visit to the brokers office, and located Elnor Hermes Building, a 4-storey commercial structure with a well maintained façade, in the city center.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the wall at the entrance, which did not show the name of INVESTFW. They continued to go upstairs, but failed to see the companys name on the 3rd floor.

Additionally, the inspection team browsed the website of INVESTFW and discovered that it was not available to access. Therefore, it was not possible to know if the broker has relocated or not. Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker INVESTFW as scheduled, but did not find the companys office at its regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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