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 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 order 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 Cyprus to visit forex broker LUNA WEALTH as planned according to its regulatory address that 20 Ionos Street, 1st Floor, Engomi, CY 2406, Nicosia, Cyprus.

On March 7, 2024, the investigators came to 2 Agias Elenis in Engomi district of Nicosia, the capital of Cyprus for a visit to the brokers office, and located a 5-storey building easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the 1st floor, which didnt show the company name and logo of “LUNA WEALTH”. So whether the broker has an office in the building is uncertain.

After searching the entire 1st floor, the inspection team discovered that suite 101 was occupied by a business center named “OrBiz”, while other suites were occupied by different companies, excluding LUNA WEALTH.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker LUNA WEALTH as scheduled, but didn‘t find the company’s name at its regulatory address. This signifies that the broker might just register with the address without a physical business office at the place. Accordingly, investors are advised to make a judicious decision following 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.