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 BEIN MARKETS as planned according to its regulatory address that 88 Agias Fylaxeos Street, Zavos City Centre, 4th Floor, Office 401, CY 3025 Limassol, Cyprus.

The investigators came to 88 Agias Fylaxeos Street in Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located a 4-storey building with a well-maintained façade on the main street in the city center.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance to the building, which did not display the company name or logo of BEIN MARKETS. In the meantime, the directory in the lift lobby showcased that Office 401 on the 4th floor was occupied by a trading company named “Leverate” instead of BEIN MARKETS.

However, people were not allowed to enter without an access card or an appointment. Consequently, it was impossible to go upstairs to access the office regarding the working environment and staff size. According to the security guards, BEIN MARKETS did not exist in the building.

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 BEIN MARKETS as scheduled, but did not find the companys office at its regulatory address. This signifies that it might just register with the address without a physical business office at the place. 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.