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 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 Cyprus to visit forex broker Granfield as planned according to its regulatory address that 3 Menandrou Street, Glafkos Tower, 2nd Floor, Office 201, CY 1066, Nicosia, Cyprus.

The investigators came to 3 Menandrou Street in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 15, 2024, and located Glafkos Tower in a commercial district. The building boasts a well-maintained façade and interior, with some residential buildings nearby.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory in front of the entrance, which displayed that Granfield was situated on the 2nd floor.

After proceeding to the 2nd floor via the elevator, the inspection team easily discovered the company name and logo of Granfield at the entrance of the floor. However, it was unable to pay an internal visit to the companys office and take photos inside as its door was closed. The information mentioned above indicates the existence of the company in the building.

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

Conclusion

The survey team went to Nicosia, Cyprus to visit broker Granfield as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, 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.