Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond 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 Cyprus to visit forex broker STAK FX as planned according to its regulatory address that 70 Ifigenias Street, Athena House, 1st Floor, Office 101, CY 2003, Strovolos, Nicosia, Cyprus.

The investigators came to 70 Ifigenias Street in Strovolos of Nicosia, Cyprus for a visit to the brokers office on March 21, 2024, and located a 3-storey commercial building with a well-maintained façade at the most bustling street, which is lined with a wide range of facilities like apartment buildings, supermarkets, restaurants, etc.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which didnt display the company name of STAK FX.

After proceeding to the 1st floor, the inspection team clearly discovered the company name and logo of STAK FX in front of Office 101. According to the staff working in the building, the company really exists here.

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

Conclusion

The survey team went to Cyprus to visit broker STAK FX 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.