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 TRADE 360 as planned according to its regulatory address that 1 Argyri Eftalioti & Archiepiskopou Makariou III, Ravico Building, 5th Floor, CY 3085, Limassol, Cyprus.

The investigators came to 1 Argyri Eftalioti & Archiepiskopou Makariou III in Limassol, Cyprus for a visit to the brokers office, and located “Ravico Building,” a 5-storey commercial structure with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which displayed that the 5th floor was occupied by “Crowdtech” rather than TRADE 360.

After accessing the official website of TRADE 360, there was no link between TRADE 360 and Crowdtech. Then the team took the elevator to the 5th floor, where no sign of the broker was found by a thorough search.

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 TRADE 360 as scheduled, but did not find the company at its regulatory address. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

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