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 Cyprus to visit forex broker Forex TB as planned according to its regulatory address that 71 Limassol Avenue, Kleanthis Tower, 2nd Floor, CY 2121, Nicosia, Cyprus.

The investigators came to 71 Limassol Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located “Kleanthis Tower,” a 5-storey commercial structure with a relatively old façade, at the boundary between the business center and the suburbs.

Upon arrival at the building for further investigation, the survey personnel spotted a directory both inside and outside, which showed that Forex TB was situated on the 2nd floor, where its name and logo were displayed.

After proceeding to the 2nd floor via the elevator, the inspection team easily discovered the company name of Forex TB at the door of an office. 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 Forex TB as scheduled, and found the companys name at its regulatory address. This signifies that it has a physical business office at the place. Meanwhile, investors are advised to make an informed 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.