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 TRADU as planned according to its regulatory address that 33 Neas Engomis Street, Doms Assets Business Centre, Units 310, 312, 315, Engomi, CY 2409, Nicosia, Cyprus.

The investigators came to 33 Neas Engomis Street in Nicosia, Cyprus for a visit to the brokers office, and located the Doms Assets Business Centre, a 2-storey commercial building with a well-maintained facade, on the main street. Furthermore, in close proximity to a Cyprus Casino branch, the building is easily accessible by public transportation.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory or mailbox in the lobby. Moreover, people were not allowed to go upstairs without an access card or an invitation from the companies in the building. And taking photos was strictly prohibited for security and privacy reasons. According to the security officer, TRADU did not exist in the building.

Through the on-site investigation, it has been confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker TRADU 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.