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 GRANDIS SECURITIES as planned according to its regulatory address that 73 Archiepiskopou Makariou III Avenue, Methonis Tower, 6th Floor, Office 601, CY 1070, Nicosia, Cyprus.

The investigators came to 73 Archiepiskopou Makariou III Avenue in Nicosia, Cyprus for a visit to the broker‘s office, and located “Methonis Tower,” a 7-storey commercial building, next to the street. The building is easily accessible via public transportation. Additionally, there is a large array of entertainment facilities nearby such as eateries, shopping malls, and more, which attract a steady stream of people due to the area’s prosperity.

Upon arrival at the building for further investigation, the survey personnel noticed a directory and mailboxes by the entrance indicating that the 6th floor was occupied by Sibilla Solutions and ProFee. However, they did not find the company name or logo of GRANDIS SECURITIES.

Then the inspection team took the elevator to the 6th floor but failed to discover any signs of GRANDIS SECURITIES after a thorough search, including its company name and logo. Moreover, a detailed search and comparison conducted online revealed no connections between the three companies.

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 GRANDIS SECURITIES as scheduled, but did not find the company at its regulatory address. This signifies that it does not have a physical business office at the place. 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.