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 WINGO MARKETS as planned according to its regulatory address that 6 Vasili Vrionide, Gala Court Chambers, 5th Floor, Office 503, 3095, Limassol, Cyprus.

The investigators came to 6 Vasili Vrionide in Limassol, Cyprus to verify the broker‘s authenticity and operational status by paying an on-site visit to the broker’s office, and located the Gala Court Chambers, a 6-story commercial building with a well-maintained facade.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory by the entrance, which did not display any information regarding WINGO MARKETS.

The inspection team then discovered a building directory inside, which also did not list the company name WINGO MARKETS. After taking the elevator to the 5th floor, they were still unable to find the name.

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 WINGO MARKETS as scheduled, but did not find the company at its regulatory address. This denotes that it may just register at the address without a physical business office. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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