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 FOREXMART as planned according to its regulatory address that 23A Spetson, Leda Court, Block B, 2nd Floor, B203, CY 4000 Limassol, Cyprus.

The investigators came to 23A Spetson in Limassol, Cyprus for a visit to the brokers office on July 16, 2024, and located “Leda Court,” a 3-storey commercial structure with a relatively new façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which did not display the company name or logo of FOREXMART, nor did it include suite B203. In the meantime, after proceeding to the 2nd floor via the elevator, the inspection team searched the floor thoroughly and discovered suite B203, with the brokers name and logo on the door.

Through the on-site investigation, it is confirmed that the company has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker FOREXMART 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.