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 forex market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active forex transactions. In an attempt to help investors better understand the current situation of forex 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 FXLIFT as planned according to its regulatory address that 2 Iapetou Street, Agios Athanasios, 4101, Limassol, Cyprus.

The investigators came to 2 Iapetou Street in Agios Athanasios of Limassol, Cyprus for an on-site visit to the brokers office, and located a 2-story building with a well-maintained facade.

Upon arrival at the building for further investigation, the survey personnel spotted the company logo of IronFX on the building façade. However, people were not permitted to enter without an access card. According to the security officer on duty, the building was owned wholly by IronFX. And it was not verified whether the company had acquired FXLIFT.

The inspection team then searched the website of FXLIFT and learned the brokers full name, Notesco Financial Services Limited. However, it showed no link between FXLIFT and IronFX.

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 FXLIFT as scheduled, but did not find the companys office at its regulatory address. 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.