Reason for this visit

Cyprus purchased Greek national debt non-prudently in 2012. When the Greek national debt management defaulted, the Cyprus banking system suffered heavy losses, exceeding 30% of Cyprus’s GDP, and the country’s domestic debt crisis arose. In response to the crisis, the Cypriot government introduced a terrible solution that was opposed by all people, aggravating the crisis. At the same time, some people in Cyprus discovered that various forex whose prices are in an upward cycle, independent of sovereign currencies, may be able to cope with this crisis, so some funds poured into the small forex market in an attempt to avoid risks and protect themselves. Gradually, Cyprus has become an active country for forex transactions. In order to help investors learn more about the current status of the forex exchanges in Cyprus, the survey team is going to Cyprus for site visits.

Office Building

This time the survey team visited the dealer Altosmarket in Limassol, the second largest city in Cyprus, with specific address at 6, Maximos Michaelides Str, Maximos Plaza, Block 3, 5th Floor, Office 3501, CY-3106 Limassol, Cyprus.  

On-site visit

The surveyors followed the address on the regulatory information to a local landmark building. Altosmarket’s office was located on Makariou III in the busy area of Limassol, Cyprus. The building was quite large and grand in appearance. Along the street were stores, and the upper floors were offices.

The surveyors found that although there was access control under the office building, the door was open. In addition, no security personnel were found in the building.

The surveyors did not find the name of the dealer Altosmarket on the directory in the lobby. In addition, there was a reception desk in the lobby, but there was no employee working there. Therefore, the surveyors decided to go straight upstairs for a further visit.

After reaching the fifth floor, the surveyors found an office, but it belonged to a company called C.pilyugin&CO LLC and was not owned by the dealer Altosmarket. In other words, Altosmarket did not have any offices here.

Conclusion

The survey team went to Cyprus, to visit the the dealer Altosmarket and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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