Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond management defaulted, 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 GWTRADE (Renamed GWG Cyprus) as planned according to its regulatory address that 18 Kyriakou Matsi Avenue, Victory Tower, 3rd Floor, Office 302, CY 1082, Nicosia, Cyprus.

The investigators came to 18 Kyriakou Matsi Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 15, 2024, and located Victory Tower, an old 5-storey building with a well-maintained façade, next to the street.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which displayed that GWTRADE was situated on the 3rd floor.

After proceeding to the building, the inspection team easily discovered that the company name of GWTRADE was prominently showed on the mailbox at the entrance. In the meantime, office 302 on the 3rd floor was truly occupied by the company. However, it was unable to know the specific working environment and number of employees due to its closed door. In brief, the information mentioned above indicates the existence of the company in the building.

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

Conclusion

The survey team went to Cyprus to visit broker GWTRADE as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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