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 country's 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 HFM as planned according to its regulatory address that 50 Spiroy Kyprianoy, Irida 3 Tower, 10th Floor, CY 6057, Larnaca, Cyprus.

The investigators came to Irida 3 Tower at 50 Spiroy Kyprianoy in Larnaca, Cyprus on February 27, 2024, and located a 10-storey building at the main street toward the city port. The building is easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a giant outdoor directory, which displayed prominently the logo of broker HFM.

After reaching the 10th floor via the elevator, the inspection team discovered clearly the logo of HFM.

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

Conclusion

The survey team went to Cyprus to visit forex broker HFM as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible 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.