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Psychari, Olziit, Limassol District, Cyprus
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 EXCENTRAL as planned according to its regulatory address that 240 Archiepiskopou Makariou III, Lordos Centre, Block B, 2nd Floor, Office 204, CY 3105 Limassol, Cyprus.
The investigators came to 240 Archiepiskopou Makariou III in Limassol, Cyprus for a visit the brokers office, and located a 5-storey commercial building next to the street.
The building boasts a well-maintained façade thanks to the staffs regular maintenance and attention. And a directory and mailboxes were found in the lobby, neither of which displayed the company name or logo of EXCENTRAL. Moreover, according to the directory, no company was situated in office 204.
For further investigation into EXCENTRAL, the inspection team walked up the stairs to office 204 and did not discover any company name at its door, where the company sign had been removed.
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 Limassol, Cyprus to visit broker EXCENTRAL as scheduled, but did not find the company at its regulatory address. Accordingly, investors should be meticulous in choosing the broker.
Disclaimer
The content is used for informational purpose only, and shall not be taken as a final order for making a choice.
Website:https://eu.excentral.com
Website:https://eu.excentral.com
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