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Evropis, 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 Cyprus to visit forex broker ROInvesting as planned according to its regulatory address that 128-130 Limassol Avenue, 3rd Floor, CY 2015, Strovolos, Nicosia, Cyprus.
The investigators came to 128-130 Limassol Avenue in Strovolos of Nicosia, the capital of Cyprus, for a visit to the brokers office, and located a 5-storey commercial structure on the edge of the Central Business District of the city. There were many company names and logos displayed outside the building, but the name of ROInvesting was not included.
Upon arrival at the building for further investigation, the survey personnel spotted a directory on the wall of the entrance, which, however, did not show the company name or logo of ROInvesting. Therefore, the inspection team had to go upstairs but failed to discover the companys name on the 3rd floor.
And then the inspection team searched the website of ROInvesting, which was not available to access. So it was not possible to know if the broker relocated or not. 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 ROInvesting as scheduled, but did not find the companys office at its regulatory address. Accordingly, it is suggested that 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://www.roinvesting.com/
Website:https://www.roinvesting.com/
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