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 Limassol, the second largest city of Cyprus to visit forex broker TRADERS TRUST as planned according to its regulatory address that 3 Thalias Street, 3rd Floor, Office 310-318, CY 3011, Limassol, Cyprus.

The investigators came to 3 Thalias Street in Limassol, Cyprus for a visit to the brokers office on March 20, 2024, and located a new commercial building with a well-maintained façade and interior. There is a large array of facilities like restaurants, supermarkets, and entertainment amenities, etc. nearby, intertwined with adjacent residential areas. In the meantime, it could be seen from a distance that the company name and logo of TRADERS TRUST was displayed prominently on the building exterior.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which showed the name of TRADERS TRUST. At the same time, people weren‘t allowed to go upstairs without an appointment in advance. And the inspection team failed to pay a visit to the company’s office and take photos inside. Consequently, it‘s impossible to know the broker’s actual company size and working environment. However, the outside display of the companys name and logo and directory information mentioned above indicate the existence of the broker 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 TRADERS TRUST 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.