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 GCB as planned according to its regulatory address that 28 October Avenue No 359, World Trade Center Cyprus - Trust Re Building, 1st Floor, CY 3107 Limassol, Cyprus.

The investigators came to No 359, 28 October Avenue in Limassol, Cyprus for a visit the brokers office, and located Trust Re Building, a 5-storey commercial building with a well-maintained façade, in World Trade Center in downtown.

Upon arrival at the building for further investigation, the survey personnel noticed that the ground floor and the mezzanine floor were occupied by brand store Armani Exchange. In the meantime, there was no directory in the lobby. But an office sign indicated that GCB was situated on the 4th floor. According to the security guard on duty, the company had removed out. The team then took the elevator to the 4th floor and failed to find the company.

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 GCB as scheduled, but did not find the company at its regulatory address. Accordingly, 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.