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 forex market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active forex transactions. In an attempt to help investors better understand the current situation of forex 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 MAGIC COMPASS as planned according to its regulatory address that 9 Sarlo, Ayios Athanasios, 4106, Limassol, Cyprus.

The investigators came to 9 Sarlo in Ayios Athanasios of Limassol, Cyprus for an on-site visit to the brokers office, and located a 2-story building with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted the company signage of MAGIC COMPASS at the entrance but received no response after pressing the doorbell. According to the nearby residents, MAGIC COMPASS was indeed operating 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 MAGIC COMPASS as scheduled, and found the companys name at its regulatory address. It signifies that the broker has a physical business office at the place. Unfortunately, it is not possible the determine the exact scale of the company due to the inability to enter their office. Meanwhile, investors are advised to make an informed decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.