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 order 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 TCR as planned according to its regulatory address that 47 Agiou Georgiou Street, 2nd Floor, Latsia, CY 2224, Nicosia, Cyprus.

On March 7, 2024, the investigators came to 47 Agiou Georgiou Street in Nicosia, the capital of Cyprus for a visit to the broker‘s office, and located a 3-storey building easily accessible with a well-maintained façade. Upon arrival at the building, the survey personnel spotted a directory at the entrance, which displayed the company name and logo of TCR as well as its floor number. This suggests the odds of the company’s existence in the building.

After proceeding to the 2nd floor via the elevator, the inspection team clearly identified the logo of TCR on the door of its office. However, its confused that the room was closed with a notice on the door, which showed that the company had moved to the ground floor.

Subsequently, the team searched the entire ground floor of the building, but failed to discover any sign of the company. In the meantime, despite multiple attempts to dial the phone number displayed on the brokers official website, nobody answered.

Through the on-site investigation, it‘s confirmed that the company doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker TCR as scheduled, and found the company‘s name at its regulatory address. However, the office was locked with a relocation notice on the door, and the broker was out of reach by phone. This signifies that the broker doesn’t have a physical business office at the place. Accordingly, 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.