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 STRYK as planned according to its regulatory address that 67 Franklin Rousvelt Avenue, Lima Carna Building, 1st Floor, CY 3011, Limassol, Cyprus.

The investigators came to 67 Franklin Rousvelt Avenue in Limassol, Cyprus for a visit to the brokers office on March 20, 2024, and located a 5-storey commercial building next to the street in close proximity to residential areas.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory, which didnt display the company name or logo of STRYK. In the meantime, the door of the building was locked. So it was impossible to check if the broker was situated at the address.

After searching the information regarding STRYK on the directory, the inspection team found the name of company BUX, whose trading App is named STRYK. This suggests the existence of STRYK 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 STRYK as scheduled, and didn‘t find the company’s name at its regulatory address. However, based on the information searched, STRYK is a trading App owned by BUX. It 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.