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 SSC SMART FX as planned according to its regulatory address that 36 Pafou, Vladimiros Court, 1st Floor, 3052, Limassol, Cyprus.

The investigators came to 36 Pafou in Limassol, Cyprus for an on-site visit to the brokers office, and located the Vladimiros Court, a 5-story commercial building with a well-maintained façade, in a prosperous district in the city center.

Upon arrival at the building for further investigation, the survey personnel spotted the logo of JDC Market by the entrance. There was no directory in the lobby. However, a mailbox with JDC Markets logo was found on the 1st floor.

According to the official website of SS Smart FX, JDC Market is the predecessor of SSC Smart FX Ltd that has been holding the valid license number 316/16 issued by CySEC since 2016.

Through the on-site investigation, it is confirmed that SSC SMART FX has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker SSC SMART FX as scheduled, and found the company at its regulatory address. This signifies that it has a physical business office at the place. 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.