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 SYMMETRIA as planned according to its regulatory address that 4 Dorieon Street, Strovolos, CY 1305, Nicosia, Cyprus.

The investigators came to 4 Dorieon Street in Strovolos of Nicosia, the capital of Cyprus, for a visit to the brokers office on March 8, 2024, and located a common 3-storey building. And there was a hair salon and a dental clinic on the ground floor, with a mattress and clothes hung on the balcony. So it seemed like a residential building.

Upon arrival at the building for further investigation, the survey personnel didn‘t spot any directory. And the mailboxes and the building intercom system in the building didn’t display any information pertinent to SYMMETRIA. All these suggest that its just a residential building.

After proceeding to the building, the inspection team heard the sound of TV and the cry of a baby, but failed to discover any company name or logo on the door of all rooms or nearby before leaving the building soon to avoid disturbing the residents.

Through the on-site investigation, it‘s confirmed that SYMMETRIA doesn’t have a physical presence in the residential building.

Conclusion

The survey team went to Cyprus to visit broker SYMMETRIA as scheduled, but didn‘t find the company’s office at its regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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