Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond 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 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 Cyprus to visit forex broker UGM SECURITIES as planned according to its regulatory address that 20 Spyrou Kyprianoy Avenue, Santaroza Tower, 1st Floor Office 102, CY 1075, Nicosia, Cyprus.

The investigators came to 20 Spyrou Kyprianoy Avenue in Nicosia, Cyprus for a visit to the brokers office on March 21, 2024, and located a 10-storey new commercial building with a well-maintained façade at the main street in the city center. The building boasts a fabulous location in close proximity to Deloitte headquarters.

Upon arrival at the building for further investigation, the survey personnel easily spotted a directory at the entrance, which displayed that UGM SECURITIES was situated in Suite 102 on the 1st floor.

After proceeding to the 1st floor, the inspection team clearly discovered the company name of UGM SECURITIES in front of Office 102. However, it was impossible to pay an internal visit to the office or take photos inside as the door was closed. And the directory information indicates the existence of the broker 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 UGM SECURITIES as scheduled, and found the companys name at its regulatory address. This 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.