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 country's 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 the second largest city Limassol in Cyprus to visit forex broker MEXEM as planned according to its regulatory address that Archiepiskopou Kyprianou, 1, Loucaides Building, 3036, Limassol, Cyprus.

On September 19, 2023, the investigators came to Loucaides Building in a commercial area of Limassol, Cyprus. Located near residential areas, the old building features an excellent facade and interior design.

Despite the fact that the regulatory address provided by MEXEM doesnt present in detail, an outdoor directory at the entrance of the building distinctly displays that the company is located on the 2nd floor.

After arriving at the building for further investigation, the survey personnel clearly spotted the company name and logo of MEXEM on the 2nd floor. In spite of the failure to pay an internal visit to the office with its door being closed, the team is sure that MEXEM exists in the building based on the related signs outside.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker MEXEM as scheduled, and found the companys name at its regulatory address. This indicates that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision based on 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.