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 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 ROYAL FOREX as planned according to its regulatory address that 128-130 Limassol Avenue, 3rd Floor, CY 2015, Strovolos, Nicosia, Cyprus.

The investigators came to 128-130 Limassol Avenue in Strovolos of Nicosia, the capital of Cyprus, for a visit to the brokers office on March 28, 2024, and located a 5-storey commercial building on the outskirt of the central business area of the city. There were some company names and logos displayed outside the building, excluding the name of ROYAL FOREX.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which did not show the company name or logo of ROYAL FOREX. After reaching the 3rd floor, there was no any information pertinent to the company. In the meantime, the brokers website was not available. Therefore, it was not possible to determine if the company had been relocated.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker ROYAL FOREX as scheduled, but did not find the companys 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.