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 EMERGO as planned according to its regulatory address that 12 Demosthenis Severi Avenue, 5th Floor, CY 1080, Nicosia, Cyprus.

The investigators came to 12 Demosthenis Severi Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office on March 14, 2024, and located a modern 5-storey commercial building, which is easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel didn‘t spot a directory in the lobby. And the mailboxes in the building didn’t display any company names. Therefore, its difficult to determine if EMERGO exists at the address.

After proceeding to the 5th floor via the elevator, the inspection team carried out a thorough search of the floor and failed to discover any information pertinent to the broker. Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker EMERGO as scheduled, but didn‘t find the company’s office at its regulatory address. Accordingly, investors are advised to 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.