Purpose

The Cyprus forex market has developed into a market with certain influence in recent years. With its relatively relaxed financial regulatory policies and favorable geographical location, it has attracted numerous forex brokers to operate here. To help investors or practitioners gain a more comprehensive understanding of forex brokers in this region, the on-site inspection team conducted field visits in Cyprus.

Process

The on-site inspection team visited the forex broker LMAX GROUP in Cyprus as planned. According to public information, its office address is 16 Spyrou Kyprianou Ave., ‘Divine Clock Tower‘ building, 2nd floor, 3070, Limassol.

A professional and experienced on-site verification team, driven by a sense of mission to rigorously vet for investors, proceeded according to a meticulous plan to Cyprus to conduct a physical verification of the broker LMAX GROUP which claimed to be located at 16 Spyrou Kyprianou Ave., ‘Divine Clock Tower‘ building, 2nd floor, 3070, Limassol.

The verification personnel successfully arrived at the Divine Clock Tower building. The location is in a relatively bustling area of Limassol, Cyprus, with a strong commercial atmosphere in the surrounding area. However, no company signage or related information for LMAX GROUP was found on the exterior of the building.

The verification personnel attempted to enter the building lobby and explained their purpose to the security guard, but were not granted permission to enter.

Due to the inability to enter the building, the verification personnel could not reach the target floor to confirm the status of LMAX GROUP's office area, nor did they find any obvious signage for the company. Furthermore, this office area was not a shared office space.

After carefully searching the area around the building, the verification personnel confirmed that the broker had changed its address. No information regarding LMAX GROUP was found. The overall impression led to the judgment that this address might be false.

Therefore, after the on-site verification, it was confirmed that the broker LMAX GROUP does not exist at the aforementioned address.

Conclusion

The on-site inspection team visited the forex broker LMAX GROUP in Cyprus as planned. At its publicly displayed business address, the broker's company name and other information could not be seen, indicating that the broker does not have a genuine business premises. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and should not be used as the final basis for selection.