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 Limassol, the second largest city of Cyprus, to visit forex broker DT DIRECT as planned according to its regulatory address that 74 Archiepiskopou Makariou III, Amaranton Court, 2nd Floor, Mesa Geitonia, CY 4003 Limassol, Cyprus.

The investigators came to 74 Archiepiskopou Makariou III Avenue in Limassol, Cyprus for a visit the brokers office, and located the Amaranton Court, a relatively old commercial building with a well-maintained façade, in Mesa Geitonia district.

Upon arrival at the building for further investigation, the survey personnel noticed that the directory and mailboxes in the lobby did not display the company name or logo of DT DIRECT, and the 1st floor was occupied by “Ocean Advice” and “My Career.” However, these two companies had no link with DT DIRECT. After reaching the 2nd floor, the inspection team still did not spot any sign of the broker.

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

Conclusion

The survey team went to Limassol, Cyprus to visit broker DT DIRECT as scheduled, but did not find the company at its regulatory address. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.