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 PATRON FX as planned according to its regulatory address that 71 Limassol Avenue, Kleanthis Tower, 2nd Floor, CY 2121, Nicosia, Cyprus.

The investigators came to 71 Limassol Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located a 5-storey commercial structure with a relatively old façade at the boundary between the business center and the suburbs.

Upon arrival at the building for further investigation, the survey personnel spotted a directory both inside and outside, which, however, did not show the company name or logo of PATRON FX.

And then the inspection team proceeded to the 2nd floor via the elevator, but failed to see the company name of PATRON FX. 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 PATRON FX as scheduled, and did not find the companys office at its regulatory address. Accordingly, it is suggested that 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.