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 country’s 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 PRODIGIT Investments as planned according to its regulatory address that 60 Vasileos Pavlou, Agios Dometios, CY 2360, Nicosia, Cyprus.

The investigators came to Vasileos Pavlou in Nicosia of Cyprus for a visit to the broker’s office on March 7, 2024, but didn’t find the No.60 at the street. In the meantime, the google map showed that the company was located at 16 Vasileos Pavlou.

Upon arrival at 16 Vasileos Pavlou for further investigation according to the map, the survey personnel spotted an old building, which was easily accessible with a well-maintained façade. However, there wasn’t any company information or logo despite a mailbox at the entrance. The inspection team rang the bell for almost 10 minutes, but no one answered.

Subsequently, the team dialed the company’s phone number on the website of PRODIGIT Investment. However, the people who picked up the phone declined to tell anything about their actual company address and then hung up.

Through the on-site investigation, it’s confirmed that the company doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker PRODIGIT Investment as scheduled, but didn’t find the company’s name at its regulatory address. Moreover, nobody answered the doorbell of the building visited, and the staff refused to talked about their company address and hung up the phone. All these signify that the broker doesn’t have a physical business office at the place. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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