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 UBK MARKETS as planned according to its regulatory address that 67 Spyrou Kyprianoy, Kyriakides Business Center, 2nd Floor, Mesa Geitonia, CY 4003 Limassol, Cyprus.

The investigators came to 67 Spyrou Kyprianoy in Limassol, Cyprus for a visit to the brokers office on July 19, 2024, and located Kyriakides Business Center, a 6-storey commercial building, next to the street. And there was a steady stream of people nearby.

Upon arrival at the building for further investigation, the survey personnel learned that only construction staff were permitted to enter for security reasons related to the building under renovation. Therefore, it was not possible to access the building freely. However, there was a directory at the entrance, which, unfortunately, did not display the company name or logo of UBK MARKETS. Additionally, the 2nd floor was occupied by “Fronar Services Ltd”.

And then the inspection team failed to find the direct or indirect link between UBK MARKETS and Fronar Services Ltd through the Internet. According to the security guards working in the building, UBK MARKETS did not exist at the address.

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 UBK MARKETS as scheduled, but did not find the companys office at its regulatory address. This denotes that it might just register with the address without a physical business office at the place. Accordingly, 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.