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 TRADEEU as planned according to its regulatory address that 1 Chrysanthou Mylona, Panayides Building, 1st Floor, Office 11, CY 3030, Limassol, Cyprus.

The investigators came to 1 Chrysanthou Mylona in Limassol, Cyprus for a visit to the brokers office, and located Panayides Building, a 6-storey commercial structure with a relatively old facade, in close proximity to Limassol Court.

Upon arrival at the building for further investigation, the survey personnel spotted a directory both inside and outside, which did not show the company name or logo of TRADEEU. In addition, suite 11 on the 1st floor was occupied by a law firm called L.PSHENICHNAYA&CO LLC.

Then the inspection team walked into the building and reached suite 11, but failed to see any information pertinent to TRADEEU at the office door.

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 TRADEEU as scheduled, but 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.