Reason for this visit  

As there were cases of runaway brokers in Cyprus, investors have become more prudent with regard to brokers in this country, and they wished more field surveys would be conducted there. 

Regulation information

The broker “Allnew investments” has the STP license issued by CySEC. The regulation information shows the the broker’s office address is at 47 Ioanni Kondylaki Street, Q Tower, CY 6042, Larnaca. 

On the site

The Survey Team followed the address on the regulatory information to a medium-sized business building located in Larnaca.

The floor guide shows that the broker Allnew Investment’s office is on the 5th floor.

The Survey Team went to the 5th floor and saw a logo of Allnew investment by the door. The Survey Team rang the doorbell and then a man opened the door. The Survey Team explained its intention of this visit, but  the man declined the visit request and refused to talk any more, then he closed the door. 

The unbelievable happened when The Survey Team went back downstairs and prepared to get in the car to leave.

The man who had previously opened the door and refused to communicate came downstairs with another male colleague, inviting the Survey Team upstairs to talk. When the Survey Team entered the conference room of their office, the two men made violent and unreasonable accusations against the Survey Team, aggressively demanding that the Survey Team should not leave, asking for the Survey Team’s identity documents and threatening to call the police. The Survey Team were let go only after having made a call to the lawyer. As the Survey Team were about to take the elevator downstairs to leave, one of the men shouted a very unpleasant word at the Survey Team.

The Survey Team found a logo bearing LegacyFX, and it later learned that LegacyFX and Allnew investment refer to the same company.

Conclusion

The actual office address of Allnew investment is consistent with that included in the regulatory information. It is generally estimated that the number of its office cubicles is less that 15. There is a small "hiccup" during the visit, and the whole process is not very smooth and even less pleasant. Investors can make their choice after a comprehensive consideration.

Disclaimer

The content of this series is for reference only, and shall not be taken as final recommendation for investment.