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 COLMEX PRO as planned according to its regulatory address that 117 Archiepiskopou Makariou III Avenue & Sissifou Street, Quarter of Apostoloi Petrou & Pavlou, CY 3021 Limassol, Cyprus.

The investigators came to 117 Archiepiskopou Makariou III Avenue in Quarter of Apostoloi Petrou & Pavlou of Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located a new building.

Upon arrival at the building for further investigation, the survey personnel spotted clearly the company name and logo of COLMEX PRO at the entrance to the building. However, people were not permitted to enter without an appointment, and taking photos was not allowed, according to the security guards.

Consequently, it was impossible to pay an internal visit to the companys office to further check its operational environment and staff size. Through the on-site investigation, it is confirmed that the broker owns the whole building.

Conclusion

The survey team went to Limassol, Cyprus to visit broker COLMEX PRO as scheduled, and found the companys name at its regulatory address. This signifies that it has a physical business office at the place. Meanwhile, investors are advised to make an informed decision following much deliberation.

Disclaimer

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