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 WENVEST as planned according to its regulatory address that 6 Vasilis Vrionides Street, City Chamber, 2nd Floor, CY 3095, Limassol, Cyprus.

In order to know the current operational situation of the broker, the investigators came to 6 Vasilis Vrionides Street in Limassol, Cyprus for a visit to its office, and located City Chamber, a 6-storey commercial building with a well-maintained facade.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory which did not display any information relevant to WENVEST.

Then the inspection team easily saw the building directory in the lobby, where there was no company name of WENVEST. And they took the elevator to the 2nd floor but still did not discover the brokers name.

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 Limassol, Cyprus to visit broker WENVEST as scheduled, but did not find the company at its regulatory address. The broker might simply register at the place without a physical business office. 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.