Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond management defaulted, 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 BUX as planned according to its regulatory address that 67 Franklin Roosevelt Avenue, Lima Carna Building, 1st Floor, CY 3011, Limassol, Cyprus.

The investigators came to 67 Franklin Roosevelt Avenue in Limassol, Cyprus for a visit to the brokers office on March 20, 2024, and located Lima Carna Building with 5 stories next to the street near a residential area. It could be seen from a distance that there was an outdoor directory in front of the building, which displayed the company name and logo of BUX.

Upon arrival at the building for further investigation, the survey personnel discovered that it was unable to know the specific company size and working environment of BUX due to the locked door of the building. But the directory information mentioned above indicates the existence of the company in the building.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker BUX as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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