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 Cyprus to visit forex broker EMPORIUM CAPITAL as planned according to its regulatory address that 41 Archiepiskopou Makariou III Avenue, Toumazis Makariou Tower, 1st Floor, Office 11, CY 1065, Nicosia, Cyprus.

The investigators came to 41 Archiepiskopou Makariou III Avenue in Nicosia, the capital of Cyprus, for a visit to the brokers office, and located “Toumazis Makariou Tower,” a 6-storey commercial structure, in the city center. Additionally, there was a large array of entertainment facilities nearby, which appealed to a steady stream of people due to the prosperous area.

Upon arrival at the building for further investigation, the survey personnel spotted a directory both inside and outside, which prominently showed that EMPORIUM CAPITAL was situated on the 1st floor, where its name and logo were displayed.

After walking into the building, which had no security guards, the inspection team easily discovered the office of EMPORIUM CAPITAL on the 1st floor.

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 EMPORIUM CAPITAL as scheduled, and found the company at its regulatory address. This signifies that the broker 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.