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 PEPPERSTONE as planned according to its regulatory address that 142 Franklin Roosvelt Avenue, Interorient Building, CY 3045, Limassol, Cyprus.

The investigators came to 142 Franklin Roosvelt Avenue in Limassol, Cyprus for a visit to the brokers office, and located Interorient Building, a 4-storey commercial structure with a well maintained façade, in the city center.

Upon arrival at the building for further investigation, the survey personnel spotted a directory at the entrance, which did not show the company name or logo of PEPPERSTONE. According to the security guards in the building, people were not allowed to enter without an access card or an appointment in advance with the staff of companies due to the stringent security rules.

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 Cyprus to visit broker PEPPERSTONE as scheduled, but did not find the companys office at its regulatory address. Accordingly, it is suggested that 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.