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 LMAX GROUP as planned according to its regulatory address that 10 Evagora Papachristoforou, Semeli Business Center, Flat/Office 101, CY 3030, Limassol.

The investigators came to 10 Evagora Papachristoforou in Limassol, Cyprus for a visit to the brokers office on March 27, 2024, and located Semeli Business Center, a 4-storey commercial building with a well-maintained façade, in the central business district of the city. With a fabulous location, the building is easily accessible with a large array of entertainment facilities nearby like restaurants, shopping malls, etc.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and a mailbox at the entrance, which displayed that LMAX GROUP was situated in Suite 101. However, people werent allowed to enter without an access card or an appointment in advance. Therefore, it was impossible to pay an internal visit to the office for details of the actual working environment and the number of employees. According to the security guards working in the building, the company really exists in Office 101.

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 LMAX GROUP 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 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.