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 country's 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 LEGACYFX as planned according to its regulatory address that 5/F, 47 Ioanni Kondylaki Street, Q Tower, CY 6042, Larnaca, Cyprus.

The investigators came to 47 Ioanni Kondylaki Street in Larnaca, Cyprus for a visit to the brokers office on February 27, 2024, and located Q Tower, a 5-storey building, which was easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and mailboxes on the ground floor, which didnt display the company name of “LEGACYFX”. However, only a sign in the parking lot behind the building showed the company name.

After proceeding to the 5th floor via the elevator, the inspection team didnt discover any information regarding LEGACYFX both in public area and at the entrance of suite 5, unable to directly confirm whether the broker truly has an office at this location. After verifying that there were people in the room, the survey team rang the doorbell. After a moment, the door slowly opened. A smiling receptionist appeared and inquired about the purpose of the visit. The team asked if this was the office of LEGACYFX. She confirmed that LEGACYFX indeed operated in the building.

To further verify, the investigators checked the LEGACYFX official website and found that the company is owned by an entity named “AN ALL NEW INVESTMENTS (VA) Limited”, which was showed clearly in the building directory.

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

Conclusion

The survey team went to Cyprus to visit forex broker LEGACYFX as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible 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.