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 IFC MARKETS as planned according to its regulatory address that 187 Archiepiskopou Leontiou, 4th Floor, 3020 Limassol, Cyprus - Caldow Markets.

The investigators came to 187 Archiepiskopou Leontiou in Limassol, Cyprus for a visit to the brokers office, and located a 6-storey commercial building with a well maintained façade.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory inside, making it unlikely to determine the existence of IFC MARKETS in the building. Then they took the elevator to the 4th floor and discovered a company that did not display any signage. According to the staff working for the company, IFC MARKETS did not exist here.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to Cyprus to visit broker IFC MARKETS 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.