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 OFFERSFX as planned according to its regulatory address that 140 Vasileos Konstantinou, Tofias Building 2, CY 3080, Limassol, Cyprus.

The investigators came to 140 Vasileos Konstantinou in Limassol, Cyprus for a visit to the brokers office, and located a 3-storey building, with a giant logo of “Tofias Furnishing” on the façade. Tofias Furnishing is a furniture store. The 1st floor of the building was used as an area for furniture display, while the 2nd floor served as a working area.

Upon arrival at the building for further investigation, the survey personnel knew that people were not allowed to access the working area without an access card. Thus, they were unable to ascertain the situation of OFFERSFX.

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 OFFERSFX as scheduled, but did not find the company at its regulatory address. Accordingly, 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.