Introduction

In the retail foreign exchange market, there is a very large number of FX traders in Cyprus, so it is only common that there are both regulated platforms and fraud platforms there. In order to help investors know better about the traders in this country, this time the inspection team went to visit MYteamFX in Limassol, Cyprus.

Regulatory Information

Type of Licenses: CySEC authorized MM License with regulatory address at: 6, Maximos Michaelides Str, Maximos Plaza, Block 3, 5th Floor, Office 3501, CY-3106 Limassol, Cyprus.

Inspection Process

The inspection team followed the regulatory address and arrived at an office building at 6, Maximos Michaelides Str. The building, very grand, is a landmark in this area. Its ground floor is full of famous brand shops. The inspection team learned from the directory outside the building that office 3501 of the building belongs to Orbex, which is also a forex broker. According to the regulatory information, office 3501 should be the office of MYteamFX.

The inspection team entered the building, but didn’t see any nameplate of MYteamFX on the lobby wall.

To further verify whether MYteamFX works in this building. The team came to the 5th floor, still, there was no sign of MYteamFX there.

Conclusion

The team’s site visit confirms that there is no office of MYteamFX at the regulatory address, which means that the regulatory address is not true. This session of Field Survey is presented as above. 

Disclaimer

The information above is for reference only.