Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond 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 Cyprus to visit forex broker TFI as planned according to its regulatory address that 178 Athalassas Avenue Irene Tower, 2nd Floor, CY 2025, Strovolos, Nicosia, Cyprus.

The investigators came to 178 Athalassas Avenue in Strovolos of Nicosia, Cyprus for a visit to the brokers office on March 21, 2024, and located Irene Tower, a 5-storey commercial building with a well-maintained façade, next to the main street. And it was easily accessible.

Upon arrival at the building for further investigation, the survey personnel firstly spotted a directory and a mailbox in the lobby, which displayed that the 2nd floor was occupied by company called “Meeting Point”, instead of TFI. So its doubtful that the broker exists in the building.

After proceeding to the 2nd floor via the elevator, the inspection team failed to discover the company name or logo of broker TFI. In the meantime, all the offices on the floor were closed, and people weren‘t allowed to enter without an access card. According to the security guard working in the building, they’d never heard of the company.

Through the on-site investigation, it is confirmed that the broker doesnt have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker TFI as scheduled, but didn‘t find the company’s name at its regulatory address. This signifies that the broker might just register with the address without a physical business office at the place. Accordingly, 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.