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 order to help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team is going to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to the second largest city Limassol in Cyprus to visit forex broker XSpot Wealth as planned according to its regulatory address that Spyrou Kyprianou, 61 SK House, Ground Floor, Mesa Geitonia, Limassol 4003, Cyprus.

On July 27, 2023, the investigators came to 61 SK House at Spyrou Kyprianou in Limassol, Cyprus， and located a 5-storey office building beside the street near a residential district. The company name and logo of “XSpot Wealth” could be seen in the front of the building from a distance.

After arriving at the block, the survey personnel actually spotted XSpot Wealth on the ground floor. And there was a company signage at the entrance of its office. Through the glass window, the investigation team could also find the reception area of the company. However, people werent allowed to access the office due to stringent security reasons.

Through an on-site investigation, it is confirmed that XSpot Wealth truly has a physical business office at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker XSpot Wealth as scheduled, and found the company at its regulatory address. This suggests that the broker does have a physical business office at the location. Meanwhile, investors are advised to make an informed decision following a comprehensive consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.