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 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 ARGUS as planned according to its regulatory address that 25 Demosthenis Severis Avenue, Metropolis Tower, 1st and 2nd Floor, CY 1080, Strovolos, Nicosia, Cyprus.

The investigators came to 25 Demosthenis Severis Avenue in Strovolos of Nicosia, the capital of Cyprus, for a visit to the brokers office on March 14, 2024, and located Metropolis Tower at the busy street which connects an expressway and the city center. Boasting convenient transportation, the 4-storey commercial building is easily accessible with a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and mailboxes on the ground floor, which prominently displayed the company name of “ARGUS”. This tangibly denotes the existence of the company in the building.

After proceeding to the 2nd floor via the elevator, the inspection team easily discovered the office of ARGUS, with company information and logo at the entrance. It could be seen through the open door that there were multiple staff members working in the office.

Based on the field investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker ARGUS as scheduled, and found the company at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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