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 Cyprus to visit forex broker NUMISMA (LIMASSOL AVENUE) as planned according to its regulatory address that 11 Limassol Avenue, Galatariotis Building, 3rd Floor, CY 2112, Nicosia, Cyprus.

The investigators came to 11 Limassol Avenue in Nicosia, Cyprus for a visit to the brokers office on March 22, 2024, and located Galatariotis Building, a 5-storey commercial building with a well-maintained façade, next to the street. And the building boasts a fabulous location in close proximity to a wide range of facilities like apartment buildings, supermarkets, restaurants, etc.

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 3rd floor was occupied by company called “SPMG Limited - MOEBIUS”, instead of NUMISMA (LIMASSOL AVENUE). In the meantime, according to the website of SPMG Limited - MOEBIUS, theres no link between both companies.

After proceeding to the 3rd floor via the elevator, the inspection team failed to discover the company name or logo of broker NUMISMA (LIMASSOL AVENUE).

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 NUMISMA (LIMASSOL AVENUE) as scheduled, but didn‘t find the company’s office at its regulatory address. 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.