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 Limassol, the second largest city of Cyprus, to visit forex broker VITA MARKETS as planned according to its regulatory address that 14 Pindarou Street, CY 3095, Limassol, Cyprus.

The investigators came to 14 Pindarou Street in Limassol, Cyprus for a visit to the brokers office, and located an old 2-storey residential building at the street corner. And there was no directory or mailbox that could indicate the existence of the broker.

Upon arrival at the building for further investigation, the survey personnel knew that people were not permitted to enter and take photos inside due to stringent security rules. In the meantime, the office address provided by VITA MARKETS did not show specific floor and unit numbers.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker VITA MARKETS as scheduled, but did not find the companys 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.