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 TRILT as planned according to its regulatory address that 51 Omonoias Avenue, Christodoulou Court, Office 201-2, CY 3052, Limassol, Cyprus.

The investigators came to 51 Omonoias Avenue in Limassol, Cyprus for a visit to the brokers office on April 19, 2024, and located a 3-storey commercial building in a prosperous district of the city. And there was a large array of business facilities and residential buildings nearby.

Upon arrival at the building for further investigation, the survey personnel spotted mailboxes at the entrance, which displayed that suite 201 was occupied by company “Cargo Monster Logistic,” without any information pertinent to TRILT.

And then the inspection team took the stairs to reach suite 201 on the 2nd floor, and discovered the company “Cargo Monster Logistic” as indicated on the mailbox. According to the website of the company, there was no link between “Cargo Monster Logistic” and “TRILT.”

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

Conclusion

The survey team went to Cyprus to visit broker TRILT 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.