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 order 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 TRILT as planned according to its regulatory address that 62 Athalassis Avenue, 2nd Floor, Office 22, CY 2012, Strovolos, Nicosia, Cyprus.

The investigators came to 62 Athalassis Avenue in Strovolos of Nicosia, the capital of Cyprus, for a visit to the brokers office on March 14, 2024, and located a modern 4-storey commercial building at the flourishing street in close proximity to plenty of commercial facilities and residential buildings.

Upon arrival at the building for further investigation, the survey personnel spotted a directory and mailbox in the lobby on the ground floor, which didnt display the name or logo of “TRILT”. In the meantime, suite 22 on the 2nd floor was occupied by “SKILLING LTD”.

After proceeding to the 2nd floor via the elevator, the inspection team discovered that suite 22 was occupied by “SKILLING LTD”, which was presented on the building directory. According to the official website of the company, there wasnt any connection between “SKILLING LTD” and “TRILT”.

Through the on-site investigation, it‘s confirmed that TRILT doesn’t have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker TRILT as scheduled, but didn‘t find the company’s office at its regulatory address. Accordingly, investors are advised to 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.