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 SQUAREDFINANCIAL as planned according to its regulatory address that 205 Archiepiskopou Makariou III, Victory House, Block B, 5th Floor, CY 3030 Limassol, Cyprus.

The investigators came to 205 Archiepiskopou Makariou III in Limassol, Cyprus for a visit to the brokers office, and located Victory House in an upscale business district. There was a large array of entertainment facilities nearby, appealing to a steady stream of people.

Upon arrival at the building for further investigation, the survey personnel spotted directories both inside and outside, along with a mailbox, all of which indicated that SQUAREDFINANCIAL was situated on the 5th floor.

Then the inspection team managed to take the elevator to the 5th floor, and easily saw SQUAREDFINANCIALs office, with the company name and logo indicated on the large shutter next to the office door.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker SQUAREDFINANCIAL 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 an informed decision following much deliberation.

Disclaimer

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