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 country's 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 is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Limassol, the second largest city of Cyprus, to visit forex broker Alvexo (licensee: VPR Safe Financial Group Limited) as planned according to its regulatory address that 1, Agias Fylaxeos, KPMG Center, 2nd Floor, Limassol, Cyprus 3025.

The investigators came to KPMG Center at Agias Fylaxeos 1in Limassol on August 13, 2023. Situated at a prosperous street, the modern commercial building features a simple and fashionable façade composed of French windows and stones. In a distance, the eye-catching logo of KPMC Center can be spotted clearly.

After arriving at the building without a reception area, the survey personnel found a directory at the entrance, where there was no information regarding company Alvexo. However, people werent allowed to enter the building without an access card.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence at the location.

Conclusion

The survey team went to Limassol in Cyprus to visit forex broker Alvexo as scheduled, and didn‘t find the company at its regulatory address. This indicates that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a sensible decision following a comprehensive consideration.

Disclaimer

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