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 the second largest city Limassol in Cyprus to visit forex broker UFX (licensee: Reliantco Investments Ltd) as planned according to its regulatory address that 139, Makarios III Avenue, Zavos Business Center, 3rd Floor, CY-3021 Limassol.

On October 15, 2023, the investigators came to 139, Makarios III Avenue in Zavos Business Center of Limassol. Ravico Building, a modern commercial block, is situated at a bustling street in the center of Limassol.

After arriving at the building, the survey personnel spotted an outdoor directory, from which it could be seen that Reliantco Investments Ltd, the licensee of UFX, was situated on the 3rd floor, and then found the companys office on the floor without any company name and logo at the entrance.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker UFX as scheduled, and found the companys name at its regulatory address. This suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice based on an overall consideration.

Disclaimer

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