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 Cyprus to visit forex broker LDN GLOBAL MARKETS as planned according to its regulatory address that 205 Archipiskopou Makariou III Avenue, Victory House, 3030, Limassol, Cyprus.

The investigators came to 205 Archipiskopou Makariou III Avenue in Limassol, Cyprus for a visit to the broker‘s office, and located a commercial building in the city’s most bustling business and tourism center, which is renowned for its historical sites, gorgeous beach, shopping and nightlife. The prosperous street appeals to a steady stream of people.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the entrance wall, which did not display the information pertinent to LDN GLOBAL MARKETS, including its floor number or office number. Additionally, the companys website did not provide the specific information concerning its location. Confronted with the problem, the inspection team had to search all the offices on every floor but failed to discover the company.

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

Conclusion

The survey team went to Cyprus to visit broker LDN GLOBAL MARKETS as scheduled, but did not find the companys office at its regulatory address. Accordingly, it is suggested that 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.