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 FINANSERO as planned according to its regulatory address that 8 Kennedy Avenue, Athienitis Building, 2nd Floor, Office 201 & 202, CY 1087, Nicosia, Cyprus.

On March 1, 2024, the investigators came to 8 Kennedy Avenue in Nicosia, the capital of Cyprus for a visit to the brokers office, and located Athienitis Building, a 5-storey structure beside the street in the city center. Thanks to the fabulous location, the building boasts convenient transportation with easy access to different places, appealing to steady stream of people nearby.

Upon arrival at the building for further investigation, the survey personnel first spotted mailboxes and a directory at the entrance, which, however, didnt display any related information or logo of FINANSERO.

After proceeding to suite 201-202 on the 2nd floor, the inspection team failed to discover any information and logo pertinent to FINANSERO, but that of the company “NEO Corporate Management”. And there was actually no relationship between these two companies. Through the on-site investigation, it is confirmed that FINANSERO doesnt have a physical presence at the place.

Conclusion

The survey team went to Cyprus to visit forex broker FINANSERO as scheduled, but didnt find the company at its regulatory address. This denotes that the broker may just register with the address without a physical business office at the location. Accordingly, investors are advised to choose the broker cautiously.

Disclaimer

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