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 forex market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active forex transactions. In an attempt to help investors better understand the current situation of forex 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 PEAKSIGHT as planned according to its purported regulatory address that 62 Kremastis Rodou, 1st Floor, Office 101, Episkopi, 4620, Limassol, Cyprus.

The investigators came to 62 Kremastis Rodou in Episkopi of Limassol, Cyprus for an on-site visit to the brokers office, and located a two-story building on the outskirts of the city. Despite not having a direct highway to the city center, the building is easily accessible by car.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby. There was also no security guard in the building and the mailboxes did not list any company names. Most units of the building were empty, with the doors open. The inspection team reached office 101, with no company name or logo on its door. Moreover, no people were seen in the room. Meanwhile, the PEAKSIGHT website was not accessible.

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

Conclusion

The survey team went to Cyprus to visit broker PEAKSIGHT as scheduled, but did not find the companys office at its purported regulatory address. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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