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 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 Limassol, the second largest city of Cyprus, to visit forex broker XTREND as planned according to its regulatory address that 18 Monis Machera Street, 4th Floor, Office 401, CY 3020, Limassol, Cyprus.

The investigators came to 18 Monis Machera Street in Limassol, Cyprus for a visit to the brokers office on March 20, 2024, and located a 4-story commercial building with a well-maintained facade next to the street near a residential area.

Upon arrival at the building for further investigation, the survey personnel discovered that it was impossible to enter to check the directory or mailbox in the lobby as well as the working environment upstairs as the door of the building was locked.

Subsequently, the inspection team turned to the building intercom system for some related information. However, it displayed that RYANT was situated on the 4th floor without any sign of broker XTREND. According to the website of XTREND, as one of the brands of RYANT, it was operated by RYANT TRADING LTD. This indicates the existence of XTREND in the building.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker XTREND as scheduled, and didn‘t find the company’s name at its regulatory address. However, the related information on its website signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following 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.