Reason for this visit

Belize is a jurisdiction very suitable for offshore activities and its legislation has been adapted to the needs of investors. However, most types of activities are not allowed without the special permission from the authorities. For instance, the country's international commission issues licenses in order to regulate the related services in financial sector. For various financial services (foreign exchange, trust management, currency exchange, credit operations, financial and advisory services, etc.), the issuance procedure is practically the same. Belize is a highly desirable region when it comes to offshore business, with an open and tolerant policy towards all kinds of financial activities. In order to help investors or practitioners to have a more comprehensive understanding of Belize's foreign exchange brokers, 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 TriumphFX (licensee: Triumph Int. (Cyprus) Limited) as planned according to its regulatory address that Corner Sotiris Michailidis and October 28, Lophitis International Center, 3035 Limassol.

On August 13, 2023, the investigators came to Lophitis International Center in Limassol, Cyprus to pay a visit to broker TriumphFX‘s office for further checking its real operation environment. The modern 7-storey office building was situated in the heart of a commercial district. The survey personnel found a directory at the entrance of the building, from which it could be seen that there was no information concerning company TriumphFX. At the meantime, people weren’t allowed to access the working area and take photos in the building due to stringent security reasons. It was hard to see clearly the environment in the building from the outside. And the company address didnt show the specific floor and unit number of the office.

Through an on-site investigation, it is confirmed that TriumphFX doesnt have a physical business office at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker TriumphFX as scheduled, and didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, 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.