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 country's 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 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 FXPRIMUS (licensee: Primus Global Ltd) as planned according to its regulatory address that 25, Kolonakiou Street, Zavos Kolonakiou Center - Suite 102, CY-4103 Limassol.

On July 27, 2023, the investigators came to Zavos Kolonakiou Center at 25 Kolonakiou Street in Limassol. Situated at a bustling street out of downtown, the U-shaped two-storey building featuring coastal architectural style is easily accessible by public transport, as the street toward the center of Limassol is connected to an expressway. And the eye-catching company name and logo of broker FXPRIMUS is displayed on the upper side of the building façade.

After arriving at the building, the survey personnel found broker FXPRIMUS at suite 101, instead of suite 102, with its company name and logo presented at the door. However, people werent allowed to pay an internal visit to the office without an access card.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Limassol, Cyprus to visit forex broker FXPRIMUS as scheduled, and found the companys name at its regulatory address. This suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision based on 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.