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Vasili Vrionidi, Olziit, Limassol District, Cyprus
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 Limassol, the second largest city in Cyprus, to visit forex broker SQUAREDFINANCIAL (licensee: Squared Financial (CY) Ltd) as planned according to its regulatory address that 205, Arch. Makariou Avenue Victory House, B Block, 5th Floor, 3030 Limassol, Cyprus.
On July 22, 2023, the investigators came to Block B of Victory House at 205, Archiepiskopou Makariou III in an upscale commercial district which was home to many banks, financial institutions, renowned boutique retail outlets, and law firms in Limassol. In the meantime, as the main street in Limassol, Makariou III was teeming with vehicles.
After arriving at the commercial house, the survey personnel found from the company directory outside the building that SQUAREDFINANCIAL was positioned on the 5th floor. At the same time, broker AAA Trade was situated on the 1st floor in the building. But people were not allowed to enter the building freely due to stringent security reasons.
Through an on-site investigation, it is confirmed that SQUAREDFINANCIAL has a physical presence at the place.
Conclusion
The investigators went to Limassol, Cyprus to visit forex broker SQUAREDFINANCIAL as scheduled, and spotted the companys name and logo at the regulatory address. It suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice 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.
Website:https://www.sqfin.sc/
Website:https://www.sqfin.sc/
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