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 Freedom 24 (licensee: Freedom Finance Europe Ltd) as planned according to its regulatory address that Christaki Kranou 20, C Tower, 5th Floor, 4041 Germasogeia, Limassol, Cyprus.

On September 10, 2023, the investigators came to C Tower at Christaki Kranou 20 in Germasogeia, an eastern suburb of Limassol. A modern office building Freedom Tower was situated beside a freeway. The conspicuous company name and logo of “Freedom 24” could be seen in the top area of the building.

After arriving at the commercial building, the survey personnel knew that people werent allowed to enter without a staff card because of stern security reasons. According to the staff working in the building, Freedom 24 took the most or full ownership of the property, and the company was operating business in the building.

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

Conclusion

The survey team went to Limassol in Cyprus to visit forex broker Freedom 24 as scheduled, and found the companys name and logo at the regulatory address. This 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.