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 NAGA (licensee: Νaga Markets Europe Ltd) as planned according to its regulatory address that Ariadnis 7, Moutayiaka, 4531 Limassol Zypern.

On August 27, 2023, the investigators came to the destination at Ariadnis 7 in Limassol. An independent 4-story building having no outdoor directory was situated in the CBD, with a giant logo of NAGA on the top of the block. There was a beauty salon on the ground floor. People werent allowed to enter the building without an access card due to stern security reasons. However, it can be learned from the company logo that NAGA exists in the building.

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 NAGA 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 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.