Reason for this visit

Cyprus purchased Greek national debt non-prudently in 2012. When the Greek national debt management defaulted, the Cyprus banking system suffered heavy losses, exceeding 30% of Cyprus’s GDP, and the country’s domestic debt crisis arose. In response to the crisis, the Cypriot government introduced a terrible solution that was opposed by all people, aggravating the crisis. At the same time, some people in Cyprus discovered that various forex whose prices are in an upward cycle, independent of sovereign currencies, may be able to cope with this crisis, so some funds poured into the small forex market in an attempt to avoid risks and protect themselves. Gradually, Cyprus has become an active country for forex transactions. In order to help investors learn more about the current status of the forex exchanges in Cyprus, the survey team is going to Cyprus for site visits.

Office Building

This time the survey team visited the dealer JUSTPROFOREX in Limassol, the second largest city in Cyprus, with specific address at 70 Kyrillou Loukareos STreeTKakos PreMier Tower, 2nd FloorLiMassolLiMassolCYPRUS.  

On-site visit

The surveyors went to the dealer's office according to the address on the regulatory information. JUSTPROFOREX's office was located on the north side of Limasol expressway, close to the exit of the expressway, with convenient transportation. The ground floor of the building was occupied by stores, while the upper floors were used as offices.

The surveyors found that the name of JUSTPROFOREX was not on the access control system and there was no reception desk in the lobby. To verify the existence of the dealer's office, the surveyors decided to go upstairs for a further visit. 

However, the office on the 2nd floor was not owned by the dealer JUSTPROFOREX, but a company named JFD. Subsequently, the surveyor knocked on the door of the office and tried to make inquiries. The lady who opened the door said that the unit was the office of JFD and she pointed out that the logo on the door was also that of JFD. In the end, the surveyors confirmed that the dealer JUSTPROFOREX did not have an office here.

Conclusion

The survey team went to Cyprus, to visit the the dealer JUSTPROFOREX and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.