A Visit to APME FX in Cyprus – No Office Found

Reason for this visit

Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, forex, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.

Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EUs Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly attracted more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008.

CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of the current situation of brokers in Cyprus, WikiStock survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Limassol, the second largest city of Cyprus, to visit broker APME FX as planned according to its regulatory address that 25 Spyrou Kyprianou Avenue, 1st Floor, Office 103, CY 3070, Limassol, Cyprus.

The investigators came to 25 Spyrou Kyprianou Avenue in Limassol, Cyprus for an on-site visit to the brokers office, and located a 2-story commercial building featuring a well-maintained façade.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby and reached the 1st floor, where there were only two offices, 101 and 102, and no office 103 was found. Additionally, one office was occupied by an insurance company, while the other one did not show any company information. According to the security officer in the building, APME FX did not exist at the place.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker APME FX as scheduled, but did not find the company at its regulatory address. This signifies that it may just register at the address without a physical business office. Accordingly, investors should be meticulous in choosing the broker.

Disclaimer

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