A Visit to SWISSQUOTE in Cyprus – 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 SWISSQUOTE as planned according to its regulatory address that 42 Spyrou Kyprianoy Avenue, Emerald House, CY 3076 Limassol, Cyprus.

The investigators came to 42 Spyrou Kyprianoy Avenue in Limassol, Cyprus for a visit to the broker‘s office, and located the Emerald House, a 4-story commercial building with a well-maintained facade, in the city center. Additionally, there is a large array of entertainment facilities nearby including restaurants, appealing to a steady stream of people. Meanwhile, SWISSQUOTE’s logo was prominently displayed both on the wall and by the entrance of the building.

Upon arrival at the building for further investigation, the survey personnel failed to spot a directory outside. Moreover, people were not allowed to enter without an access card. And they discovered that there was no reception staff on duty when taking photos through the window.

Through the on-site investigation, it has been confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Limassol, Cyprus to visit broker SWISSQUOTE as scheduled, and found the companys office at its regulatory address. Meanwhile, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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