A Visit to VITA MARKETS 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 VITA MARKETS as planned according to its claimed regulatory address that 14 Pindarou Street, CY 3095, Limassol, Cyprus.

The investigators came to 14 Pindarou Street in Limassol, Cyprus for an on-site visit to the brokers office, and located an old 2-story residential building at the street corner. Additionally, there were many residential buildings nearby.

Upon arrival at the building for further investigation, the survey personnel did not spot any company logos, directories, or mailboxes in the immediate vicinity. However, there was a piece of App promotion ads with a download QR code on the door, and it did not display any company names. In the meantime, people were not allowed to enter without an access card. According to the people living nearby, this was a residential area where no company operated, nor did VITA MARKETS.

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 VITA MARKETS as scheduled, but did not find the company at its regulatory address. This signifies that it does not have a physical business office at the place. 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.