A Visit to EXT 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, foreign exchange, 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 EU‘s 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 Cyprus to visit broker EXT as planned according to its regulatory address that 28 October Avenue No 365, Vashiotis Seafront Building, 5th Floor, CY 3107 Limassol, Cyprus.

The investigators came to 28 October Avenue in Limassol, the second largest city of Cyprus, for a visit to the brokers office on May 7, 2024, and located Vashiotis Seafront Building, a 6-storey commercial structure in a business district, which boasts convenient transportation, capturing steady stream of people.

Upon arrival at the building for further investigation, the inspection team discovered that it was easily accessible with a well-maintained façade. However, the directory and mailboxes at the entrance just displayed the building name.

After proceeding to the 5th floor via the elevator, the survey team saw the company logo of “Exante” at suite 501. According to the website of the company, there was a close connection between Exante and ETX.

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

Conclusion

The survey team went to Cyprus to visit broker ETX as scheduled, and found the company at its regulatory address. This signifies that the broker has a physical business office at the place. Meanwhile, investors are advised to make a judicious decision following 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.