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A Visit to FINAME in Cyprus - No Office Found

Danger Cyprus

Tempon, egkomi, Nicosia, Cyprus

A Visit to FINAME in Cyprus - No Office Found
Danger Cyprus

Reason for this visit

Cyprus imprudently purchased Greek government bonds in 2012. When the Greek government bond management defaulted, the Cyprus banking system suffered heavy losses exceeding 30% of the annual GDP of Cyprus, and the countrys domestic debt crisis occurred. In response to the crisis, the Cyprus government introduced a terrible solution that was opposed by all the people, which aggravated the crisis. At the same time, some people in Cyprus discovered that having an upward trend in price, various foreign currencies that were independent of the sovereign currency might be able to cope with this crisis. As a result, people poured funds into the small foreign exchange market in an attempt to hedge and protect themselves. For various reasons, Cyprus has gradually become a country with active foreign exchange transactions. In order to help investors better understand the current situation of foreign exchange brokers in Cyprus, WikiFX survey team decides 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 forex broker FINAME as planned according to its regulatory address that 30 Tempon Street, Engomi, CY 2408, Nicosia, Cyprus.

The investigators came to 30 Tempon Street in Engomi of Nicosia, the capital of Cyprus, for a visit to the brokers office on March 7, 2024.

Upon arrival at the address for further investigation, the survey personnel spotted a 2-storey building with a well-maintained façade next to the street.

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However, the inspection team discovered the company name and logo of “Pay Expert” at the entrance of the building, instead of FINAME. Moreover, there was no any connection between both companies.

Through the on-site investigation, it‘s confirmed that FINAME doesn’t have a physical presence at the location.

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Conclusion

The survey team went to Cyprus to visit broker FINAME as scheduled, but didn‘t find the company’s name at its regulatory address. It signifies that the broker might just register with the address without a physical business office at the place. Accordingly, 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.

Broker Information

Regulated
Finame

Website:https://finame.com

5-10 years |Regulated in Cyprus |Straight Through Processing(STP) |Suspicious Scope of Business |High potential risk |
  • Company Name:
    Eight Plus Capital Ltd
  • Country/ Region of Registry:
    Cyprus
  • Abbreviation:
    Finame
  • Official Email:
    info@finame.com
  • Twitter:
    --
  • Facebook:
    --
  • Customer Service Number:
    35722059059
Finame
Regulated

Website:https://finame.com

5-10 years | Regulated in Cyprus | Straight Through Processing(STP) | Suspicious Scope of Business | High potential risk |
  • Company Name: Eight Plus Capital Ltd
  • Abbreviation: Finame
  • Country/ Region of Registry: Cyprus
  • Official Email: info@finame.com
  • Twitter:--
  • Facebook: --
  • Customer Service Number:35722059059

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