Purpose

The UAE foreign exchange market is an emerging forex market that has developed in recent years. Leveraging its advantageous geographical location, open financial policies, and developed economic system, it has attracted the attention of numerous international financial institutions and investors. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, the on-site inspection team conducted a field visit to the UAE.

Process

The on-site inspection team for this issue traveled to the UAE as planned to conduct an on-site visit to forex broker EnclaveFX. According to public information, its office address is Dubai Office 2402, API World Tower 22, Sheikh Zayed Road, Near World Trade Center Metro Station, Dubai.

A professional and experienced site visit team, with a sense of mission to strictly vet for investors, followed a meticulous plan and traveled to the UAE. They conducted an on-site verification of the broker EnclaveFX claimed to be located at the address.

The site visit personnel arrived smoothly at API World Tower 22, which is located in the center of Dubai, close to the World Trade Center metro station, surrounded by super-luxury office buildings. The location is very advantageous, with a bustling environment and strong business atmosphere. However, no company logo or related information of EnclaveFX was found outside the building.

The site visit personnel entered the lobby on the first floor and explained their purpose to the security guard. The security guard informed them that they could not enter without an appointment. On the first floor, there was a complete company directory, where they could see the corresponding companies, but there was no directory information for EnclaveFX.

Due to the lack of an appointment, the site visit personnel were unable to reach the target floor, the 24th floor, to confirm the specific location, nor could they enter the company. They could not take pictures of the front desk or the front desk logo. The office is not a shared office.

It was also impossible to observe the internal environment through the glass door because they were simply not allowed to enter. The overall situation does not match its claimed positioning of having a genuine office space.

Therefore, after the site visit, it was confirmed that the broker EnclaveFX does not exist at the above address.

Conclusion

The on-site inspection team went to the UAE as planned to conduct a field visit to forex broker EnclaveFX. At the publicly displayed business address, the broker's company name and other information could not be seen, indicating that the broker has no real place of business. Investors should make a choice after comprehensive consideration.

Disclaimer

The above content and views are for reference only and do not constitute the basis for final decisions.