Purpose

The UAE foreign exchange market is an emerging regional core foreign exchange market that has developed over the past two decades. Relying on Dubai's location advantage as an international financial hub, it has gathered a large number of financial trading institutions from all over the world. The regional financial regulatory system has gradually improved, making it the core distribution center with the highest foreign exchange trading activity in the Middle East. To help investors gain a more comprehensive understanding of the actual operating conditions of foreign exchange dealers in the region, the field inspection team traveled to Dubai, UAE, for an on-site visit.

Process

In this issue, the field inspection team traveled to the United Arab Emirates as planned to conduct an on-site visit to forex broker GGTREC. According to public information, its office address is Almas Tower, Floor 36, Jumeirah Lakes Towers (JLT), Dubai, United Arab Emirates, PO Box 37736.

A professional and experienced site inspection team, with a sense of mission to strictly safeguard investors, proceeded to Dubai, UAE according to a well-thought-out plan. They conducted an on-site verification of broker GGTREC, which claims to be located on the 36th floor of Almas Tower.

Arrived smoothly at the Almas Tower building. The location is in the Jumeirah Lakes Towers financial cluster area in the core of Dubai, surrounded by a large number of business office buildings and commercial service facilities, with a very strong commercial atmosphere. Outside the building, no company signage or related information bearing the words GGTREC was found; only the Almas Tower signage of the building itself could be seen, and a complete panoramic view of the building could be photographed and recorded.

The relevant staff entered the ground-floor lobby of the building and stated their purpose to the security guard. After registering their information, they obtained permission to enter the lobby area. However, on the floor directory board in the public area of the lobby, no company name information marked with GGTREC was found.

When attempting to go to the target floor, the 36th floor, it was found that there was no access permission for the corresponding floor, and they could not reach the 36th floor to confirm the specific location. Throughout the entire process, no office area of GGTREC was found, nor was there any obvious signage bearing the company's name. There were no other entry conditions apart from strict security or lack of an appointment; it was completely impossible to enter the company's interior, and there was no shared office situation. It was completely impossible to photograph the front desk and the front desk LOGO.

Because it was impossible to enter the corresponding area on the 36th floor, there was no way to observe the company's internal environment through any glass door or front desk area, and there were no relevant traces of employee activity. The overall on-site situation completely does not match the broker's claim of establishing an office at this location.

Therefore, after the site inspection, it is confirmed that broker GGTREC does not exist at the above publicly stated address.

Conclusion

The on-site inspection personnel went to the United Arab Emirates as planned to conduct an on-site visit to forex broker GGTREC, but at the business address it publicly displays, they were unable to see the broker's company name or other information, indicating that the broker does not have a real business premises. Investors are advised to make their choice after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and should not be used as the basis for final selection.