Purpose

The UAE foreign exchange market is an emerging regional core forex market that has developed over the past two decades. Leveraging the location advantages of Dubai's international financial port, it has attracted a large number of forex dealers from around the world and serves as the core distribution hub for forex trading in the Middle East and North Africa region. In order to help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the on-site inspection team traveled to the UAE for a field visit.

Process

This issue, the on-site inspection team traveled to the UAE as planned to visit forex broker STAR NET. According to public information, its office address is Pyramid Centre - Office No 108 - Umm Hurair Rd - Oud Metha Dubai - United Arab Emirates.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors' interests, traveled to the United Arab Emirates according to a meticulous plan to conduct an on-site verification of the broker STAR NET claiming to be located at Pyramid Centre - Office No 108 - Umm Hurair Rd - Oud Metha Dubai - United Arab Emirates.

The inspectors successfully arrived at the target building, which is an office building in downtown Dubai. The surrounding area is a mature business and office cluster in Dubai with a decent business atmosphere. We fully captured panoramic views of the building.

No company signage or promotional information related to STAR NET was found outside the building.

The inspectors entered the building lobby and stated the purpose of their visit to the security guard or staff. After routine registration and communication, they successfully obtained permission to enter.

The inspectors checked the floor directory information floor by floor inside the building. The floor directory on the corresponding floor did not list any company information named STAR NET,

After subsequently attempting to go to the marked location of Office No. 108, they found that a completely different company was occupying the office. Throughout the process, no office area of STAR NET was found, nor were there any obvious signs or security measures bearing the brand's identity. As the occupancy information of the corresponding enterprise could not be matched, no dedicated office area of STAR NET was found throughout the process. Neither the front desk nor the front desk LOGO could be photographed, and the premises were not a shared office either.

Since Office No. 108 corresponding to the target address belongs to another enterprise, it was impossible to enter the interior to inspect it. The internal environment, decoration style, employee activities, or other related content of STAR NET could not be observed at all, which is completely inconsistent with the broker's previously claimed office positioning in Dubai, UAE.

Therefore, after the on-site inspection, it was confirmed that the broker STAR NET does not exist at the above address.

Conclusion

The surveyors visited the forex broker STAR NET in the UAE as planned, but did not see the company name or other information of the broker at its publicly displayed business address, indicating that the broker does not have a real business presence. Investors should consider all factors before making a decision.

Disclaimer

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