Purpose

The UAE forex market, developed over the past two decades, is a core regional forex trading market in the Middle East. Leveraging the policy dividends and geographic advantages of the Dubai International Financial Centre (DIFC), it brings together a large number of global and regional licensed financial trading institutions, serving as a key hub for forex business flows in the Middle East. To help investors and practitioners gain a more comprehensive understanding of the actual operating conditions of forex brokers in the region, we conducted an on-the-ground visit to Dubai, UAE.

Process

This visit, as planned, went to the United Arab Emirates to conduct an on-site inspection of forex broker HYCM, whose publicly available information lists its office address as Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE. With a mission to strictly vet brokers for investors, the inspection team, which has extensive experience in verifying financial venues, traveled to the DIFC area in Dubai, UAE, following a carefully planned itinerary, to conduct an on-site verification of broker HYCM, which claims to be located at Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

We successfully arrived at the Liberty House building. Located in the core financial district of downtown Dubai, it is an ultra-luxury office building surrounded by dense high-end commercial facilities, with a very strong business atmosphere.

No sign bearing the wording HYCM or related promotional information was found outside the building.

We entered the ground-floor lobby and stated our purpose to the security personnel. After registering our identities and communicating with them, we were permitted to enter the lobby area. We carefully searched the entire lobby for the company directory signage and found that the office building had no complete tenant directory installed. Throughout the entire visit, we found no signage marked with the name HYCM, and the brand's logo did not appear either inside or outside the building.

Due to strict security management and the fact that this visit was not pre-booked with the tenant companies in advance, the staff did not allow us to take the passenger elevator to the target 9th-floor area. We were unable to reach the specific floor to confirm the location of the Room 903, and throughout the visit we could not photograph the broker's front desk or the front desk logo. This address is also not a shared office.

Because we were unable to enter the internal area, we could not observe the company's internal office environment at all. The staff also refused to provide further relevant information, making it completely impossible to confirm whether this broker actually operates at this location.
Therefore, after visiting, it was confirmed that the dealer HYCM does not exist at the above-mentioned publicly marked address.

Conclusion

As planned, we conducted an on-site visit to the forex broker HYCM in the UAE. At its publicly displayed business address, we were unable to see the company name or related information of the broker, indicating that the broker does not have a real place of business. Investors should make their decision after comprehensive consideration.

Disclaimer

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