Purpose

The UAE forex market is an emerging offshore foreign exchange trading market developed over the past two decades. Leveraging Dubai's geographical advantage as the financial hub of the Middle East, it brings together a large number of forex brokers from around the world and serves as a core node connecting foreign exchange flows across Europe, Asia, and Africa. With high market activity, its regulatory system has distinctive regional characteristics. To help investors and practitioners gain a more comprehensive understanding of forex brokers in the region, the on-site inspection team visited the UAE for field exploration.

Process

This time, the on-site inspection team went to the UAE as planned to visit forex broker NEWFX. According to public information, its office address is Trade CentreTrade Centre 2 – 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 carefully planned itinerary to conduct an on-site verification of the broker NEWFX, which claims to be located at Trade CentreTrade Centre 2 – Dubai – United Arab Emirates.

The on-site inspectors successfully arrived at the general area indicated by the address. This area is a cluster of ultra-luxurious landmark exhibition halls in the downtown area of Dubai, with a strong commercial atmosphere nearby. However, the publicly marked address information contains obvious duplicate errors and incomplete content, making it completely impossible to pinpoint the specific corresponding building unit. No company signage or directional information related to NEWFX was found in the external area of this region, and no panoramic view of the building could be captured throughout the process.

When attempting to enter the lobby of the building corresponding to the target area, the on-site inspectors could not obtain entry permission because they could not provide the accurate unit number of the registered company. No company nameplate bearing the name of NEWFX was found inside the building, and no related LOGO signs of NEWFX appeared in either the internal or external areas of the building.

Since they could not enter the building, the on-site inspectors were unable to reach the target floor, let alone confirm the specific office location claimed by the broker. Throughout the process, they had no opportunity to access the corresponding company's office area, so naturally there was no reception desk or reception desk LOGO that could be photographed. The premises also did not fall within the category of a shared office.

Because they could not enter the interior of the building, there was completely no way to observe the broker's internal environment, nor could they determine whether its office setting matched the business positioning it claimed.

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

Conclusion

The on-site inspection personnel visited the forex broker NEWFX in the UAE as planned. At its publicly displayed business address, they could not see the company name or other information of the broker, indicating that the broker does not have a real business premises. Investors should make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and are not the basis for final selection.