Purpose

The UAE forex market is an emerging international forex trading market that has developed rapidly over the past two decades. Leveraging Dubai's advantageous position as a financial hub in the Middle East, it has attracted a large number of forex brokers from around the world, becoming a core forex trading cluster radiating across the entire MENA region. To help investors or practitioners gain a more comprehensive understanding of forex brokers in this region, we visited the UAE for an on-site inspection.

Process

This inspection team went to the UAE as planned to conduct an on-site visit to the forex broker Lucror Capital Markets. According to public information, its office address is 3rd Floor, Atrium Centre, Khalid Bin Waleed Road, Bur Dubai, Dubai, UAE.

A professional and experienced inspection team, with the sense of mission to strictly vet on behalf of investors, went to the United Arab Emirates according to a well-planned schedule. Based on the above information, they conducted an on-site inspection of broker Lucror Capital Markets.

Based on the address information, the inspectors went to the Khalid Bin Waleed Road area in Bur Dubai and conducted an on-site verification of the broker Lucror Capital Markets, which claims to be located at 3rd Floor, Atrium Centre, Khalid Bin Waleed Road, Bur Dubai, Dubai, UAE.

The inspectors arrived at the Atrium Centre building without any difficulty. This location is in a bustling area of Dubai, is a good-quality office building, and has a strong commercial atmosphere in the surrounding area.

No company sign or related promotional information for Lucror Capital Markets was found outside the building.

The inspectors entered the first-floor lobby of the building and stated their purpose to the security guards. After simple registration and communication, they obtained permission to enter the public areas of the building. Upon entering the lobby, it could be seen that there was no complete company directory board on the 1st floor, and it was impossible to directly find the office area guidance for Lucror Capital Markets through the floor guide signs.

During the attempt to go to the target 3rd floor, after checking the signs in the public areas floor by floor, no company-related signage was found on the corresponding floor, nor was any office area belonging to Lucror Capital Markets found. There were no relevant security measures at the premises, and no wording related to Lucror Capital Markets was found anywhere. Throughout the process, it was impossible to photograph the company's front desk or the front desk LOGO, and the premises were not a shared office.

Since no actual office location of the company was found throughout the entire process, it was impossible to enter the relevant area to observe the company's internal environment. The overall situation is completely inconsistent with the office address location claimed by the broker.

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

Conclusion

The investigators traveled to the UAE as planned to conduct an on-site visit to the forex dealer Lucror Capital Markets. At its publicly displayed business address, they could not see the company name or other identifying information of the dealer, indicating that the dealer does not have a real business location. Investors should consider all factors comprehensively before making a decision.

Disclaimer

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