Purpose

The UAE foreign exchange market is a regional core forex trading market that has developed over the past two decades. Leveraging Dubai's advantageous position as the financial hub of the Middle East, it attracts a large number of forex brokers from around the world. With a high degree of financial openness and strong cross-border trading activity, it serves as an important forex trading hub radiating across the entire Middle East and North Africa region. To help investors and practitioners gain a more comprehensive understanding of the actual operating conditions of forex brokers in the region, the on-site inspection team visited the UAE for a field investigation.

Process

In this edition, the on-site inspection team traveled to the UAE as planned to visit forex broker Legend Brokers. According to public information, its office address is Office 611, Level 6, The Fairmont Dubai, Sheikh Zayed Road, Dubai P.O. Box 33964 United Arab Emirates.

A professional and experienced site inspection team, with a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates according to a meticulous plan. An on-site verification was conducted on broker LegendBrokers, which claims to be located at Office 611, Level 6, The Fairmont Dubai, Sheikh Zayed Road, Dubai P.O. Box 33964 United Arab Emirates.

The relevant personnel arrived smoothly at The Fairmont Dubai building, located along Sheikh Zayed Road in the core area of Dubai. This is an ultra-luxury office building in central Dubai, surrounded by a dense cluster of high-end commercial establishments, with a very strong business atmosphere.

Throughout the exterior of the building, no company signage or related information bearing the name Legend Brokers was found; only a complete and clear panoramic view of the building could be captured.

The relevant personnel successfully entered the lobby on the first floor of the building. After stating their purpose to the lobby staff and completing basic information registration, they were granted access to the public area of the lobby. Upon carefully checking the complete floor directory in the office building, they found that the entity corresponding to Office 611 on Level 6 was not Legend Brokers, and no markings related to Legend Brokers appeared in the public signage areas of the entire building. Neither the interior nor the exterior of the building displayed the broker's LOGO.

When subsequently attempting to access the target 6th floor, due to the building's security control requirements, without an appointment they were unable to take an elevator with the corresponding access permissions to reach the specific floor. As a result, they could not reach target Level 6 to confirm the exact location, and found no office area of Legend Brokers at all. Throughout the process, no obvious signage or security measures of the company were seen, and ultimately they were unable to enter the company's interior. At no point could they photograph the front desk or its LOGO, and this address is not a shared office either.

Since they were unable to enter the target floor, the relevant personnel could not observe the broker's internal environment through the glass door or front desk area, and were completely unable to confirm whether it had any actual operating office space at this location. The overall situation is entirely inconsistent with the broker's claimed positioning of setting up an office here.

Therefore, after the site inspection, it was confirmed that broker Legend Brokers does not exist at the above address.

Conclusion

The field inspectors visited the UAE as planned to conduct an on-site inspection of the forex broker Legend Brokers. At its publicly displayed business address, the broker's company name and other information could not be found, indicating that the broker does not have a real business location. Investors are advised to make their decision after comprehensive consideration.

Disclaimer

The above content and views are for reference only and shall not serve as the basis for final decisions.