Purpose

The UAE foreign exchange market is an emerging offshore forex trading market that has developed over the past two decades. Leveraging the locational advantages of Dubai as an international financial hub, it has attracted a large number of licensed and offshore-registered forex brokers, though the quality of brokers within the region varies greatly. To help investors and practitioners gain a more comprehensive understanding of the actual operating status of forex brokers in this region, the field verification team visited the UAE to conduct on-the-ground inspections.

Process

This issue's on-site inspection team went to the UAE as planned to visit forex broker UAG TRADE in person. According to public information, its office address is P.O. Box 337188, Office N 706, Jumeirah Bay X2 Tower, Cluster X, Dubai, United Arab Emirates.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors, followed a meticulous plan to travel to the United Arab Emirates to conduct an on-site verification of the broker UAG TRADE claimed to be located at the aforementioned address.

We successfully arrived at Jumeirah Bay X2 Tower, located in Dubai's core business district. It is a well-known luxury office building with a strong commercial atmosphere in the surrounding area. We also took panoramic photos of the building, but found no company signage or information related to UAG TRADE on the exterior of the building.

After entering the building lobby, we stated our purpose to the security guards or staff. After registering our information, we successfully obtained permission to enter the building and were able to enter the company lobby normally.

After arriving at the target floor, the 7th floor, we found the office marked as N 706, but discovered that the company operating in this office area was not UAG TRADE. Throughout the process, we saw no clear signage of UAG TRADE, nor any related security measures. Since the office belongs to another business entity, we were unable to enter the interior. We found no opportunity to photograph the front desk or the front desk LOGO of UAG TRADE, and the premises is not a shared office.

The office is not open to the public, and we were unable to observe the internal environment of the corresponding broker through the glass door or the front desk area, making it impossible to verify its claimed business positioning.

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

Conclusion

The on-site inspectors visited the UAE as planned to visit forex broker UAG TRADE. At its publicly displayed business address, they did not see the company name or other information of the broker, indicating that the broker does not have a real business location. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and do not constitute a basis for final selection.