Purpose

The UAE foreign exchange market is an emerging international financial and forex market that has developed over the past two decades or so. Leveraging the policy dividends of the Dubai International Financial Centre (DIFC), it brings together licensed financial trading institutions from around the world, making it a highly influential forex trading hub in the Middle East and North Africa region. To help investors gain a more comprehensive understanding of the actual office conditions of forex brokers in the region, we traveled to the UAE for an on-site visit.

Process

This time, the survey team went to the UAE as planned to conduct an on-site visit to forex broker HYCM. According to public information, its office address is Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

A professional and experienced team, with a sense of mission to strictly safeguard investors, went to the UAE according to a well-planned schedule. They conducted an on-site verification of the broker HYCM, which claims to be located at Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

The team arrived smoothly at the Liberty House building, which is located in a cluster of ultra-luxury office buildings in downtown Dubai, surrounded by Dubai's core financial and business district with a strong commercial atmosphere. No company identification information related to HYCM was found outside the building; only a full panoramic view of the building was captured.

The team entered the building lobby, stated their purpose to the on-site staff, and after basic information registration, successfully obtained permission to enter the lobby. However, after browsing all public areas in the building lobby, they found that the office building did not have a complete company directory, and could not find any floor guidance information corresponding to HYCM.

Since no appointment had been made with the company in advance, and the building's security management was very strict, the team was unable to go to the target floor on Level 9 to confirm the specific location, nor could they enter the corresponding office area. Throughout the process, no obvious signage or security measures for HYCM's office area were found. They could neither photograph the front desk nor its LOGO, and the premises did not belong to a shared office.

The team inquired at the front desk about HYCM's office information, but the staff did not provide any more useful content. It was completely impossible to observe the company's internal environment or verify whether its claimed office location was true.

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

Conclusion

As planned, the team conducted an on-site visit to the foreign exchange broker HYCM in the UAE. At its publicly disclosed business address, the broker's company name was not found, indicating that the broker does not have a genuine business place. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

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