Purpose

The UAE foreign exchange market is an emerging forex market that has developed in recent years. With its advantageous geographical location, open financial policies, and advanced financial infrastructure, it has attracted the attention of numerous international financial institutions and investors. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, the due diligence team conducted an on-site visit to the UAE.

Process

The site inspection team planned to visit the forex broker FXGLOBAL in the UAE according to plan. According to public information, its office address is Gate Distric Precinct Building 3 Northlevel 2, DIFC, PO Box No.508615 Dubai, UAE.

A professional and experienced onsite verification team, with a sense of mission to strictly vet for investors, went to the United Arab Emirates according to a well-planned schedule. They conducted an on-site inspection of the broker FXGLOBAL, which claims to be located at Gate Distric Precinct Building 3 Northlevel 2 ,DIFC,PO Box No.508615 Dubai,UAE.

The onsite verification team arrived at the target building, which is located in the center of Dubai. It is a super luxury office building with a bustling surrounding environment and a strong commercial atmosphere. However, no company logo or related information of FXGLOBAL was found outside the building.

The onsite verification team entered the building lobby and explained their purpose to the security guard. After communication, although they were allowed to enter the lobby, they could not go upstairs because they did not have an appointment.

After arriving at the building lobby, the onsite verification team found that there was no directory listing for FXGLOBAL in the building, and the address did not include a specific unit number, making it impossible to confirm whether the company was actually present. Due to the lack of an appointment and the absence of a specific unit number, the verification team could not reach the specific floor and confirm the exact location, nor could they enter the company's premises. So they could not take photos of the reception area or the reception logo. The office is not a shared office.

Through the lobby, the verification team could not observe the internal environment of the company, and the overall situation could not be judged to determine whether it matches its claimed positioning.

Therefore, after the onsite verification, it was confirmed that the broker FXGLOBAL does not exist at the above address.

Conclusion

The field inspectors went to the United Arab Emirates as planned to conduct an on-site visit to forex broker FXGLOBAL. At its publicly displayed business address, they could not find the company's name or other identifying information, 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 opinions are for reference only and are not the basis for final selection.