Purpose

The UAE forex market is a regional core foreign exchange trading market that has developed rapidly over the past two decades. Relying on Dubai's geographical advantage as a financial hub in the Middle East, it has attracted a large number of licensed and quasi-licensed forex brokers from around the world. The market is highly active, but there are also cases where some brokers' disclosed addresses do not match their actual places of operation. To help investors or practitioners better understand the real operating conditions of forex brokers in this region, the survey team went to the UAE for on-site visits.

Process

This time, the on-site inspection team went to the United Arab Emirates as planned to visit the forex broker Global FT Market, according to publicly available information, its office address is HDS Business Centre Tower Cluster M1, 33rd Floor - Dubai - United Arab Emirates.

A professional and experienced on-site inspection team, carrying the mission of strictly vetting on behalf of investors, traveled to the United Arab Emirates according to a carefully planned schedule to conduct a field inspection of the broker Global FT Market, which claims to be located at HDS Business Centre Tower Cluster M1, 33rd Floor.

Upon arriving at HDS Business Centre Tower without difficulty, the site was found to be in the heart of Dubai's core business district, surrounded by towering high-rise buildings, complete high-end business amenities, and a dense commercial atmosphere. After looking around the exterior of the building, no company signage or any related information for Global FT Market was found throughout the entire process; only a complete and clear panoramic view of the building was captured.

After entering the first-floor lobby of the building, we stated our purpose to the lobby staff, and after simple information registration, we were granted permission to enter the lobby. At the public directory board on the first floor, we checked all resident company listings one by one. The board indicated the names of companies located on each floor. After reviewing it from beginning to end, no company listing information related to Global FT Market was found. Whether outside or inside the building, no logo of the company appeared.

When attempting to proceed to the target 33rd floor, we found that access to that floor could only be unlocked with authorization from the corresponding resident company. We were unable to directly reach the target floor to confirm the specific location, and naturally could not find Global FT Market's office area. Throughout the process, no obvious company signage or dedicated office area was found. Since we had no prior appointment and no access authorization from the corresponding company, we were completely unable to enter the company's interior and could not photograph the front desk or its logo. Later, we learned from the lobby staff that some floors in the building offer shared office services, and the 33rd floor area publicized by Global FT Market falls exactly within the operating scope of the shared offices, belonging to the shared office business type.

Through the outer glass doors of the shared office, it was also impossible to observe an independent office area corresponding to Global FT Market. The public workstations and open areas in the shared space had no items bearing the company's logo, and no traces of employee activity belonging to the company could be seen. This completely fails to match the independent office business positioning previously claimed by this broker.

Therefore, after the on-site inspection, it was confirmed that the broker Global FT Market does not exist at the above-mentioned publicized address.

Conclusion

As planned, the field inspectors visited the forex broker Global FT Market in the UAE. At its publicly disclosed business address, they could not find the broker's company name or related information, indicating that the broker does not have a genuine independent 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 selection.