Purpose

The UAE foreign exchange market is a regional core forex trading market that has grown rapidly over the past two decades. Leveraging the policy strengths of the Dubai International Financial Centre (DIFC), it has attracted numerous licensed financial institutions from around the world, making it the most influential foreign exchange trading hub in the Middle East. To help investors gain a more comprehensive understanding of the actual operations of forex dealers in the region, the on-site inspection team conducted a field visit to the UAE.

Process

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

A professional and experienced on-site inspection team, driven by the mission of safeguarding investors, traveled to the UAE according to a well-planned schedule to conduct a field verification of the broker HycmCapitalMarkets claiming to be located at the aforementioned address.

The team successfully arrived at the Liberty House building, located in the core business district of downtown Dubai. It is one of the area's ultra-luxury office buildings, surrounded by high-end commercial and financial institutions. The overall environment is clean and high-end, with a very strong business atmosphere.

No company signage or related information pertaining to HycmCapitalMarkets was found outside the building.

They entered the first-floor lobby of the building and stated their purpose to the security guards and front desk staff. After identity registration and communication, they successfully obtained permission to enter the lobby.

Due to the very strict security management of the building, and because no prior appointment had been made with the company before the visit, the team was unable to obtain permission to go up to the target 9th floor. They could not reach the specific floor to confirm the corresponding location, nor could they enter the company's internal areas at all. Throughout the process, no obvious signage for HycmCapitalMarkets's office area was found. They could neither take photos of the front desk nor capture the corresponding front desk logo, and the premises did not belong to a shared office space.

Due to access restrictions, the team could not enter the internal areas or observe the company's internal office environment. The overall situation is completely inconsistent with its publicly claimed business positioning.

Therefore, the on-site inspection confirmed that the broker HycmCapitalMarkets does not exist at the publicly stated address above.

Conclusion

The on-site inspectors went to the UAE as planned to conduct a field visit to the forex broker HycmCapitalMarkets. At its publicly displayed business address, they did not see the company name or other identifying information of the broker, which indicates that the broker does not have a real business venue. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

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