Purpose

The UAE forex market is an emerging regional core foreign exchange market developed over the past two decades. Leveraging Dubai's advantageous position as an international financial port, it has attracted a large number of licensed and regionally operating forex brokers, serving as a major distribution hub for foreign exchange trading business in the Middle East and North Africa region. To help investors and practitioners gain a more comprehensive understanding of the forex brokers in this region, the visiting team traveled to the UAE for on-the-ground exploration.

Process

The visiting team for this edition went to the UAE as planned to conduct an on-site visit to forex broker JRFX. According to public information, its office address is 4413 DMCC Business Centre Level No 1 Jewellery & Gemplex 3 Dubai United Arab Emirates.

A professional and experienced inspection team, with the mission of strictly checking brokers for investors, proceeded to the United Arab Emirates according to a carefully planned itinerary. They conducted an on-site verification of the broker JRFX, which was claimed to be located at 4413 DMCC Business Centre Level No 1 Jewellery & Gemplex 3 Dubai United Arab Emirates.

After smoothly arriving at the target complex, the site is located in a park on a not-so-busy street at the edge of Dubai's business district. The complex is very large, with many buildings inside. The surrounding environment is clean and open, with a relatively calm commercial atmosphere. No company sign or related information for JRFX was found on the exterior of the building, and the inspection team took a full panoramic photo of the building.

The inspectors entered the building lobby and stated their purpose to the security guard. After a brief communication and registration, they were allowed to enter the lobby. However, when checking the floor directory board in the lobby, they found no company-related information marked for JRFX, and there was no LOGO of the broker inside the building either.

Because no appointment had been made in advance, the security guard explicitly told the inspectors that they were not allowed to go upstairs, so they could not reach the target floor to confirm the specific location, let alone enter the company's interior. Throughout the process, they had no opportunity to photograph the front desk or the front desk LOGO, and the address is not a shared office.

In the end, the inspectors were unable to access the company's internal areas and could not observe the internal environment at all. The overall situation entirely does not match the broker's claim of operating a business at this location.

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

Conclusion

The visiting personnel went to the UAE as planned to conduct an on-site visit to the forex broker JRFX. At its publicly displayed business address, they could not see the broker's company name or other information, indicating that the broker does not have a real business place. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

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