Purpose

The UAE foreign exchange market is a newly emerging internationalized forex trading market developed over the past two decades. Relying on Dubai's advantageous position as the financial hub of the Middle East, it has gathered a large number of forex dealers from around the world, making it an important trading hub connecting forex businesses across Europe, Asia, and Africa. To help investors or practitioners better understand the forex dealers in this region, the on-site inspection team went to the UAE for field visits.

Process

This time, the on-site inspection team went to the UAE as planned to visit forex broker NEWFX. According to public information, its office address is Trade CentreTrade Centre 2 – Dubai – United Arab Emirates.

A professional and experienced site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates according to a well-planned itinerary to conduct an on-site verification of the broker NEWFX claiming to be located at Trade CentreTrade Centre 2 – Dubai – United Arab Emirates.

Upon arriving around the target location, the team first discovered that the public address provided by the broker had obvious missing information, with the address text containing repeated errors and incomplete wording. It could only be located to the area of an ultra-luxury landmark exhibition hall in downtown Dubai, and the specific office building could not be precisely determined. The area is situated in Dubai's core business district, with a prosperous environment and a strong commercial atmosphere.

However, throughout the process, the team was unable to capture a panoramic view of the corresponding building, nor did it find any company signs or information related to NEWFX on the exterior of any building in the area, and no clues pointed to the broker's specific office location.

When attempting to enter the lobbies of the relevant buildings in the target area, strict security controls prevented the team from obtaining entry permission. Throughout the process, the team could not enter the company lobby areas or check the building's internal company directory. Neither inside nor outside the building were any related LOGO signs of NEWFX found.

Because the team was unable to enter the building, nor obtain permission to access the floors, it was completely impossible to reach and confirm the specific floor claimed by the broker. Naturally, there was no possibility of entering the company's interior, and throughout the process there was no opportunity to photograph the front desk or its LOGO. The premises also do not fall within the category of a shared office.

Since the team was unable to enter the building throughout the process, no internal environment of the company could be observed at all. The entrances to relevant areas were all blocked by security personnel, and no information about the office environment, rooms, or number of workstations could be obtained. This is entirely inconsistent with the broker's claim of having an office in the area.

Therefore, after the site inspection, it was confirmed that the broker NEWFX does not exist at the above-mentioned publicly listed address.

Conclusion

The on-site inspection personnel visited the forex broker NEWFX in the UAE as planned. At its publicly displayed business address, they could not see the company name or other information of the broker, indicating that the broker does not have a real business premises. Investors should make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and are not the basis for final selection.