Purpose

The UAE foreign exchange market is an emerging international offshore forex trading market that has developed gradually over the past two decades. Leveraging Dubai's strategic advantage as a global financial hub, it brings together a large number of licensed and innovative forex trading institutions, serving as the core trading center for forex in the Middle East and North Africa region. To help investors gain a more comprehensive understanding of the actual operating conditions of forex dealers in this region, we traveled to the UAE to conduct on-the-ground research.

Process

This visit went to the UAE as planned to conduct an on-site inspection of forex broker NEXTGEN. According to public information, its office address is HDS BUSINESS CENTER Office No: 1008, 10th Floor M-Cluster JUMEIRAH LAKE TOWERS, DUBAI, UAE.

A professional and experienced inspection team, driven by a sense of mission to act as a strict gatekeeper for investors, traveled to the United Arab Emirates according to a carefully planned itinerary to conduct an on-site verification of the broker NEXTGEN, which claims to be located at the address stated above.

The inspection personnel arrived at the target building smoothly. Located in the core business district of Dubai, this is a well-known luxury office building with a strong commercial atmosphere in the surrounding area. No signage or identifying information related to NEXTGEN was found on the exterior of the building.

The inspection personnel entered the first-floor lobby of the building and stated their purpose to the staff. After completing information registration and communicating with the staff, they were granted permission to enter the lobby. Although the building has a complete floor-by-floor company directory, the name of NEXTGEN did not appear on the directory at all.

Because no appointment had been made with the company in advance and its registration information could not be found on the directory, the inspection personnel could not obtain access to the target area on the 10th floor, nor could they reach the specific floor to confirm the corresponding location. Throughout the entire process, no office area signage for the broker was found, and the front desk or its LOGO could not be photographed. The HDS Business Center marked at the address is a shared office, but no office-related traces of NEXTGEN were found.

As they were unable to enter the corresponding floor, the inspection personnel could not observe the company's internal environment at all, nor could they confirm its decoration style or employee activity. This is completely inconsistent with the company's claim that it has an independent office at this address.

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

Conclusion

The visiting team traveled to the UAE as planned to conduct an on-site visit to the forex broker NEXTGEN. At the broker's publicly disclosed business address, the company name and other identifying information could not be found, indicating that the broker does not have a genuine business location. Investors are advised to make their decision after comprehensive consideration.

Disclaimer

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