Purpose

The UAE foreign exchange market is an emerging international forex trading market that has developed gradually over the past two decades. Leveraging Dubai's position as a global financial hub, it has attracted a large number of forex brokers from the Middle East, Europe, and Asia. Its regulatory system is gradually improving, and cross-border trading activity is extremely high, making it a core hub for forex business in the Middle East and North Africa region. To help investors and practitioners gain a more comprehensive understanding of forex dealers in the region, we traveled to the UAE for an on-site visit.

Process

This time, we traveled to the UAE as planned for an on-site inspection of forex broker DAMAN MARKETS. According to public information, its office address is Dubai World Trade Center, Suite 1401, P.O. Box 9436 Dubai, United Arab Emirates.

The professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates following a well-planned schedule. They conducted an on-site verification of the broker DAMAN MARKETS, which claimed to be located at the aforementioned address.

The team successfully arrived at the Dubai World Trade Centre building, located in the core area of downtown Dubai. It is a well-known ultra-luxury landmark exhibition hall, with complete surrounding commercial facilities and a strong high-end business and exhibition atmosphere. However, no company signs or public information related to DAMAN MARKETS were found outside the building.

We entered the first-floor lobby of the building, explained our purpose to the on-site staff, and after a simple information registration, successfully obtained permission to enter the lobby. In the complete floor directory displayed in the lobby, no relevant wording indicating DAMAN MARKETS was found. The company's LOGO did not appear anywhere inside or outside the building.

Because we were unable to verify the specific area corresponding to Suite 1401, and the security personnel could not provide the company's occupancy registration information, we were unable to reach the target location on the 14th floor. There was completely no way to confirm the company's actual location. We could neither enter the company's interior nor take photos of the corresponding front desk or its LOGO. The location is also not a shared office.

Due to access restrictions, we were unable to enter the corresponding office area, and throughout the entire process we could not observe the company's internal environment, nor could we verify whether its claimed office location was accurate.
Therefore, after on-site verification, it is confirmed that the broker DAMAN MARKETS does not exist at the publicly marked address mentioned above.

Conclusion

We visited the UAE as planned to conduct an on-site inspection of forex broker DAMAN MARKETS. However, at its publicly displayed business address, we could not see the broker's company name or related information, indicating that the broker does not have a real business premises. Investors should make their choice after comprehensive consideration.

Disclaimer

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