Purpose

The UAE forex market is an emerging offshore forex trading market that has gradually developed over the past two decades. Leveraging Dubai's locational advantage as a financial hub in the Middle East, it has gathered a large number of forex brokers serving the Gulf region and global emerging markets. The market is highly active, while there is also a situation in which some brokers' address information disclosure is not transparent. In order to help investors gain a more comprehensive understanding of the actual operating conditions of forex brokers in the region, the field inspection team traveled to the UAE for an on-site visit.

Process

In this issue, the on-site inspection team visited the United Arab Emirates as planned to conduct an on-site inspection of forex broker Above CAPITAL. According to publicly available information, its office address is Baniyas Road, Emirates Islamic Bank Building No 402, Deira, Dubai UAE.

A professional and experienced on-site inspection team, with a sense of mission to strictly safeguard investors, proceeded to the UAE according to a thorough plan. They conducted an on-site verification of the broker Above CAPITAL, which claims to be located at Baniyas Road, Emirates Islamic Bank Building No 402, Deira, Dubai UAE.

The team successfully arrived at the target building. The location is in the downtown area of old Dubai and is a local luxury office building. The surrounding area is a mature downtown business district with a very strong commercial atmosphere. The full view of the building is clearly verifiable, and no company identification information related to Above CAPITAL was found on the exterior.

The team successfully entered the first-floor lobby of the building. After stating their purpose to the staff and completing the routine visitor registration process, they obtained permission to enter the building's public areas.

On the first floor of the building, the team checked the complete floor directory board. The office location marked as No. 402 on the board was vacant, with no name signage related to Above CAPITAL. There was also no company directory listing for the broker in the building, and no Above CAPITAL logo signage was found inside or outside the building. Later, when attempting to go to the corresponding floor, due to access restrictions in the floor area, they could not reach the specific floor where No. 402 is located to confirm its location, nor did they find the company's office area. Throughout the process, no office location with obvious Above CAPITAL signage was found, and there was no shared office situation. There was no opportunity at all to photograph the company's reception desk or reception desk logo.

Because they could not enter the office area on the corresponding floor, the company's internal environment could not be viewed throughout the process, and the relevant area was inaccessible. The overall situation is completely inconsistent with the address information publicly disclosed by the broker.

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

Conclusion

Inspectors went to the UAE as planned to conduct an on-site visit to forex broker Above CAPITAL. At the publicly displayed business address, they were unable to see information such as the broker's company name, indicating that the broker does not have a genuine business premises. Investors are advised to make their choice after comprehensive consideration.

Disclaimer

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