Purpose

The UAE foreign exchange market is an emerging forex market developed in recent years. With its advantageous geographical location, open financial policies, and advanced financial infrastructure, it has gradually become an important forex trading center in the Middle East. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, the survey team visited the UAE for an on-site inspection.

Process

This time, the survey team went to the UAE as planned to visit the forex broker Elgran Markets. According to public information, its office address is Prism Tower 9 Al Mustaqbal Street Business Bay Dubai.

A professional and experienced on-site inspection team, driven by the mission of strictly vetting for investors, arrived in the United Arab Emirates according to a well-planned schedule. They conducted a field verification at the address of broker Elgran Markets, which claimed to be located at Prism Tower 9 Al Mustaqbal Street Business Bay Dubai.

The inspectors arrived smoothly at Prism Tower, which is situated in downtown Dubai and is an ultra-luxury office building. The surrounding environment was bustling with a strong commercial atmosphere. However, no company sign or related information for Elgran Markets was found on the exterior of the building.

The inspectors entered the ground floor of the building and stated their purpose to the security guard or staff. After communication, they were granted entry permission.

All company directories are visible on the ground floor, but unfortunately, no relevant information about Elgran Markets was found on the directory. Since the company's information was not listed on the directory, the inspectors could not reach a specific floor or confirm its exact location, and therefore could not enter the company's interior. Furthermore, they could not take photos of the front desk or its logo, and the office is not a shared office.

It was also impossible to observe the inside of the company through the glass doors, as entry was not possible at all. The overall situation does not match the claim of having an office at this location.

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

Conclusion

The on-site inspection team went to the UAE as planned to conduct a field visit to the forex broker Elgran Markets. At its publicly displayed business address, the broker's company name and other information could not be seen, indicating that the broker does not have a real business location. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and are not intended as a basis for final selection.