Purpose

The UAE foreign exchange market is an emerging regional core forex trading market developed over the past three decades. Leveraging Dubai's locational advantage as the financial hub of the Middle East, it brings together a large number of forex brokers and trading service institutions from around the world, covering cross-border trading needs across the entire Middle East and North Africa region. It is an important node connecting forex flows across Europe, Asia, and Africa. In order to help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the survey team went to the UAE for an on-site visit.

Process

This time the on-site inspection team went to the UAE as planned to visit forex broker Mirage. According to public information, its office address is Rawdat Al Wasel, Business Bay, Dubai, UAE.

The professional and experienced on-site inspection team, with a sense of mission to act as a strict gatekeeper for investors, traveled to the United Arab Emirates as planned to conduct an on-site verification of broker Mirage, which claims to be located at the Rawdat Al Wasel address.

The inspection personnel arrived smoothly at the target office building. Located in the core area of downtown Dubai, close to the metro station and highly accessible by transportation, it is a relatively small office building surrounded by a strong commercial atmosphere. No company signs or information related to Mirage were found outside the building, and the inspection team fully photographed and documented the building's panoramic view.

The inspection personnel entered the first-floor lobby of the building, stated their purpose to the staff, and after brief communication and registration, were granted access to the lobby.

They reviewed the complete corporate directory in the first-floor lobby. There was no registration information for Mirage on the directory. They then asked the front desk staff about the company's presence, and the front desk also stated that they had no knowledge of the company's existence at all. Moreover, the address publicly provided by the broker only covers the district and street, without specific floor information, so it was impossible to go to the corresponding floor for further verification of the exact location. Throughout the process, no office area of Mirage was found, and there were no visible company signs or security measures. It was impossible to enter the company's premises, nor could the front desk or its logo be photographed. The site is not fall a shared office.

Since valid floor information could not be obtained and there was no guidance from the corresponding company, the relevant personnel were unable to observe the company's internal environment through any office area entrance, and were completely not permitted to enter non-public areas within the building for inspection. This situation is entirely inconsistent with the broker's claim of having a legitimate business office at that address.
Therefore, after on-site verification, it is confirmed that the broker Mirage does not exist at the above address.

Conclusion

The on-site investigators visited the forex broker Mirage in the UAE as planned, but did not see the company name or other information of the broker at its publicly displayed business address, indicating that the broker does not have a real business location. Investors should make their decisions after comprehensive consideration.

Disclaimer

The above content and views are for reference only and do not serve as the basis for final decision.