Purpose

The UAE foreign exchange market is an emerging offshore forex trading market that has developed rapidly over the past two decades. Leveraging Dubai's geographical advantage as a financial hub in the Middle East, it has brought together a large number of global and regional forex dealers, serving as an important trading node connecting foreign exchange flows across Europe, Asia, and Africa. The qualifications of dealers in the region are uneven, making it difficult for investors to distinguish between them. In order to help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the site inspection team conducted an on-the-ground visit to the UAE.

Process

The on-site inspection team traveled to the UAE as planned to visit the forex broker XTB. According to public information, its office address is Unit 104, The Offices 5, One central, DWTC Dubai, United Arab Emirates.

A professional and experienced team, driven by a sense of mission to strictly vet on behalf of investors, traveled to the UAE according to a well-organized plan, to conduct an on-site verification of the broker XTB, which claims to be located at Unit 104, The Offices 5, One central, DWTC Dubai, United Arab Emirates.

The team arrived smoothly at the target office building. The location is situated within an ultra-luxury office building cluster in the heart of Dubai, surrounded by a core business district with a strong commercial atmosphere.

No company signage or exposed information related to XTB was found on the exterior of the building.

The team entered the building lobby and explained their purpose to the security guard on site. After a brief communication and registration, they were granted access to the lobby area.

While staying in the lobby for verification, the team found that the entire office building did not have a complete company directory displaying the tenants' information. Due to strict security and the lack of a pre-arranged visitation appointment with the tenant, the team could not pass through to the floor where 104 is located, nor could they confirm whether the specific location of this address belongs to XTB.

Throughout the entire process, there was no opportunity to photograph the front desk or the front desk logo. This location is also not a shared office.

Since they were not permitted to enter the office areas inside the building, the team had no opportunity to observe the internal environment of XTB, and was completely unable to determine its actual office status. This is entirely inconsistent with the broker's previously publicly claimed UAE office location information.

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

Conclusion

A field visit to the forex broker XTB revealed that the broker's company name and other relevant information were not visible at its publicly displayed business address, indicating that the broker does not maintain a real place of business. Investors should make their decision after comprehensive consideration.

Disclaimer

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