Purpose

The UAE foreign exchange market is an emerging regional core forex market that has gradually developed over the past two decades. Leveraging Dubai's locational advantage as the Middle East's financial hub, it attracts a large number of forex brokers serving clients in the Middle East and North Africa. The overall regulatory framework is progressively improving, and the industry is growing at a relatively fast pace. To help investors gain a more comprehensive understanding of the actual operating conditions of forex brokers in this region, we traveled to Dubai, UAE, for an on-site visit.

Process

This visit, as planned, travels to Dubai, UAE to conduct an on-site visit to forex broker PRISM CAPITAL. According to public information, its office address is Office No M 28, AbdulRazaq Ali Hassan AlZarouni (Alphamed Building), Beside Max Store, Hor Al Anz East, Dubai.

A professional and experienced inspection team, with a sense of mission to strictly safeguard investors, traveled to Dubai, UAE, according to careful planning, to conduct an on-site verification of the broker PRISM CAPITAL claimed to be located at the above address.

The inspectors successfully arrived at Alphamed Building, which is located in a relatively remote area of Dubai. The surrounding streets were not bustling, and the entire office building looked somewhat old from the outside. We captured a complete panoramic view of the building and found no company signage or promotional information related to PRISM CAPITAL on the exterior.

The inspectors successfully entered the building lobby. After stating their purpose to the on-site staff and a brief exchange, they obtained permission to view the directory information in the building's public areas.

In the public areas of the building, a complete floor-by-floor tenant directory was visible. After checking all tenant names on the directory one by one, no related sign for PRISM CAPITAL was found at all. The office corresponding to Office No M 28 as marked on the directory was vacant, with no information of any tenant. In the end, we were not able to reach the corresponding floor to confirm the target location, nor did we find the actual office area of PRISM CAPITAL. Throughout the entire process, we did not see the broker's LOGO anywhere inside or outside the building; there was no shared-office arrangement, and it was completely impossible to photograph the company's front desk or the front desk LOGO.

We attempted to further confirm the actual situation of Room M28, and found that the actual tenant at that address is a completely unrelated company. No area allowed outsiders to freely enter and view the internal office environment, making it entirely impossible to observe the internal office scene of PRISM CAPITAL.

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

Conclusion

The field visit team went to Dubai, UAE as planned to conduct an on-site visit to forex broker PRISM CAPITAL. At its publicly displayed business address, no information such as the broker's company name was found, indicating that the broker does not have a real business premises. Investors are advised to make their decisions after considering a variety of information.

Disclaimer

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