Purpose

The UAE foreign exchange market is a regional core forex trading market that has developed rapidly over the past two decades. Leveraging Dubai's advantageous position as the Middle East's financial hub, it has gathered a large number of forex brokers serving global investors, covering cross-border financial transaction needs across the Middle East, North Africa, and surrounding regions. To help investors or practitioners gain a more comprehensive understanding of the actual operating conditions of forex brokers in this region, the inspection team conducted an on-site visit to the UAE.

Process

In this episode, the on-site survey team went to the UAE as planned to visit forex broker ACFX, and according to public information, its office address is 21st Floor, Dubai Gold Souk/Old Baladiya Street.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates according to meticulous planning to conduct an on-site verification of the broker ACFX claimed to be located at this address.

After arriving at the target area, the inspectors found that the corresponding building could not be found in the area, which completely failed to match the 21-story commercial building mentioned in the public information. The surrounding area consisted of traditional market street-front shops and low-rise residential buildings, with no high-rise commercial buildings suitable for office use. Throughout the process, no company signs or directional information related to ACFX were found.

The inspectors attempted to enter nearby buildings in the area to inquire about relevant information, but were unable to obtain permission to enter the lobbies of the relevant commercial buildings. Moreover, they did not find any company nameplate bearing ACFX, and no ACFX brand LOGO appeared either inside or outside the buildings.

Since the target building at the corresponding address could not even be found, the inspectors were completely unable to reach the target floor, let alone confirm the broker's specific office location. Throughout the process, no obvious signs of the corresponding office area were found, nor was there any shared office setup. They were completely unable to photograph the reception desk or the reception desk LOGO, let alone enter the company to inspect the office environment.

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

Conclusion

The field inspectors went to the UAE as planned to conduct an on-site visit to the forex broker ACFX. At the broker's publicly displayed business address, they could not find any relevant information such as the company name, indicating that the broker does not have a real business location. Investors should make their choices after comprehensive consideration.

Disclaimer

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