Purpose

The UAE foreign exchange market is an emerging international 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 regional forex trading service providers and serves as an important node connecting forex flows across Europe, Asia, and Africa. To help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the on-site inspection team went to the UAE for field visits.

Process

The on-site inspection team traveled to the UAE as planned to visit forex broker MPF FX. According to public information, its office address is Sherina Plaza 3, Unit 308, (Next to Gold Souq Metro Station Exit 2) Corniche Street, Deira Water Front Deira, Dubai, UAE.

The professional and experienced on-site inspection team, with a sense of mission to strictly vet on behalf of investors, travelled to the UAE according to a well-planned schedule. An on-site inspection was conducted on the broker MPF FX claimed to be located at Sherina Plaza 3, Unit 308, (Next to Gold Souq Metro Station Exit 2) Corniche Street, Deira Water Front Deira, Dubai, UAE.

Upon arriving smoothly at the target location, it could be seen that the building is located in the old city of Dubai, directly adjacent to Exit 2 of Gold Souq Metro Station, along Corniche Street. The overall area is a typical mixed residential and commercial district of the old city, with dense daily amenities and a commercial atmosphere oriented toward everyday retail.

No company signage or information related to MPF FX was found on the exterior of the building. The team also fully photographed and documented the building's panoramic view. After an on-site observation, it was confirmed that this building is not a business office building open to companies, but an apartment building.

When attempting to enter the building lobby, the team was stopped by security personnel, who stated that the building was a private residential apartment complex and that non-residents could not obtain entry permission. Throughout the process, they were unable to enter the company lobby.

Unable to enter the building, they found no company nameplate signs inside the building throughout the process, nor could they see any LOGO displays belonging to MPF FX. They could neither reach the indicated 3rd floor to confirm the specific location, nor was there any possibility of entering the company's interior.

This place does not fall under the shared office category, and throughout the process there was no opportunity to photograph the so-called company front desk or its LOGO, let alone to observe the company's internal office environment.

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

Conclusion

As planned, the on-site inspectors traveled to the UAE to visit forex broker MPF FX in person. At its publicly displayed business address, they could not see the company name or other information of the broker. The building at that address is itself an apartment building rather than a commercial office building, indicating that the broker does not have a real business premises. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

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