Reason for this visit

The UAE forex market is one of the largest ones in the Middle East. The Securities and Commodities Authority (SCA) is responsible for regulating the forex market. In recent years, the UAE government has relaxed restrictions on foreign ownership ratios to attract more foreign capital. The trading activity in the UAE forex market has increased, and the participation of foreign investors has gradually risen. With the continuous growth and diversification of the UAE economy, its capital markets are poised to embrace significant development opportunities. Overall, the UAE forex market is steadily moving towards a more mature and open direction. In an attempt to help investors gain a more comprehensive understanding of the current status of UAE brokers, WikiFX survey team determines to go to the country for on-site visit to local companies.

On-site visit

In this issue, the survey team went to Dubai in the UAE to visit forex broker Crib Markets as planned according to its regulatory address that Office No. 204 API World Tower, Near World Trade Centre Metro Station, Sheikh Zayed Road, Dubai, UAE.

The investigators came to the API World Tower on Shk Zayed Road in Dubai, the UAE for an on-site visit to the brokers office, and located a modern commercial building in the central business district of the city. With a well-maintained façade, the building was easily accessible due to its fabulous location.

Upon arriving at the building for further investigation, the survey personnel did not spot a directory in the lobby, failing to discover any information related to Crib Markets, including its floor number and brand logo.

The inspection team then found the office 204 of the API WORLD TOWER, and the office was empty, with no company logo present.

Through the on-site investigation, it is confirmed that Crib Markets does not have a physical presence at the place.

Conclusion

The survey team went to the UAE to visit forex broker Crib Markets as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the aforementioned location. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.