Purpose

The UAE foreign exchange market is an emerging offshore forex trading market that has developed gradually over the past two decades. Leveraging Dubai's locational advantage as the Middle East's financial hub, it has attracted a large number of forex brokers serving the Gulf region as well as markets across Europe, Asia, and Africa. The industry is generally quite open, though some brokers have irregularities in the disclosure of their address information. To help investors and practitioners gain a more comprehensive understanding of forex brokers in the region, the on-site inspection team visited the UAE for field verification.

Process

This time, the field survey team traveled to the UAE as planned to conduct an on-site visit to forex broker BizzTrade. According to publicly available information, its office address is Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E.

A professional and experienced site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates according to a meticulous plan to conduct an on-site verification of the broker BizzTrade, which claims to be located at Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E.

After arriving smoothly at the target area, it was found that the location is a racecourse in a somewhat out-of-the-way part of Dubai, part of a large entertainment complex. The surrounding area lacks the dense commercial facilities of a conventional business district, and the overall environment is more oriented toward leisure, cultural tourism, and recreation, with none of the strong commercial atmosphere of a typical office building.

Throughout the exterior of the building, no company signage or corresponding information related to BizzTrade was found. The publicly marked address information was also incomplete, making it completely impossible to locate the specific office position claimed by the broker.

When attempting to enter the building lobby, security personnel on site clearly stated that the building is an ancillary operational venue for the Meydan Racecourse and is not open to the public for unrestricted entry. After communication, no entry permission was granted, and the team was unable to enter the interior of the building at any time.

Because entry permission to the building could not be obtained, there was no way to reach the target 6th floor, let alone confirm whether the office location claimed by the broker actually exists. Neither inside nor outside the building was any company nameplate for BizzTrade installed, and no signage bearing the company's name could be found,

It was also completely impossible to photograph the broker's front desk and its logo, and there was no shared office layout at this location.

Since it was impossible to enter the building at any point, there was no way to observe the so-called internal company environment. The overall nature of the site completely fails to match the business office positioning claimed by the broker.

Therefore, after the site inspection, it was confirmed that the broker BizzTrade does not exist at the above address.

Conclusion

The on-site inspectors visited the foreign exchange broker BizzTrade in the UAE as planned, but did not see the company name or other information of the broker at its publicly displayed business address, indicating that the broker does not have a real business location. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and should not be used as the basis for final decisions.