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 provide investors with a more comprehensive understanding of the current status of forex brokers in the UAE, 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 HonorFX as planned according to its regulatory address that Dubai, United Arab Emirates (Representative Office)

API Tower Office No - 1604, 16th Floor Shk Zayed Road,

Dubai Outside Exit 2 of Trade Centre Metro Station.

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. However, there was no brand logo of HonorFX outside the building.

Upon arriving at the building for further investigation, the survey personnel did not spot a directory in the lobby, failing to discover any floor information related to HonorFX.

The inspection team took the elevator to the 16th floor of the API WORLD TOWER, and easily saw the eye-catching company logo of HonorFX and a directional sign.

Following the guide, the team successfully located the office 1604, and HonorFXs company name was prominently displayed on the door. Unfortunately, they failed to enter the office for a further visit. Thus, it was impossible to assess the actual operational scale and staff size of the company.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Dubai in the UAE to visit forex broker HonorFX as scheduled, and found the company at its regulatory address. It denotes that the broker has a physical business office at the aforementioned address. Meanwhile, investors are advised to make an informed 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.