Purpose

The UAE foreign exchange market is an emerging international forex trading market developed over the past two decades. Leveraging Dubai's strategic location as a financial hub in the Middle East, it has attracted a large number of forex brokers serving the Middle East and North Africa region. With a high degree of market openness and strong cross-border trading activity, it is the core hub for forex investment in the region. To help investors and practitioners gain a more comprehensive understanding of forex brokers in this region, the site inspection team visited the UAE for an on-the-ground investigation.

Process

This session's site inspection team traveled to the UAE as planned to conduct an on-site visit to forex dealer FinProMarket. According to publicly available information, its office address is FinProMarket L.L.C-FC Mathew's Hotel, 2nd Floor, Nad AI Sheba, Dubai UAE.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to the United Arab Emirates following careful planning. Based on the above information, the team conducted an on-site visit to broker FinProMarket.

Following the pre-marked address information, the team attempted to locate the FC Mathew's Hotel building in the Nad AI Sheba area of Dubai. Throughout the process, no corresponding building was found on the map, making it completely impossible to reach the marked target address, let alone confirm the specific location claimed by the broker.

Throughout the entire process, no corresponding target building or area was found. There were no relevant buildings in the vicinity matching the address description, no commercial premises matching the description, and no company signage or related information associated with FinProMarket was found at all. There was no corresponding company campus or valid street environment.

Since the building corresponding to the target address could never be located, there was no way to enter any relevant building lobby, no permission was obtained to enter any premises, the team had no contact with any staff of the target building throughout the process, and there was no way to check whether the company had a nameplate sign inside the building.

It was completely impossible to reach the specific floor corresponding to the target address, and naturally no office area of the broker existed. Throughout the process, no office location bearing the FinProMarket logo was found, and there was no security-related verification procedure. The team had no way to enter the so-called company premises, there was no photographable front desk or front desk LOGO, and the location was not a shared office either.

Because the physical building at the corresponding address was never found, there was no opportunity to observe the so-called company interior environment, nor was it possible to confirm whether the claimed business premises actually existed. The relevant situation was completely inconsistent with the business positioning disclosed by the broker.

Therefore, the on-site inspection confirmed that broker FinProMarket does not exist at the address disclosed above.

Conclusion

The field inspectors went to the UAE as planned to visit the forex broker FinProMarket on site, 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 decisions after comprehensive consideration.

Disclaimer

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