Purpose

The UAE foreign exchange market is an emerging regional international forex trading market that has developed over the past two decades. Leveraging Dubai's strategic advantage as the Middle East's financial hub, it has brought together a large number of licensed and offshore forex dealers, and serves as a core forex services distribution center radiating to West Asia and North Africa. In order to help investors and practitioners gain a more comprehensive understanding of the actual office conditions of forex dealers in the region, the site inspection team went to Dubai, UAE to conduct an on-the-ground visit.

Process

In this edition, the on-site inspection team went to Dubai, UAE as planned to conduct a field visit to forex broker FINOWIZ. According to public information, its registered office address is Office 1105, the Prism Tower, 139, Al Mustaqbal Street, Business Bay, Dubai.

A professional and experienced on-site inspection team, driven by a sense of mission to strictly safeguard investors, traveled to Dubai, UAE according to a well-planned schedule to conduct an on-site verification of the broker FINOWIZ, which claims to be located at Office 1105, the Prism Tower, 139, Al Mustaqbal Street, Business Bay, Dubai.

The team arrived at the target building smoothly. The building is located in the core business district of central Dubai and is a well-known luxury office building in the area, with complete surrounding commercial facilities and a strong business atmosphere. It has a modern and imposing exterior, and this on-site inspection also fully photographed and recorded the building's panoramic view.

After entering the lobby on the first floor of the building, the team first found the building number sign at the entrance, confirming that the current building exactly matched the target building indicated in the public information.

The first floor of the building has a complete directory board of resident companies, and the names of all resident companies are correspondingly marked with their office numbers. The name of broker FINOWIZ also appeared on the internal directory on the first floor, forming a preliminary match with the publicly marked address information of Room 1105.

When attempting to go to the target 11th floor to confirm the specific location, the team found that the actual tenant of Room 1105 was another completely different company. No office area bearing any FINOWIZ identifier was found on site, nor were there any obvious related signs or security measures. After communicating with the on-site office staff, the team learned that FINOWIZ is no longer operating here. Therefore, it was impossible to enter the broker's internal office area, nor to photograph the corresponding reception desk and its LOGO. The premises are not a shared office.

Since the team could not enter the office area where FINOWIZ was originally located, it was unable to observe the company's internal office environment. The overall situation is completely inconsistent with its publicly claimed office positioning.

Therefore, after the on-site inspection, it was confirmed that broker FINOWIZ does not exist at the above-mentioned publicly marked address.

Conclusion

The field inspection team visited forex broker FINOWIZ in Dubai, UAE, as planned. At its publicly displayed business address, only the ground floor directory board listed the relevant name, but there was no trace of the company at the corresponding actual office location, indicating that the broker has no real business premises. Investors should make their decision after comprehensive consideration.

Disclaimer

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