Purpose

The UAE foreign exchange market is an emerging forex market that has developed in recent years. With its advantageous geographical location, open financial policies, and developed infrastructure, it has become an important forex trading center in the Middle East. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, the field survey team visited the UAE for on-site inspections.

Process

This field inspection team went to the UAE as planned to conduct an on-site visit to forex broker QWEBank. According to publicly available information, its office address is "37 Floor (Parcel ID 346-6876), Ubora Tower, Business Bay, Dubai, UAE".

A professional and experienced site visit team, with a sense of mission to rigorously screen for investors, traveled to the UAE according to a meticulous plan. They conducted an on-site inspection of the broker QWEBank claiming to be located at the address.

The site visit personnel arrived smoothly at Ubora Tower, an ultra-luxury office building located in downtown Dubai. The surrounding area is bustling with a strong commercial atmosphere. However, no company signage or relevant information of QWEBank was found on the exterior of the building.

The site visit personnel entered the lobby of the building and stated their purpose to the security guard. After communication, although they were allowed to enter the lobby, they were informed that security within the office building is strict and that an appointment is required in advance to go upstairs.

Inside the building, no nameplate for QWEBank was seen, nor was the company's logo found. Due to lack of an appointment and incomplete nameplate information, the site visit personnel were unable to confirm whether the company actually exist, nor could they reach the target floor (37th floor) to verify the specific location, let alone enter the company premises. In addition, they were unable to photograph the front desk and its logo, and the office area was not a shared office.

Through the lobby, it was not possible to observe the internal office environment of the company. The overall situation does not match the positioning claimed by the broker.

Therefore, after the site visit, it is confirmed that the broker QWEBank does not exist at the above address.

Conclusion

The inspection team traveled to the UAE as planned to conduct an on-site visit to forex broker QWEBank. However, at its publicly displayed business address, they could not find the broker's company name or other identifying information, indicating that the broker does not have a genuine place of business. Investors are advised to consider this comprehensively before making a decision.

Disclaimer

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