Purpose

The UAE foreign exchange market is an emerging forex market that has developed rapidly in recent years. With its superior geographical location, open financial policies, and advanced financial infrastructure, it has attracted the attention of many international financial institutions and investors. To help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the survey team went to the UAE for on-site visits.

Process

The verification team for this issue visited the forex broker FPGM in the UAE as planned, according to public information its office address is Level 41, Emirates Towers, Sheikh Zayed Road, Dubai, UAE.

A professional and experienced site inspection team, with a mission to strictly vet for investors, went to the UAE according to a meticulous plan. They conducted an on-site verification of the broker FPGM which claims to be located at Level 41, Emirates Towers, Sheikh Zayed Road, Dubai, UAE.

The site inspectors successfully arrived at Emirates Towers, located on Sheikh Zayed Road in downtown Dubai, with a bustling environment and strong commercial atmosphere, next to the landmark Museum of the Future. The inspectors took a photo of the building's directory, but the company floor listed on the directory did not match the floor claimed by FPGM.

The site inspectors entered the building lobby and explained their purpose to the security guard. After communication, they obtained permission to enter the building.

However, due to strict security, the site inspectors were unable to reach the target floor, the 41st floor, and thus could not confirm the specific location of FPGM. No company signage or related information of FPGM was found in the building, nor was its logo seen inside or outside the building. Since they could not reach the target floor, the inspectors could not enter the company's interior, could not take photos of the reception desk and its logo, and the office is not a shared office.

From the lobby, the site inspectors could not observe the company's internal environment because they could not enter at all. Overall, this site inspection failed to find an office area for FPGM that matches its claimed address, which does not conform to its claimed positioning.

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

Conclusion

The survey team visited the UAE as planned to inspect the forex dealer FPGM on-site. At its publicly displayed business address, the company name or other information of the dealer was not visible, indicating that the dealer does not have a genuine business premises. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

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