Purpose

The UAE foreign exchange market is an emerging forex market that has developed in recent years. Leveraging its advantageous geographical location, open financial policies, and developed economic system, it has become an important forex trading center in the Middle East. To help investors or practitioners gain a more comprehensive understanding of the region's forex brokers, the inspection team conducted an on-site visit to the UAE.

Process

In this issue, the on-site survey team traveled to the United Arab Emirates as planned to visit the forex broker Spiremarket. According to public information, its office address is Office No 1401, Al Moosa Tower - 2, Sheikh Zayed Road.

A professional and experienced site visit team, with a sense of mission to strictly vet for investors, went to the UAE according to a meticulous plan. They conducted an on-site verification of the broker Spiremarket claiming to be located at Office No 1401, Al Moosa Tower - 2, Sheikh Zayed Road.

The site visit personnel successfully arrived at the opposite building, which is a luxury office building located in downtown Dubai. The surrounding environment is bustling with a strong commercial atmosphere. Outside the building, they photographed the directory board, but the board had no information about the Spiremarket company.

The site visit personnel entered the lobby of the building and explained their purpose to the security guard. The security guard informed them that without an appointment, they could not go upstairs, and the site visit personnel were not granted entry permission.

Since they were unable to reach the target floor, the site visit personnel could not determine whether the Spiremarket office area had any obvious signage or security measures. They also could not enter the interior, nor photograph the reception desk and its logo. The office was not a shared office.

Through the lobby, the site visit personnel could not observe the company's internal environment, and the overall situation could not be judged as to whether it matched its claimed positioning.

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

Conclusion

The on-site inspection team visited the forex broker Spiremarket in the United Arab Emirates as planned. At its publicly displayed business address, they could not see the broker's company name or any related information, indicating that the broker does not have a genuine business location. Investors should 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.