Purpose

The UAE foreign exchange market is an emerging international offshore forex trading market developed over the past two decades. Relying on Dubai's advantageous position as a global financial hub, it has brought together a large number of licensed forex trading institutions, making it the core trading hub in the Middle East with the highest forex business activity and a relatively well-established compliance system. To help investors and practitioners gain a more comprehensive understanding of forex brokers in the region, we conducted an on-site visit to Dubai, UAE.

Process

This visit is planned to go to the UAE to conduct an on-site visit of forex broker Capital Sands. According to public information, its office address is Burjuman Business Tower 18th Floor, 1801 – Dubai – United Arab Emirates.

A professional and experienced inspection team, with the mission of strictly safeguarding investors, traveled to Dubai, UAE according to a meticulous plan. An on-site verification was conducted on the broker Capital Sands claiming to be located at this address.

The team arrived smoothly at the target building. Located in Dubai's luxury core area, it is an ultra-luxury office building surrounded by a bustling and vibrant environment with a strong commercial atmosphere. Right next to the office building is a connected large shopping mall, with complete living and business supporting facilities. No company signage or promotional information related to Capital Sands was found on the exterior of the building.

The inspectors entered the lobby on the first floor of the building, stated their purpose to the security guards and staff, and after simple registration and communication, successfully obtained permission to enter the lobby.

In the lobby, we checked the complete floor directory board provided in the office building. The board listed the names of all resident companies and their corresponding floor information. After reviewing all the content, we still did not find any information about Capital Sands, nor any indication that Unit 1801 on the 18th floor belonged to this broker.

Since there was no registration record of the company in the directory board information, we were unable to obtain access permission to the 18th floor. We could not reach the target floor, the 18th floor, to confirm the specific location, and we could not see any office area signage of the company. Throughout the process, we could not enter the company's premises, nor could we take photos of the front desk or its LOGO. The site does not belong to the category of shared office space.

Since we were unable to enter the corresponding floor and there was no verifiable public tenancy information, we could not see the company's internal environment, decoration style, or employee activities. There was no clue that could corroborate its normal business operations, which is completely inconsistent with the legitimate office positioning claimed by this broker.

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

Conclusion

The visiting personnel went to the UAE as planned to conduct an on-site visit to the forex dealer Capital Sands. At its publicly displayed business address, they could not see the dealer's company name or other related information, indicating that the dealer does not have a real place of business. Investors are advised to consider multiple sources of information and make prudent choices.

Disclaimer

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