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 advanced financial infrastructure, it has gradually become an important forex trading center in the Middle East. To help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the on-site inspection team visited the UAE for a field visit.

Process

This time, the on-site inspection team went to the United Arab Emirates as planned to visit forex broker Velocity Trades. According to public information, its office address is LEVEL 23 - BOULEVARD PLAZA TOWER 2 EMAAR BOULEVARD, DUBAI - UAE.

A professional and experienced on-site inspection team, with a sense of mission to strictly check for investors, went to the UAE according to a meticulous plan. They conducted an on-site verification of the broker Velocity Trades claiming to be located at LEVEL 23 - BOULEVARD PLAZA TOWER 2 EMAAR BOULEVARD, DUBAI - UAE.

The inspection personnel successfully arrived at the target building, which is located in the center of Dubai, next to the Burj Khalifa and the Dubai Mall, and also connected to a metro station. The surrounding environment is very bustling with a strong business atmosphere. The building is a landmark building with very luxurious decoration, but no company logo or related information was found outside the building.

The inspection personnel entered the lobby of the building, and after explaining their purpose to the security guard, they obtained permission to enter. However, no company directory or company logo was found inside the building.

Since no company-related guidance was found inside the building, the inspection personnel could not reach the specific floor and confirm the exact location, and thus could not enter the company's interior. This office area is a shared office, and they were unable to take photos of the reception desk or the reception desk's logo. They could not observe the internal office environment through the glass door because they were not allowed to enter at all, so overall it was impossible to confirm whether the company actually exists.

Therefore, after the on-site inspection, it was confirmed that the broker Velocity Trades does not exist at the above address.

Conclusion

The site inspection team went to the UAE as planned to an on-site visit the forex dealer Velocity Trades. At its publicly displayed business address, the dealer's company name and other information were 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 opinions are for reference only and do not constitute a basis for final selection.