Purpose

The UAE foreign exchange market is an emerging regional forex trading market that has gradually developed since the early 21st century. Leveraging Dubai's locational advantage as the Middle East's financial hub, it has in recent years attracted a large number of licensed and unlicensed forex dealers both domestically and internationally. The market as a whole is highly open and covers investors from multiple countries across West Asia and North Africa. However, it also features a mix of institutions of varying qualifications and uneven transparency in business information. To help forex investors gain a more comprehensive and accurate understanding of the actual office conditions of brokers operating in the region, we traveled to Dubai, UAE, for an on-site visit.

Process

The survey team for this issue went to the UAE as planned to conduct an on-site visit to forex broker NOVA MARKETS. According to public information, its office address is Sherina Plaza 3, First Floor, Ithra Street, Al Cornich, Dubai.

A professional and experienced on-site inspection team, with a sense of mission to strictly vet brokers for investors, traveled to Dubai, UAE according to a carefully planned schedule. They conducted an on-site verification of the broker NOVA MARKETS, which claimed to be located at Sherina Plaza 3, First Floor, Ithra Street, Al Cornich, Dubai.

The team successfully arrived at the target building, Sherina Plaza 3, which is located in the Al Cornich area of old Dubai. The surrounding area is a mature residential and living district, with a largely residential atmosphere and very limited commercial office presence.

No company signage or promotional information related to NOVA MARKETS was found outside the building. We took comprehensive panoramic photos of the building for record. On-site verification confirmed that this building is not a commercial office building, but a residential apartment building, which is completely inconsistent with the commercial office nature publicly marked by the broker.

When attempting to enter the building's lobby, we were directly stopped by security personnel, who stated that the apartment building does not allow visitor access. After multiple attempts at communication, we were never granted entry permission and were completely unable to enter the interior of the building.

Due to being unable to enter the building, we naturally could not reach the claimed first-floor office location, nor could we confirm the specific office position claimed by the broker. Throughout the entire process, no signage related to NOVA MARKETS was seen in any area inside or outside the building, and there was no corporate directory listing such as a company nameplate display in the building.

It is neither a shared office space, nor was there any opportunity to photograph the so-called company front desk or its logo, let alone enter the so-called company interior to inspect the office environment.

Therefore, after the on-site inspection, it was confirmed that the broker NOVA MARKETS does not exist at the publicly stated address above.

Conclusion

The onsite inspection team went to the UAE as planned to visit forex dealer NOVA MARKETS in person. At its publicly displayed business address, no relevant information such as the dealer's company name could be found. The building corresponding to this address is itself an apartment building rather than a commercial office building, indicating that the dealer does not have a real business premises. Investors are advised to make their choices cautiously after considering multiple sources of information.

Disclaimer

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