Purpose

The UAE foreign exchange market is a core offshore forex trading market in the Middle East that has developed over the past two decades. Relying on the policy advantages of the Dubai International Financial Centre (DIFC), it has brought together a large number of licensed financial institutions from around the world, serving as an important hub connecting forex business across Europe, Asia, and Africa. To help investors or practitioners gain a more comprehensive understanding of the actual office situations of forex dealers in the region, the survey team visited the UAE for an on-site inspection.

Process

This time the on-site inspection team traveled to the UAE as planned to visit forex broker Monecor in person. According to public information, its office address is Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

A professional and experienced on-site inspection team, with the mission of strictly vetting on behalf of investors, traveled to the UAE according to a carefully planned schedule. They conducted an on-site verification of broker Monecor, which claims to be located at Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

They successfully arrived at the Liberty House building, which is located at the core of an ultra-luxury office building cluster in downtown Dubai, surrounded by dense high-end commercial amenities and a strong business atmosphere.

During a full inspection of the exterior of the building, no company signage or related public information bearing Monecor was found.

They entered the lobby on the first floor of the building and stated the purpose of their visit to the security personnel. After registering visitor information and communicating, they successfully entered the public lobby area of the building.

Due to very strict security management, without a prior appointment, we were unable to obtain permission to go up to the target floor, the 9th floor, nor could we reach the exact location of the corresponding room 903, and throughout the process we were unable to enter the company's interior. What brings extra attention was the impossibility to capture the company's front desk and the front desk logo, and this office space does not belong to a shared office.

From the access control gate area in the lobby, there is no opportunity to reach the office area on the corresponding floor, nor to observe the company's internal environment, decoration style, or employee activities, making it completely impossible to confirm whether its internal environment matches its claimed business positioning.
Therefore, after on-site inspection, it is confirmed that the broker Monecor does not exist at the publicly marked address mentioned above.

Conclusion

The on-site inspectors visited the forex broker Monecor in the UAE as planned. However, at the business address publicly displayed by the broker, they could not find the 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 opinions are for reference only and should not be used as the basis for final selection.