Purpose

The UAE forex market is an emerging regional forex market that has developed over the past two decades. Leveraging Dubai's locational advantage as a Middle East financial hub, it has gathered a large number of forex brokers serving clients in the Middle East and North Africa region. The regulatory environment is open and inclusive, and industry activity has been rising year by year. To help investors or practitioners more comprehensively understand the forex brokers in the region, an on-site inspection team traveled to the UAE for field visits.

Process

In this issue, the on-site inspection team traveled to the United Arab Emirates as planned to conduct an on-site visit to forex broker COXIGO. According to publicly available information, its office address is Office No. MF- 099, Golden Eyes Business Center, Al Muteena Area, Deira, Dubai, UAE.

A professional and experienced site visit team, with a sense of mission to strictly safeguard investors, and in accordance with a well-thought-out plan, traveled to the UAE. They conducted an on-site verification of the broker COXIGO, which claims to be located at Office No. MF- 099, Golden Eyes Business Center, Al Muteena Area, Deira, Dubai, UAE.

They successfully arrived at the target building. The location is in Dubai's old town and is a relatively luxurious office building by local standards, with mature surrounding facilities, heavy foot traffic, and a strong commercial atmosphere.

No company signage or promotional information related to COXIGO was found outside the building; only a complete panoramic view of the building could be photographed.

They entered the first-floor lobby of the building and stated their purpose to the security guard. After registering information and communicating, they obtained permission to enter the lobby. The first floor has a complete floor directory, and the business center name marked on the directory is smart Eyes Business center. After verification via Google search, it was confirmed that this name is the golden Eyes Business center mentioned in public information. There is no company signage information related to COXIGO on any of the floor directories in the entire building.

Due to strict security, they could not go upstairs to the specific floor where the corresponding address is located, could not confirm whether the specific office location claimed by the broker actually exists, and could not enter the company's interior. No reception desk or reception desk LOGO was photographed throughout the process. On-site verification showed that the space corresponding to this address belongs to a shared office.

They could not enter the upper areas of the building, could not observe the internal environment of the corresponding office area, and could not confirm its internal decoration style or personnel activities. It was completely impossible to verify whether the business positioning publicly claimed by the broker is true.

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

Conclusion

On-site inspectors went to the UAE as planned to conduct an on-site visit to forex broker COXIGO. At its publicly displayed business address, they were unable to see the broker's company name and other information, indicating that the broker does not have a real business premises. Investors are advised to make a choice after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and should not be used as the final basis for selection.