Purpose

The UAE foreign exchange market is a core offshore forex market in the Middle East that has developed over the past two decades. Leveraging the policy dividends of the Dubai International Financial Centre (DIFC), it brings together a large number of licensed financial institutions from around the world and serves as a vital hub connecting foreign exchange businesses across Europe, Asia, and Africa. To help investors gain a more comprehensive understanding of the real operating conditions of forex dealers in the region, we conducted an on-site visit to Dubai, UAE.

Process

This visit went to the UAE as planned to conduct an on-site inspection of forex dealer HYCM-BOT. According to public information, its office address is Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

A professional and experienced inspection team, with a sense of mission to strictly safeguard investors, went to Dubai, UAE according to a well-thought-out plan. They conducted a field verification of the broker HYCM-BOT claiming to be located at the said address.

Smoothly arrived at Liberty House building, which is located in the ultra-luxury office building cluster area in downtown Dubai, surrounded by a very strong business atmosphere, and is a benchmark commercial building in Dubai's financial core area. No company signage or promotional information related to HYCM-BOT was found outside the building.

We entered the lobby on the ground floor of the building and stated our purpose to the security guards and staff on site. After registering our information and communicating with them, we were permitted to enter the lobby.

Due to the building's strict security and no prior appointment with the broker, we were unable to obtain permission to go upstairs, could not reach the target floor 9, and could not confirm the specific location of Tenancy 903. Throughout the process, no office area bearing any HYCM-BOT signage was found; neither the corresponding company directory information nor any obvious signage of the broker was seen. Throughout the process, we were unable to enter the company's interior, nor did we have the opportunity to photograph the front desk or the front desk LOGO. The premises is also not a shared office.

Because we were unable to obtain permission to go upstairs and could not obtain more relevant information from the lobby front desk, we were unable to observe the company's internal environment throughout the process, and could not confirm whether it matches its publicly claimed business positioning.

Therefore, after this on-site inspection, it was confirmed that the broker HYCM-BOT does not exist at the above publicly registered address.

Conclusion

We visited the foreign exchange dealer HYCM-BOT in the UAE according to plan. At its publicly displayed business address, we could not see the company name or other valid information of the dealer, indicating that the dealer does not have a real business premises. Please make a prudent choice after considering multiple sources of information.

Disclaimer

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