Purpose

The UAE foreign exchange market is an emerging regional core forex market developed over the past two decades. Relying on the policy advantages of the Dubai International Financial Centre (DIFC), it has gathered many globally renowned licensed financial trading institutions and is a core hub for forex trading in the Middle East. To help investors or practitioners gain a more comprehensive understanding of forex dealers in the region, the inspection team went to the UAE for an on-site visit.

Process

This issue's field inspection team scheduled a visit to the UAE to conduct an on-site inspection of forex broker HYCM Capital Markets. According to public information, its office address is Tenancy 903, Level 9, Liberty House, DIFC, PO Box 506540, Dubai, UAE.

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

They arrived smoothly at the Liberty House building, situated in an ultra-luxury office building cluster in downtown Dubai. The surrounding area belongs to Dubai's core financial and business district, with a very strong commercial atmosphere.

No signage or any related information regarding HYCM Capital Markets was found outside the building.

The relevant personnel entered the first-floor lobby and explained their purpose to the security guards and staff. After brief communication and registration, they were granted access to the lobby area. However, the building did not have a complete company directory board, nor any signage related to HYCM Capital Markets,

The building's security is very strict. Because no appointment had been booked in advance, the staff clearly stated that visitors without appointments could not take the passenger elevator to the upper office areas. It was completely impossible to reach the target 9th floor to confirm the specific location, let alone enter the company's interior. There was also no possibility of photographing the front desk or the front desk LOGO, and the venue was not a shared office space.

From the lobby area, the office scene on the 9th floor could not be observed through any area. There was absolutely no way to learn about the company's internal office environment. The overall on-site situation did not match at all the dealer's claimed positioning of establishing a business venue there.

Therefore, after the on-site inspection, it is confirmed that the broker HYCM Capital Markets does not exist at the above address.

Conclusion

The on-site inspectors went to the UAE as planned to visit forex broker HYCM Capital Markets. At its publicly displayed business address, they could not see the company name or other information of the broker, indicating that the broker does not have a real business location. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

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