Purpose

The UAE foreign exchange market is an emerging international forex trading market that has developed rapidly over the past two decades. Leveraging Dubai's geographical advantage as the financial hub of the Middle East, it has attracted a large number of licensed and offshore-operating forex brokers. The qualifications of brokers in the region vary considerably, making it difficult for investors to distinguish between them. To help investors and practitioners gain a more comprehensive understanding of forex brokers in this region, the survey team conducted an on-site visit to the UAE.

Process

This time, the survey team went to the UAE as planned to visit the forex broker TRADEPRIME MARKETS LIMITED in person. According to public information, its office address is Office No. 8, AL DHAGAYA-3 Building, Deira, Dubai, UAE.

The professional and experienced on-site inspection team, carrying the mission of strictly vetting for investors, went to the UAE according to a well-planned itinerary. They conducted an on-site verification of broker TRADEPRIME MARKETS LIMITED, which claims to be located at Office No. 8, AL DHAGAYA-3 Building, Deira, Dubai, UAE.

The team successfully arrived at the target area indicated by the public address, which falls within the old market area of Dubai's old city. The streets are densely arranged, mostly consisting of old buildings and street-front shops engaged in local trade. However, the AL DHAGAYA-3 Building as indicated in the address was not found. Throughout the process, no panoramic view of the target building could be captured, and no signage related to the broker existed in the area.

As the team was unable to locate the target building, it could not enter the building's lobby, nor did it have the opportunity to register or communicate further with the building security or staff. It was completely impossible to obtain permission to enter the building.

Because the target building could not even be found, the team naturally could not reach the target floor, let alone locate the marked Office No. 8. Throughout the entire process, no signage related to TRADEPRIME MARKETS LIMITED's office area was found. There was no scenario involving security contact, and there was entirely no way to photograph the broker's front desk or its front desk LOGO. The premises also did not qualify as a shared office.

No accessible office space was found throughout the process, no internal company environment could be observed, and there was no office scene consistent with the business positioning claimed by the broker.

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

Conclusion

The on-site inspectors visited the forex broker TRADEPRIME MARKETS LIMITED in the UAE as planned. Within the publicly displayed business address range, they could not see any relevant information such as the broker's company name, indicating that the broker does not have a real business premises. Please make your choice after comprehensive consideration.

Disclaimer

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