Reason for this visit

The UAE forex market is one of the largest ones in the Middle East. The Securities and Commodities Authority (SCA) is responsible for regulating the forex market. In recent years, the UAE government has relaxed restrictions on foreign ownership ratios to attract more foreign capital. The trading activity in the UAE forex market has increased, and the participation of foreign investors has gradually risen. With the continuous growth and diversification of the UAE economy, its capital markets are poised to embrace significant development opportunities. Overall, the UAE forex market is steadily moving towards a more mature and open direction. In an attempt to provide investors with a more comprehensive understanding of the current status of forex brokers in the UAE, WikiFX survey team determines to go to the country for on-site visit to local companies.

On-site visit

In this issue, the survey team went to Dubai in the UAE to visit forex broker FTD as planned according to its regulatory address that Central Park Towers, Office 14-45 DIFC - Dubai.

The investigators came to Central Park Towers in Dubai International Financial Center (DIFC) of central Dubai, the UAE for an on-site visit to the broker’s office. As a prosperous financial and business center, DIFC boasts convenient transportation due to its close links to the prime traffic hubs such as Dubai International Airport.

Upon arrival at the building for further investigation, the survey personnel did not notice a directory in the lobby. Thus it was not feasible to determine the existence of FTD.

The inspection team then took the elevator to the 14th floor, where they discovered the floor directory in the corridor prominently indicating that suites 14-45 were occupied by FTD. Upon reaching the broker’s office, the company’s name was clearly visible at the door. However, people were not permitted to enter without an appointment in advance.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the place.

Conclusion

The survey team went to Dubai, the UAE to visit forex broker FTD as scheduled, and found the company’s office at its regulatory address. Meanwhile, investors are advised to make a judicious decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.