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 GTCFX as planned according to its regulatory address that Office-2101, 335-Trade Center First, Dubai, UAE.

The investigators came to the Trade Center First in Dubai, the UAE for an on-site visit to the brokers office. Upon arriving at the building, the survey personnel discovered no signs of operation of GTCFX. According to the property management department, office 2101 was not occupied by the company.

The inspection team contacted the official customer service of GTCFX by phone and was told that they had relocated to the new office address, “Sheikh Zayed Road, Nassimah Tower, Office 22.” A. And then the team reached the Nassimah Tower on Sheikh Zayed Road in the core financial district of the city, and found the company in office 22, with its logo prominently displayed on the door.

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

Conclusion

The survey team went to Dubai in the UAE to visit forex broker GTCFX as scheduled, and found the company at the new address above. It denotes that the broker has a physical business office in Dubai. 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.