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. To provide investors with a more comprehensive understanding of the current status of UAE brokers, 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 Daman Markets as planned according to its regulatory address that Dubai world Trade Center, Sheikh Rashid Tower, 14 floor, 1401-Dubai.

The investigators came to the Dubai world Trade Center in Dubai, the UAE for an on-site visit to the broker‘s office, and located the Sheikh Rashid Tower, a modern commercial building with a well-maintained facade, in the heart of the city’s CBD. Additionally, the building enjoys convenient transportation.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby. Thus it was not feasible to determine the existence of Daman Markets. Subsequently, they took the elevator to the 14th floor, but did not discover the companys name or logo at suite 1401.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to the UAE to visit forex broker Daman Markets as scheduled, but did not find the company at its regulatory address. This indicates that it may just register at the address without a physical business office. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

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