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 GoDo CM as planned according to its regulatory address that 702, Prime Tower, Burj Khalifa St. Dubai, UAE.

The investigators came to 702 Burj Khalifa Street in Dubai, the UAE for an on-site visit to the broker’s office, and located the Prime Tower, a modern commercial building with a well-maintained facade, at business bay. Additionally, the tower enjoys convenient transportation and exceptional surrounding environment.

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 GoDo CM.

The inspection team then took the elevator to the 7th floor, where they discovered the logo of GoDo Introduction Financial Services LLC at suite 702 through the glass door, with a large banner of the company at the reception. 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 the UAE to visit forex broker GoDo CM 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.