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 XChief as planned according to its regulatory address that Suit 32-10, ParkLane Tower, Business Bay, Dubai, UAE.

The investigators came to the Preatoni Tower in DMCC of Dubai, the UAE for an on-site visit to the brokers office, and located a modern commercial building in the area of Cluster L of JLT. With a well-maintained façade, the building was easily accessible due to its fabulous location. Additionally, there was a diverse range of facilities nearby.

Upon arriving at the building for further investigation, the survey personnel did not spot any information concerning XChief outside. Moreover, with no directory in the lobby, the team had to ask the property staff for the information of specific location of the company.

The inspection team took the elevator to the office 3210, with the company name and logo of XChief displayed on the door. Unfortunately, they failed to enter the office for an internal visit.

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 in the UAE to visit forex broker XChief as scheduled, and found the company at its regulatory address. It denotes that the broker has a physical business office at the aforementioned location. Meanwhile, investors are advised to make a sensible 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.