The broker schemes Alpari and FXMT, a/k/a ForexTime, were founded by the Russian Andrey Dashin. On his website, Dashin claims that Alparin has more than 2 million clients and a turnover of more than a trillion dollars. Alpari has received and lost licenses in Russia, Cyprus, and the UK since its inception. FXTM currently has a CIF license from CySEC in Cyprus and via Exinity UK Ltd from the UK FCA. Both schemes are operated by Dashin’s Exinity Group. We have placed both on our Red Compliance list.
Key data
| Trading name | Alpari FXTM a/k/a ForexTime Exinity |
| Domains | www.alpari.com www.alpari.org www.alpari-broker.ru https://www.forextime.com/eu (CySEC) www.forextime.com/uk (FCA) https://fxtmtrades.net https://www.fxtmpk.com https://exinity.com https://group.exinity.com |
| Legal entities | Alpari Broker LLC (ООО «Альпари-Брокер»), Russia Alpari Evrasia LLC, Belarus Alpari Limited, SVG Exinity Limited ( Alpari International), Mauritius Exinity Works Ltd, UK Exinity Services Ltd, Cyprus FT Invest Ltd, Seychelles FT Global Services Limited, Cyprus Sawor Services Limited, Cyprus Alpari (Comoros) Ltd, Island of Mohéli |
| Related individual | Andrey Dashin, Cyprus-Russia (website) (LinkedIn) Om Pravesh Kumar Lolljee Olga Rybalkina Lex Webster Robin Davies Nicholas Defteras Mukesh Kachroo Lulwa Jundi Saad Naja Alison Cashmore David Scott |
| Related brands | ForTrade (www.gloryFT.com) cooperated with Alpari |
| Jurisdictions | Russia, Belarus, Cyprus Seychelles, Mauritius, St. Vincent & The Grenadines |
| Regulators | CySEC, FCA, Central Bank of Russia, FSCA (South Africa), National Bank of Belarus, FSC Mauritius, Mwali International Services Authority |
| Compliance rating | Red |
| Warnings | CNMV 2020, CNMV 2021, FCA, SC Malaysia, RBI India |
The Alpari & FXTM Narrative
The Russian broker schemes Alpari and FXTM, a/k/a ForexTime, have existed for many years. The founder Andrey Dashin (pictured left), has an interesting history. Dashin moved his operations from Russia to Cyprus, where he operates the CySEC, UK FCA, and FSCA South Africa-regulated ForexTime d/b/a FXTM broker. Alpari and FXTM a/k/a ForexTime use Mauritius-registered Exinity Limited and the Cyprus-registered entities FT Global Services Limited and Exinity Services Ltd for their offshore operations and appear to share resources.
Today, Alpari International is a global financial brand that serves over 2 million customers from more than 150 countries. Alpari International has been regularly receiving prestigious national and international awards, and nowadays is recognized globally. The average annual turnover of the Alpari brand exceeds $1 trillion.
Andrey Dashin on his website
In 2022, FinTelegram exposed links to the ForTrade group, which operated the ForTrade broker in Russia together with Alparia Broker LLC with the domain www.gloryft.com. After FinTelegram reported about it, GloryFT was taken offline again (report here).
Compliance Check
It is unclear in this opaque group of Alpari, ForexTime, and ForTrade where one company ends and the other begins. There seems to be overlap and blurring. The regulators responsible are missing the big picture. Although they warn against specific activities and companies of this network, they fail to investigate the network. Most recently, the UK FCA warned against Alpari, and the German BaFin announced investigations against Fortrade.
Exinity Group operates its brokerage schemes Alpari and ForexTime a/k/a FXTM through various entities. Exinity UK Ltd holds an FCA license, ForexTime Ltd holds a CySEC license, and Exinity Limited is registered with the FSA in Mauritius. In addition, there is also a license in Belarus.
CySEC-regulated ForexTime Ltd d/b/a FXTM says on its website that it would not accept retail traders. They are referred to the FXTMtrades.net website, where the CySEC-regulated ForexTime Ltd is also listed as the operator, along with the Exinity Group. In our view, this is misleading retail traders and circumventing the regulatory requirements of ESMA, CySEC, and FCA.
Moreover, the offshore broker schemes do not have a functioning KYC. On the FXTMtrades platform, for example, only cryptocurrencies are accepted for deposits, but pre-KYC deposits in theoretically unlimited amounts can be made immediately after registration. Both brokers also offer retail traders maximum leverage of 1:2000 via their network construction, whereas most Western regulatory regimes only allow 1:30.
There are warnings against Alpari and FXTM from various financial regulators. In 2022, the Reserve Bank of India (RBI) issued warnings against both brokers and placed them on its Alert List. There are also warnings from the CNMV and the FCA. Some of these are then taken offline (apparently after intervention by the Exinity Group). We put both brokers on our Red Compliance list because of the warnings and the regulatory violations found.
Share information
We would gene to know more about Alpari, ForexTime, and Exinity Gropu and their operators. If you have any information, please let us know via our whistleblower system, Whistle42.
