Multi-asset broker Fortrade, headquartered in London, recently faced the revocation of its authorization in the Republic of Belarus, marking the end of a licensing period that lasted for five and a half years. Finance Magnates reported the withdrawal of Fortrade‘s authorization, with no details given. As reported by FinTelegram Fortrade, it transferred its Belarus business to Mauritius after the Russian invasion of Ukraine.
Belarus Entity Gone
Operating in Belarus through its locally formed subsidiary, LLC Fort Securities BLR, Fortrade gained local authorization in April 2018. Over the years, it became a market leader in 2020, achieving prominence in open positions and trading volumes. However, the reasons for the sudden revocation remain unclear, adding an element of mystery to the regulatory development.
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Despite the removal of Fortrade‘s operator name from the Belarusian register, the non-Belarusian version of the website continues to reference the authorization in Belarus as active.
Established in 2013, Fortrade operates globally, offering forex and contracts for differences (CFDs) trading services. The brand holds authorizations from regulators in the United Kingdom, Canada, Australia, Cyprus, and Mauritius. In the fiscal year 2022, the group reported a 14.1% increase in revenue to £32.3 million, accompanied by a decline in profits.
Warning Against Belarus Entity
In March 2023, the German BaFin announced an investigation against this Belarusian entity and its Invest365. FinTelegram has already exposed Fortrade’s non-compliant offshore broker activities and their connections to the Russian Alpari Group and the FCA– and CySEC-regulated ForexTime Group. The BaFin warning claims that Fort Securities BLR allegedly falsely pretended to cooperate with BaFin in e-mails to investors.
Fortrade Key Data
| Brand | Fortrade Group |
| Related brands | Alpari, Forex Time, FXTM, ForTrade, GloryFT, TorexFX, FX Trade Premium, |
| Related domains | www.alpari.com, www.alpari.org, www.alpari-broker.ru, www.fxtm.com, www.fortrade.com, https://pro.fortrade.com, www.forextime.com, https://gloryft.com, www.torexfx.com |
| Related legal entities | Fortrade Cyprus Ltd (Cyprus), Fortrade Limited (UK), Fort Securities Israel Limited (Israel), Fort Securities Australia Pty. Ltd (Australia), ForTrade Canada Limited (Canada), FT Invest Ltd (Seychelles), FT Global Services Ltd, LLC “Fort Securities BLR” and counting |
| Jurisdictions | UK, Cyprus, Belarus, Russia, Israel, Seychelles, Mauritius, Canada, |
| Authorizations | FCA, CySEC, FSA Seychelles, FSC Mauritius, |
| Warnings | CNMV, FCA, BaFin |
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