Incorrect FCA warning against alleged clones of regulated ForTrade broker

ForTrade broker with strange business approach
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The UK Financial Conduct Authority (FCA) issued an interesting and incorrect investor warning today. The UK regulator warns against the TorexFX, an allegedly unauthorized clone of the FCA and CySEC regulated broker ForTrade. The domains mentioned in the warning are https://torexfx.com, https://gloryft.com, and https://fxen.gloryft.com. The GloryFT domains are operated by the Russian Alpari Broker LLC and the FCA-regulated ForTrade Limited. Thus, the FCA has not recognized that an FCA-regulated entity conducts allegedly “unauthorized” activities.

TorexFX is offline, but the GloryFT domains are active, and the connected websites act as Introducing Broker (IB) for CySEC-regulated ForTrade Cyprus. The httpsx//gloryft.com website is operated by the licensed Russian Alpari Broker LLC, according to the information on the website. On the other hand, the website of the subdomain https://fxen.gloryft.com states FCA-regulated Fortrade Limited. Anyone who registers on either GlorytFT site is registered as a client on www.fortrade.com, redirected to the website www.fortrade.com, and receives a confirmation from ForTrade Cyprus Ltd. It’s a deep integration, which suggests that the regulated ForTrade Group controls all involved websites.

ForTrade partner Alpare is an offshore entity

The Russian entity Alpari Broker LLC operates the website with the top-level domain www.glorytft.com, which is available in Russian only and obviously addresses Russian-speaking consumers. According to its website www.alpari.com, Alpari is a shabby offshore entity registered on St. Vincent and the Grenadines and an illegally acting broker.

However, it is certain from our analysis that these websites are not unauthorized clones of the FCA or CySEC regulated brokers ForTrade, but are connected and/or controlled by them. Sorry, FCA, but that was not a correct warning. It would be best to ask Fortrade Limited why they work in a non-compliant way and try to attack consumers via non-approved websites.

We will take a more in-depth look at ForTrade Group and bring you a detailed report shortly.

CategoriesCySEC FCA

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