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Tag: Fortrade

Notorious Broker Fortrade Receives $2 Million Fine From CIRO!

CIRO tamir -
On February 21, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing under the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between CIRO and Fortrade Canada Limited (Fortrade). Fortrade is a CIRO-regulated order execution-only (OEO) firm and received a $2 million fine for engaging in practices that contravene the regulatory body's rules.

MTBankFX to Cease International Investment Operations Amidst Belarus’s Financial Turmoil

Retail Broker Ben -
In a move reflecting the volatile financial landscape of Belarus, MTBankFX, a prominent Belarusian retail broker, has declared the end of its international investment services, Finance Magnates reports. This decision, effective June 1, 2024, prompts clients to liquidate their positions by May 30, 2024, marking a strategic withdrawal from global markets due to escalating risks and regulatory challenges.

Breaking: Red-Listed Brokers ForexTime and FTXM Ceased Operation And Renounced CySEC License!

CySEC tamir -
The broker schemes Alpari and ForexTime (FXTM), founded by Russian entrepreneur Andrey Dashin, have been subject to recent developments, casting doubt on their regulatory standing. FinTelegram has placed these brokers on its Red Compliance List. In the meantime, ForexTime and FXTM have ceased operations and voluntarily surrendered their CySEC license. The Alpari situation seems to be unclear.

Fortrade Faces License Revocation in Belarus Amid Shifting Forex Landscape!

Offshore Broker tamir -
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. The regulatory registry in Belarus 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.

Notorious CySEC-Regulated ForTrade Received Temporary Order In Canada!

Compliance tamir -
The Investment Industry Regulatory Organization of Canada (IIROC) formally initiated the investigation into Fortrade Canada Limited's conduct in August 2021. Following an application made with a notice on November 9, 2022, in Toronto, Ontario, a Hearing Panel IIROC granted a temporary order in the matter of Fortrade Canada Limited. FinTelegram has been reporting about the ForTrade activities over the last two years! 

Attention! ForTrade Statement Regarding Invest365 Broker Scam!

BaFin Ben -
ForTrade is a broker brand operated by legal entities licensed by various recognized regulators such as the UK FCA, the Cypriot CySEC, or the Australian ASIC. In addition, the ForTrade Group runs offshore entities in Belarus and Mauritius, as FinTelegram has already outlined. BaFin issued a warning against Invest365 and LLC Fort Securities BLR in March 2022. On March 16, 2022, BaFin updated the warning after discussions with ForTrade and outlined that ForTrade Group would not involved in the Invest365 scam, but it would be a case of identity theft. Here is the update!

Urgent Warning! Do Not Fall For The ForTrades Clone

FCA Ben -
FinTelegram has reported several times about the FCA and CySEC regulated ForTrade Group. There is currently a discussion between FinTelegram and ForTrade if and to what extent the regulated investment firm may have been connected to, for example, the vanished Russian broker GloryFT. ForTrade claims to have no connection with it. However, it is certain that the broker scam ForTrades is just a clone using the ForTrade logo without reauthorization to trap clients. The FCA has issued a warning against this ForTrades clone.

Finally! The Russian GloryFT associated with Alpari and Fortrade vanished!

Bank of Russia Ben -
FinTelegram has reported the apparent cooperation between the two broker schemes, Alpari and Fortrade. In particular, we have drawn attention several times to the Russian site GloryFT which, according to the website, was operated by the CySEC-regulated Fortrade and the Russian-licensed Alpari. In our reviews, after registering with GloryFT, we were immediately redirected to the website of CySEC-regulated ForTrade Cyprus Ltd to complete the registration. We were greeted by an email from ForTrade. The website has now disappeared with a 404 error message.

Introducing the Serbian Fortrade partner KapitalRS

ASIC tamir -
Kapital RS Inc. a.d. d/b/a KapitalRS is a Serbian investment company regulated by the Securities Commission of the Republic of Serbia, authorized to provide investment advisory services. KapitalRS is not authorized to accept deposits, client deposits are made to an authorized broker. The company operates boiler rooms and provides technical support and marketing promotion to regulated Fortrade Group. It provides services related to the execution of orders, ie it manages the trading platform on which financial instruments are traded.

Warning against the fake regulator FSRS!

Fake Regulator tamir -
The UK FCA has issued a warning against the FTrade broker scam which acts as a clone of the FCA-regulated Fortrade Group. The FTrade website (https://fortrade.broker) states that it is regulated by the Financial Services Regulation Scheme (FSRS) with the number 9488487. The FSRS claims that it is an independent financial services organization that controls its registered members. The FSRS certificate would be a guarantee of integrity for the clients of its members. This is bullshit. FSRS is a fake built by scammers for scammers!

FCA warns against the Russian-Cyprus Trillion-Dollar broker network Alpari!

CNMV tamir -
Alpari is a Russian broker, or at least it has its roots there. It was founded in 1998 by Russian-born Andrey Dashin in Kazan, Russia. Allegedly, it has more than 2 million customers. According to the UK Companies House information, Dashin lives in Cyprus. He also operates the CySEC and FCA regulated broker ForexTime there. Both ForexTime and Alpari are operated through offshore brokers with a network of various legal entities. Also, in close cooperation with the CySEC and FCA regulated Fortrade. The UK FCA has now issued a warning against Alpari.

Ukraine War – Fortrade transfers Belarus offshore activities to Mauritius!

CySEC Ben -
LLC Fort Securities BLR is one of the offshore brokers of the Fortrade Group. It is licensed by the National Bank of Belarus (NBRB) and used to the now-vanished FX Trade Premium. The UK FCA issued a warning against this illegal broker (report here). Recently, the German BaFin has announced an investigation against this Belarusian entity, and its now-vanished Invest365. Amid the Russian invasion in the Ukraine ForTrade transfers its Belarus activities to Fortrade Mauritius Ltd, the group informed.

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