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Tag: GloryFT

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.

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.

Finally! German regulator investigates Fortrade Group and offshore broker!

BaFin tamir -
LLC "Fort Securities BLR" is the offshore broker operator of the Fortrade Group. It is registered and licensed in Belarus. It used to be the operating entity behind the now-vanished FX Trade Premium, against which the UK FCA issued a warning. BaFin has announced an investigation against this Belarusian entity and its Invest365. We have 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.

R4I – Connections between Alpari, Forex Time, and ForTrade!

Bank of Belarus tamir -
The Spanish regulator CNMV has recently issued an investor warning against the broker Alpari, operating illegally in Europe via the offshore entity Alpari Limited, registered in St. Vincent & The Grenadines. We uncovered Praxis Cashier as a facilitating payment processor. From the information available to FinTelegram, it seems that die Alpari Group is related to the Forex Time Group and the ForTrade Group. Both are brokers regulated by the UK FCA and the Cyprus CySEC.

R4I – Regulated brokers ForTrade and Alpari have joint interests

Central Bank of Russia tamir -
Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

Incorrect FCA warning against alleged clones of regulated ForTrade broker

CySEC Ben -
The UK 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.

FinTelegram is a cyberfinance intelligence and compliance platform investigating financial crime, regulatory violations, and the rails, entities, and ecosystems that facilitate them. Combining investigative journalism, whistleblower intelligence, and forensic compliance analysis, we map risk across payments, banking, crypto, and offshore structures to support transparency, accountability, and informed action.

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