Notorious CySEC-Regulated ForTrade Receives Temporary Order in Canada
The Investment Industry Regulatory Organization of Canada (IIROC) officially launched an investigation into the conduct of Fortrade Canada Limited in August 2021. Following a formal application submitted with notice on November 9, 2022, in Toronto, Ontario, an IIROC Hearing Panel issued a Temporary Order against the company.
Over the past two years, Scam-Or Project has repeatedly reported on the activities and regulatory concerns surrounding ForTrade.
ForTrade Canada: Key Restrictions Imposed
The Temporary Order introduces strict limitations on the operations of Fortrade Canada Limited. Most notably, the company is barred from acquiring new clients and from accepting additional funds from its existing customers.
Additionally, the firm is required to implement enhanced compliance and reporting procedures, including detailed monitoring of communications between its call center staff and clients.
Core Obligations Under the Temporary Order
The Hearing Panel outlined several binding requirements:
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No client solicitation:
Fortrade, including its agents, employees, and representatives, is prohibited from recommending securities trading or contacting individuals for promotional purposes. The firm must operate strictly under an “order execution only account” model. -
Ban on new accounts:
Opening new client accounts is not permitted under the order. -
Restrictions on deposits:
The company may not request or accept additional funds from existing clients, except in cases where clients must be notified about margin deficiencies. -
Mandatory call recordings:
Fortrade must submit monthly audio recordings of all client-related phone communications to IIROC Enforcement Staff within seven days after the end of each month. -
Communication monitoring audit trail:
The firm must also provide a detailed audit log of its communication monitoring processes, including: - Number of communications reviewed
- Date, time, and type of each interaction
- Names of both the representative and the client
- Any compliance actions or follow-ups triggered by the review
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Duration of the order:
The Temporary Order remains effective until the conclusion of the formal hearing or until further notice from the Hearing Panel.
ForTrade Key Data Overview
| Category | Details |
|---|---|
| Brand | Fortrade Group |
| Related Brands | Forex Time, FXTM, ForTrade, TorexFX, FX Trade Premium, Invest365 (identity theft), GloryFT (disputed), Alpari (disputed) |
| Related Domains | www.alpari.com, www.alpari.org, www.alpari-broker.ru, www.alpari.im (ForTrade denies Alpari connections), www.fxtm.com, www.fortrade.com, https://pro.fortrade.com, www.forextime.com, www.torexfx.com, https://invest365.global (identity theft), https://gloryft.com (disputed) |
| 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, Exinity Ltd (Mauritius), Exinity UK Ltd (UK), LLC “Fort Securities BLR” (Belarus), Alpari Limited (Russia), Alpari Limited (SVG), Alpari Evrasia LLC (Belarus), and others |
| Jurisdictions | UK, Cyprus, Belarus, Russia, Israel, Seychelles, Mauritius, Canada |
| Regulators | FCA, CySEC, FSA Seychelles, FSC Mauritius, Bank of Russia, National Bank of Belarus |
| Warnings / Investigations | CNMV, FCA, FCA, BaFin, IIROC |
Regulatory Context and Ongoing Scrutiny
The IIROC Temporary Order reflects growing regulatory pressure on multi-jurisdictional brokerage groups operating across different licensing regimes. The extensive reporting requirements and operational restrictions imposed on Fortrade Canada Limited highlight concerns related to client communication practices and compliance oversight.
Share Information
If you have relevant information regarding ForTrade, its operators, or associated activities, you can report it confidentially via the Scam-Or Project whistleblower section.
