Fortrade Loses Belarus License as Regulatory Pressure Mounts
Multi-asset brokerage Fortrade, headquartered in London, has reportedly lost its authorization in the Republic of Belarus, bringing to an end more than five years of regulated activity in the country. According to Finance Magnates, the withdrawal of the license was confirmed without detailed explanation. Previous reporting by Scam-Or Project indicated that Fortrade had already shifted parts of its Belarus-related operations to Mauritius following the Russian invasion of Ukraine.
Belarus Operations Terminated
Fortrade entered the Belarusian market through its local subsidiary LLC Fort Securities BLR, securing authorization in April 2018. Over time, the company expanded its footprint and, by 2020, positioned itself among the leading brokers in the country based on trading volume and open positions.
Despite this growth, the regulator’s decision to revoke the license appears abrupt, with no official clarification provided. This lack of transparency raises questions about the underlying reasons behind the move.
Even more notably, although the Belarusian register no longer lists Fortrade as an authorized operator, the broker’s international website continues to reference Belarus authorization as if it were still valid.
Global Presence and Financial Performance
Founded in 2013, Fortrade provides trading services in forex and contracts for differences (CFDs) across multiple jurisdictions. The group holds licenses and approvals in:
- United Kingdom
- Canada
- Australia
- Cyprus
- Mauritius
In its 2022 financial year, the company reported:
| Metric | Value |
|---|---|
| Revenue Growth | +14.1% |
| Total Revenue | £32.3 million |
| Profit Trend | Declining |
Regulatory Concerns and Warnings
In March 2023, Germany’s BaFin launched an investigation into the Belarusian entity and its alleged involvement with Invest365. According to Scam-Or Project findings, Fort Securities BLR was suspected of misleading investors by falsely claiming cooperation with BaFin in email communications.
Earlier investigations also highlighted potential compliance issues tied to Fortrade’s offshore operations, as well as connections to entities such as Alpari Group and the ForexTime (FXTM) Group, both active in the forex trading sector.
Fortrade: Key Facts and Structure
| Category | Details |
|---|---|
| Brand | Fortrade Group |
| Related Brands | Alpari, Forex Time, FXTM, ForTrade, GloryFT, TorexFX, FX Trade Premium, Invest365 (identity misuse) |
| 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, https://invest365.global |
| 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” |
| Jurisdictions | UK, Cyprus, Belarus, Russia, Israel, Seychelles, Mauritius, Canada |
| Authorizations | FCA, CySEC, FSA Seychelles, FSC Mauritius, Bank of Russia, National Bank of Belarus |
| Regulatory Warnings | CNMV, FCA, BaFin |
Share Information
If you have insights or information regarding Fortrade and its operations, you can confidentially submit details via the Scam-Or Project whistleblower section.
