Ukraine War: Fortrade Shifts Belarus Offshore Operations to Mauritius
Update – 18 May 2022
According to an updated warning issued by BaFin, the ForTrade Group is not connected to the Invest365 broker scam. The case appears to involve identity theft rather than direct involvement. A detailed update report is available.
Background: Belarus, Russia, and Offshore Brokerage Activities
Belarus, a known ally of Vladimir Putin and Russia, hosts LLC Fort Securities BLR — one of the offshore brokerage entities within the Fortrade Group structure. This company is licensed by the National Bank of Belarus (NBRB) and was previously associated with the now-defunct FX Trade Premium scheme.
The UK Financial Conduct Authority (FCA) has already issued a warning regarding this illegal broker. In addition, BaFin has recently launched an investigation into the Belarusian entity and its involvement with the disappeared Invest365 platform.
Following the escalation of the Ukraine war, the Fortrade Group announced via email that it would relocate its Belarus-related operations to Fortrade Mauritius Ltd.
Key Data Overview
| Category | Details |
|---|---|
| Brand | Fortrade Group |
| Related Brands | Alpari, Forex Time, FXTM, ForTrade, GloryFT, TorexFX, FX Trade Premium, Invest365 (identity theft) |
| Related Domains | www.alpari.com, www.alpari.org, www.alpari-broker.ru, www.alpari.im, www.fxtm.com, www.fortrade.com, https://pro.fortrade.com, www.forextime.com, https://gloryft.com, www.torexfx.com, https://invest365.global (identity theft) |
| Legal Entities | Fortrade Cyprus Ltd (Cyprus), Fortrade Limited (UK), Fort Securities Israel Limited (Israel), Fort Securities Australia Pty. Ltd (Australia), ForTrade Canada Limited (Canada), Alpari Evrasia LLC (Belarus), Alpari Limited (SVG), FT Invest Ltd (Seychelles), Alpari Limited (Russia), FT Global Services Ltd, Exinity Ltd (Mauritius), Exinity UK Ltd (UK), LLC “Fort Securities BLR” |
| Jurisdictions | UK, Cyprus, Belarus, Russia, Israel, Seychelles, Mauritius, Canada |
| Regulators | FCA, CySEC, FSA Seychelles, FSC Mauritius, Bank of Russia, National Bank of Belarus |
| Warnings Issued By | CNMV, FCA, BaFin |
Transfer of Offshore Clients to Mauritius
Amid the geopolitical instability caused by the war in Ukraine, the CySEC- and FCA-regulated Fortrade Group informed its offshore clients about a structural change.
According to the notification:
“Due to the rapidly evolving situation in the region, we consider it necessary to transfer your account from LLC Fort Securities BLR, regulated by NBRB, to Fortrade Mauritius Ltd., regulated by FSC.”
Starting from March 2, 2022, the migration of client accounts from the Belarus-based entity to Fortrade Mauritius Ltd. began. The group claims that the Mauritius-based structure provides more favorable trading conditions, including higher leverage and improved margin terms.
Clients were also directed to review the updated Client Agreement of Fortrade Mauritius Ltd.
Regulatory Pressure and Disappearance of Invest365
Following the BaFin warning, the Fortrade Group removed the illegal Invest365 broker from operation. Despite this, offshore entities connected to the group continue targeting clients in the UK and across Europe.
This offshore onboarding strategy is commonly used by regulated broker groups such as Vantage, IC Markets, BDSwiss, and OctaFX. It allows them to route clients into less strictly regulated jurisdictions.
Investor Warning: Risks of Offshore Brokers
Using offshore brokers comes with significant risks:
- No access to investor compensation schemes
- No protection via official ombudsman services
- Limited regulatory oversight
- Increased exposure to potential fraud
Retail investors are strongly advised to avoid engaging with offshore broker entities, even if they are linked to regulated groups.
Conclusion
The relocation of Fortrade’s Belarus operations to Mauritius highlights a broader trend among brokerage groups seeking regulatory flexibility amid geopolitical uncertainty. While officially regulated entities remain in place, offshore structures continue to pose considerable risks to investors across Europe and beyond.
