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.
Read the GloryFT reports here.
Complaint from ForTrade
In April 2022, the Fortrade‘s Law Firm, Michael Kyprianou Advocates, sent a letter to FinTelegram purporting that it would be defamation to claim that CySEC-regulated Fortrade Cyprus Ltd would be behind GloryFT or associate with it. Furthermore, there would be no relationship with Alpari. They threatened to take legal action.
In response, we submitted our evidence to support the findings in our report. We provided screenshots (see one right, for example) that, beyond any reasonable doubt, showed that GloryFT was an Introducing Broker for the Russian-speaking markets for GloryFT. After that, silence!
Complaint from Alpari
On May 6, 2022, the offshore broker Alpari Limited contacted us and, like ForTrade, insisted that they had nothing to do with GloryFT and no connections to ForTrade. They had only recently noticed that GloryFT was illegally using Alpari’s trademark and credentials. They would have contacted the owners, and consequently, the site would have been shut down.
Preliminary conclusion
First, the facts! According to the Internet Archive, GloryFT was online from 2018 to 2022. During these almost five years, GloryFT worked with the ForTrade and Alpari logo and stated Alpari Broker LLC, licensed by the Bank of Russia, was listed as the operator. Fortrade was specified as a partner. After registration, one was redirected directly to the website of Fortrade Cyprus, at least in 2021 and 2022. In these five years, Fortrade and Alpari do not want to have noticed GloryFT? Despite the reports of FinTelegram?
For several days the GloryFT website has been offline. Visitors are prompted with error code 404 (not found). In any case, there was deep integration between CySEC-regulated ForTrade and Russian GloryFT at the time of our reviews. This integration would not have been possible without ForTrade‘s involvement. We also never claimed that there was a relationship between Alpari Limited, registered in St. Vincent & The Grenadines and operating unauthorized in Europe, and GloryFT. But there was a relationship between GloryFT and Alpari, which the Central Bank of Russia licenses.
We appreciate the complaints of ForTrade and Alpari because their opinion is important to us. However, their statements do not coincide with our findings. In any case, we will make a new comprehensive report in the interest of fairness. Stay tuned for the update!
Share information
If you have any information about GloryFT, ForTrade, or Alpari and their activities, please share it with us through our whistleblower system, Whistle42.
