Identity Theft in FX: FCA Flags New 'Clone' Broker Mimicking Fortrade

The UKs Financial Conduct Authority (FCA) has sounded the alarm regarding a sophisticated new scam targeting retail traders. In a warning issued on November 26, the regulator identified a fraudulent entity posing as the authorized broker target="_blank" kwlink="6384064000816950219725">target="_blank" kwlink="6384064001486563332415">Fortrade, attempting to dupe investors by hijacking the legitimate firm's brand and license details.

This tactic, known in the industry as a “clone firm,” involves fraudsters using the name, firm reference number (FRN), and address of a genuine, authorized company to convince victims that they are dealing with a lawful business.

Contents

01

The New Imposter: Fortradevip Exposed

02

Too Good to Be True

03

A History of Identity Theft

04

Use WikiFX to Avoid Clone Brokers

The New Imposter: Fortradevip Exposed

According to the FCAs latest data, the new imposter is operating primarily through the domain fortradevip.com.

While the genuine Fortrade Limited is fully authorized to operate in the UK (FRN: 609970), this clone entity has no association with the regulated firm. The scammers are utilizing a complex network of web addresses to facilitate their trades, including pc.fortradevip.cc and pc.foutriaedus.cc. They have also been contacting potential victims via the email support@fortradevip.cc.

Too Good to Be True

The clone firm appears to be using aggressive marketing tactics to lure in unsuspecting traders. Reports indicate the scammers are pitching “zero spreads” as a primary selling point—a common hook used by unregulated entities to promise unrealistic trading conditions.

Furthermore, the imposters have attempted to build a façade of global legitimacy by claiming false regulatory status. Investigations have revealed that the clone claims to hold licenses in the United States and the Seychelles. However, these claims crumble under scrutiny:

• They cite registration with the US Financial Crimes Enforcement Network (FinCEN), but FinCEN is an intelligence bureau, not a regulator that grants retail forex brokerage licenses.
• A cross-reference with the Seychelles Financial Services Authority (FSA) shows no record of a “Fortrade” entity registered as a Securities Dealer in that jurisdiction.

A History of Identity Theft

This is not the first time the Fortrade brand has been targeted by identity thieves. The FCAs recent warning serves as a reminder of a persistent threat pattern.

Back in May 2022, the regulator flagged a different iteration of this scam operating under the name “Fortrades Ltd”. At that time, fraudsters utilized the domain fortradesltd.com and even created YouTube content to promote their fake services.

The recurrence of these clones suggests that scammers view the Fortrade brand as a lucrative target, likely due to its established reputation, making it all the more vital for traders to be vigilant.

Use WikiFX to Avoid Clone Brokers

Distinguishing between a sophisticated clone and a legitimate broker is becoming increasingly difficult for the average investor. To navigate this risk, experts recommend utilizing WikiFX as a primary verification tool.

By simply searching for a broker's name on the WikiFX App, users can instantly access its comprehensive regulatory profile and confirm the authentic, official website URL. Before engaging with any platform, a quick cross-reference on WikiFX provides the definitive proof needed to avoid falling victim to identity theft scams.