FCA Flags Fake “Fortrade” Broker: How Clone Scams Target Forex & Copy Traders...from Followme

05 Dec 2025, 16:29 · Views 19,680

FCA Flags Fake “Fortrade” Broker: How Clone Scams Target Forex & Copy Traders

Regulator Warning: A New Fortrade Impersonator Surfaces
On 26 November 2025, the UK Financial Conduct Authority (FCA) issued an official warning about a clone broker impersonating Fortrade, a regulated multi jurisdictional brokerage. The scam outfit operates via domains such as fortradevip, pc.fortradevip, and pc.foutriaedus, and has been explicitly named by the FCA as a clone of an FCA authorised firm.
According to the FCA, this fake entity copies the branding, name and key details of Fortrade Limited (FRN: 609970) in an attempt to convince traders that it is the genuine broker. In reality, the clone is not authorised in the UK and anyone who deals with it forfeits regulatory protections such as the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS).

What Is a Clone Broker And Why Should Traders Care?

Clone brokers are not just shady platforms, they are outright frauds. A clone firm typically:

Steals the name, logo, address or license number of a legitimate regulated broker
Builds a look alike website or trading app
Contacts victims via cold calls, social media, or messaging apps
Encourages deposits into unprotected bank or crypto accounts

Fraudsters deliberately copy the details of authorised firms to convince people that their fake operation is genuine. For forex, CFD and copy trading communities, this is especially dangerous. Traders may assume they are connecting to a regulated broker via an EA, PAMM, MAM or social trading link, when in fact they are wiring money directly into a scam.

Inside the Fake Fortrade Case: Red Flags You Cannot Ignore

The Fortrade impersonator shows almost every classic clone broker red flag:

1. Misused brand and logo
2. Multiple suspicious domains
3. “0.0 spreads” as a marketing hook
4. False claims of UK, US and Seychelles regulation
The imposter falsely claims to be regulated in:
- The UK, even though it does not hold FCA authorisation.
- The US, by pointing to a Money Services Business registration with FinCEN. FinCEN is an anti money laundering and financial crime bureau, not a trading or forex broker regulator, and it does not grant brokerage licences or investor protection.
- Seychelles, by claiming a Seychelles Financial Services Authority licence. Public records do not show any Fortrade entity listed as a Securities Dealer under Seychelles regulation, which means the licence claim is not valid.

Why Clone Scams Are Especially Dangerous for Copy and Social Traders

You might follow a legitimate signal provider, but end up funding your account through a fake broker link that looks almost identical to the real one.
Scam platforms often promise heaven to attract high volume copy trading flows, then manipulate executions.
Once funds are deposited into an unregulated clone, there is usually no compensation scheme and no realistic path to recover the money.

In other words, it is not only your strategy that is at risk, it is the entire infrastructure you connect to when you trade, copy or provide signals.

Treat Every Broker Claim as Unverified Until You Prove It

Put simply, the fake Fortrade has no real regulatory oversight, despite its aggressive marketing and licence claims. This type of setup often ends in frozen withdrawals, sudden platform shutdowns, or complete loss of client funds.

As traders, the only safe approach is to assume that every broker is unverified until you prove otherwise. Use regulator registers, official domains and independent community feedback before you deposit.
A few minutes of due diligence can save you from months or years of financial and emotional stress.

Stay Safer and Better Informed

🔗Follow Followme today, stay alert to scam warnings and trade in a community that values transparency.

Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.

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