FNG Exclusive… FNG has learned that London based Retail FX and CFDs broker Fortrade Limited has had a 12% decline in revenue during 2019, coming in at £15.5 million versus £17.7 million in 2018.

The London based, FCA regulated Fortrade still turned a modest profit of £147,000 in 2019, versus £362,000 the pervious year.

Fortrade was established in 2013, and received its FCA license the following year. Initially the company grew fairly rapidly, from £2.1 million in revenue in 2014 to £5.5 million for 2015 and £15.9 million in 2016, but its growth has stalled ever since. The company installed a new CEO at the beginning of 2020, former LMAX and CitiFX executive Chris Warburton.

In addition to the UK company, the Fortrade group operates licensed subsidiaries in Belarus, Australia, and Canada. The company has a back office operation in Israel, Fort Securities Israel Ltd. Fortrade also set up a subsidiary in Cyprus last year, Fortress Cyprus Ltd, and received a CySEC license in mid 2020 as part of its plan to prepare for Brexit and be able to serve EU clients with the end of EU-UK license passporting in 2021.

Fortrade is controlled by Liechtenstein based investment firm Audina Treuhand AG.