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Re:

ASIC Flags Unauthorized Forex Firm Brighter Trade

Brighter Trade was identified as an unauthorised firm in 2018, with the FCA naming Ingoten OU and the AFM preserving the warning. The evidence supports a historical warning, not a new ASIC action or a court finding of fraud.
From TheFinanceBase Team6 min to read
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Brighter Trade was warned against as an unauthorised forex firm in 2018. Contemporary regulatory reporting placed the warning on ASIC’s alert activity in November 2018. The available record does not support describing this as a new ASIC action in 2026.

The business was also identified by the UK Financial Conduct Authority (FCA) as “Brighter Trade (trading name of Ingoten OU)”. The FCA published its warning on 22 October 2018, and the Dutch Authority for the Financial Markets (AFM) preserves a corresponding warning entry.

What the ASIC warning means

An ASIC warning about an unauthorised firm means the business was not licensed to provide the relevant financial services to Australian consumers. ASIC says firms on its Investor Alert List may be targeting Australians without holding a current ASIC licence and are not allowed to offer investments in Australia.

That is serious, but it is important to use the correct wording. Unauthorised or unlicensed does not automatically mean a court has found the firm guilty of fraud. The available regulatory material establishes a licensing warning, not a criminal conviction, civil fraud judgment or finding that the business stole client funds.

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ASIC also says its alert lists are not exhaustive. Names, websites and contact details can change after a warning is published. The absence of a name from a current search is therefore not proof that a firm is safe or authorised.

What regulators recorded about Brighter Trade

Regulator or source Record Date or status
ASIC Historical warning activity concerning Brighter Trade as an unauthorised provider Reported in November 2018
FCA Warning for “Brighter Trade (trading name of Ingoten OU)” 22 October 2018
AFM Preserved warning entry for “Brighter Trade t/a Ingoten OU,” linking to the FCA notice Entry dated 22 October 2018

The ASIC public warning-notices register currently does not display a Brighter Trade entry. That register should not be confused with ASIC’s Investor Alert List, which is a separate resource. The safest description is therefore that ASIC’s warning was historical, rather than claiming that ASIC has just added Brighter Trade to a current list.

The FCA warning identifies Brighter Trade as “trading name of Ingoten OU.” The AFM warning entry preserves a corresponding record.

Which company was behind the brand?

The primary regulator-sourced name is Ingoten OU. That is the spelling used in the FCA warning. Some secondary databases and articles use “Ingouten OU,” but that should be treated as a variant or apparent misspelling, not as an equally verified legal name.

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The FCA warning gave the firm’s claimed address as Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K367, 10119, Estonia. It listed brightertrade.com as the website and gave the telephone numbers 02 0 3695 5672 and 01 44 638 2070.

Some broker-review sites have associated the brand with other entities, including LOGAMET LTD in Saint Vincent and the Grenadines. That additional ownership claim is not stated in the FCA warning and should not be presented as an independently confirmed ASIC finding without a separate corporate-registry or regulator source.

What Brighter Trade was reported to offer

Contemporary reporting described the website as offering access to foreign exchange, stocks, indices and commodities. Those descriptions came from the firm’s own marketing or secondary coverage, rather than a regulator-verified product catalogue.

Other websites have repeated more specific claims about cryptocurrencies, the number of available instruments, leverage, minimum deposits and TraderSoft software. Those details should be treated as historical marketing or review claims—not verified current specifications. A website displaying a broad product range is not evidence that the operator has permission to provide those services.

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Why the lack of authorisation matters

For an Australian customer, the central issue is not simply whether a trading platform shows prices or accepts deposits. A regulated provider must hold the appropriate authorisation and meet obligations that can include conduct standards, disclosure, handling of client money and dispute arrangements.

In the UK, the FCA specifically stated that customers dealing with Brighter Trade would not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS) because the firm was unauthorised. Australian investors should likewise avoid assuming that ASIC, an Australian ombudsman scheme or a compensation arrangement will recover money sent to an unlicensed offshore provider.

Unauthorised firms may also use cloned websites, changing brand names, overseas payment accounts or replacement domains. A warning published years ago remains relevant if the same operators, contact details or trading claims reappear under a slightly different name.

How to check a forex firm before depositing

  1. Search ASIC’s registers. Use ASIC’s professional registers and confirm that the legal entity—not just the brand name—holds the appropriate Australian Financial Services Licence (AFSL).
  2. Match the details. Check the licence status, authorised products, website, phone number and legal entity. A genuine licence belonging to a different company does not authorise an unrelated website.
  3. Search warning lists. Check ASIC’s investment-scam alerts and warning resources, then search the relevant overseas regulator if the firm claims to be based abroad.
  4. Verify the payment recipient. A request to pay an unrelated company, personal bank account, cryptocurrency wallet or offshore payment processor is a major warning sign.
  5. Do not rely on platform access. Being able to open an account, see a balance or place a trade does not establish that the provider is regulated.
  6. Save evidence before acting. Keep the website address, emails, account statements, payment receipts, chat logs and withdrawal requests. These records matter if money has already been sent.

If you deposited money with Brighter Trade

Stop sending further payments, including supposed taxes, verification charges, withdrawal fees or “recovery” deposits. Contact your bank or card provider immediately using its official number and ask whether a payment recall, chargeback or fraud review is possible. Do not pay a third party that promises to recover the funds for an upfront fee.

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Report the matter to Scamwatch and provide the evidence to the relevant financial regulator or law-enforcement agency. If you shared passwords, change them anywhere they were reused and enable multi-factor authentication. If identity documents were supplied, take steps to protect against identity misuse.

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Claims that should not be repeated

Claim More accurate wording
“ASIC has just flagged Brighter Trade.” The available evidence places the ASIC warning in 2018; it should not be described as a new 2026 action.
“Brighter Trade was found guilty of being a scam.” Regulators warned that the firm was unauthorised. A separate court or enforcement finding would be needed to establish fraud.
“Ingouten OU” is the confirmed legal name. The FCA warning identifies the business as Ingoten OU. “Ingouten” appears in some secondary records as a variant.
Brighter Trade is currently shown on ASIC’s public warning-notices register. The current public warning-notices register does not display the firm; that register is separate from ASIC’s Investor Alert List.

FAQ

Is Brighter Trade authorised in Australia?

The available regulatory record does not show Brighter Trade as authorised to provide the relevant financial services to Australians. ASIC-related reporting describes the warning as historical, dating from 2018.

Was Brighter Trade proven to be a scam?

The verified notices establish that Brighter Trade was warned against as an unauthorised firm. They do not, by themselves, amount to a court finding that the business committed fraud or stole client money.

What company operated Brighter Trade?

The FCA identified the brand as “Brighter Trade (trading name of Ingoten OU).” Some secondary sources use “Ingouten OU,” but the FCA’s spelling is the authoritative one in the cited warning.

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Can I get compensation if I lost money?

Do not assume compensation is available. The FCA said its UK customers would not have access to the Financial Ombudsman Service or FSCS protection because the firm was unauthorised. Australian customers should contact their bank, card provider and the appropriate authorities as soon as possible.

Does the lack of a current ASIC warning mean the firm is safe?

No. ASIC says its alert lists are not exhaustive, and warning-list entries or contact details can change. A firm should be independently checked through ASIC’s licensing registers and the relevant overseas regulator.

The Bottom Line

Brighter Trade was associated with a historical 2018 warning concerning unauthorised financial services, and the FCA identified the business as operating under the name Ingoten OU. That record is enough to treat the brand and any related website or solicitation with extreme caution. It is not accurate to present the matter as a new ASIC action in 2026 or as a court-proven fraud finding. Before depositing with any forex provider, verify the exact legal entity, licence, website and payment destination through official registers.

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