TeleTrade becomes third broker to apply for forex license in Russia

TeleTrade becomes third broker to apply for forex license in Russia

Another forex broker, TeleTrade, has applied with the Russian central bank for forex trader license, the broker said on Wednesday. It has filed the required documents to obtain a license, becoming the third company to announce it has done so. Brokerage groups Finam Forex and Forex Club are the other two brokers wishing to be authorized in Russia.

Under the local regulations, the Russian central bank, which is in charge of the forex market regulation in the country, has to take a decision within 60 business days.

TeleTrade expects to obtain a license in the first quarter of 2016 and to start full-scale operations in complieance with the new regulations, its CEO, Andrei Rybin, was quoted as saying in a press release.

Earlier this year, Russia adopted regulatory amendments, which require forex brokers to obtain a license from the relevant authorities in the country in order to continue providing their services to local citizens after 1 January, 2016. In addition, brokers need to join a self-regulatory organization, consisting of at least 10 participants. Otherwise, they have to cease operations in the country as of the beginning of 2016.

The changes aim to increase transparency and to push questionable companies out of the market.

The new law came into force on 1 October, 2015 and has not been accepted positively by existing forex brokers, as they find it restricting and disagree with some of the definitions in it. They have even asked the central bank to rethink the deadline as it is too tight, making it impossible for brokers to meet the requirements under the new Russian forex law. They suggest the deadline should be extended by a year. The central bank has showed willingness to negotiate the regulation implementation, but the Russian finance ministry is more cautious in its stance.

TeleTrade holds a license issued by the Cyprus Securities and Exchange Commission (CySEC) and can provide its services to clients from all EU member states. It is a member of the Russian self-regulatory organization Centre for regulation in OTC Financial Instruments and Technologies (CRFIN).

The TeleTrade group has 200 offices in 30 countries. Its clients can trade forex, as well as contracts for difference (CFDs) on commodities, stocks, futures and currencies. In Russia it is among the leading forex brokers and even was recognized as the leading forex brand in the country for 2015.

Source: TeleTrade

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  1. What an irony that while European regulators like CySEC are giving Teletrade their licenses and permissions, The National Bank of Russia is taking it away from the company. Reminds me of the current scandal in international sports.
    Teletrade really used to be one of the three forex brokerages licensed to work in Russia, but the government pulled the license back and did so with other major brokerages. I have no doubt that it has something to do with corruption and unfair competition.

    1. Mitras Suwarnov

      That’s really rofl, but I even can explain why Russian Central Bank is doing so. Seems to be struggling against inflation and financial sector limits is the part of that programm. That’s sad that TeleTrade clients suffer from such plans and Russian economy (as the part of global economy) as well. I hope that this won’t affect Teletrade reputation, as broker is really good and, based on my own experience, I can prove that Teletrade is 100% reliable.

  2. Good to know that the broker is well recognized on the international market. I had several doubts about it and was hesitating between two candidates to be my personal choice of a broker, but I see now that I’ll stick to Teletrade most likely because of its trustworthy regulations.

  3. I’m interested in sync-trading. Can someone explain what’s the process of selecting the master and is there any info about masters to be guided by?

    1. Yes, just check Teletrade website, there is full info about masters, you can be guided by profitability level, risk level and you can see info not only for the whole time, but also for particular period. You can also always change your master, so there is no problem with this so..

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