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

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
USA 5/5 $250 Click for a special offerWebsite
UK, Cyprus, Belize 4.94/5 $5 Click for a special offerWebsite
Australia 4.93/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite
Cyprus, SVG 4.8/5 $100 Click for a special offerWebsite

18 Comments

  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.

    1. Willi Metzger

      It is by such events that you can evaluate a brokerage company and talk about its prospects, because here you can see the development and desire to move forward. Well, this is very good, so I wish the company success and further development.

  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..

  4. Obtaining the CYSEC license is what really distinguishes a real broker from scam. Glad TeleTrade has done so and moved to the upper league on financial markets arene. I’m not that sure the russian bank license will matter the same. Russia is very unpredictable in legislation. Today it gives the license, tomorrow, takes it away for no reason. Anyway, the company is moving in a correct direction, which is a good no doubt.

    1. Russian authorization is needed for russian people. Globally CySEC is the guarantee that brokerage will be reliable. TeleTrade is regulated, that’s why I trust it.

  5. Are there any pitfalls in choosing the top-ranked systems for copytrading with TeleTrade?

    1. U mean – top-ranked traders? Yeah, they’re and I’ll explain you. Traders’ place in rank depends on the profitability. It’s obvious that scalpers and risk strategy traders have higher profitability, so they’re on the top of ranks. If you want to trade more safely – check traders with lower profitability.

  6. Brock Parikh

    I have been selecting a brokerage company for a long time, because for some reason I found the same information, the same services everywhere.
    And only then I saw a really beneficial bonus system for the clients, so the choice became obvious.

  7. TeleTrade is not just brokerage that will ‘throw’ you on market, brokerage offers complex solutions for traders, that include not only market access, but also many other things, including education and copy-trading. It has really one of the best educational programs that can help you to learn trading – starting from general free education, to advanced 1-to-1 courses with experienced traders.Also, don’t forget about sync-trading, it’s good way to earn if ou don’t know how trade for you own.

    1. I agree with you 100%. TeleTrade differs favorably from typical brokers, which only provide access to the market. It has the opposite side, as TeleTrade spreads are slightly higher than offered by other brokers. However, I’m ready to pay such spreads for that kind of service.

  8. Adalbert Reinhardt

    A friend of mine advised to try teletrade when I asked for ideas for passive investments. The friend trades here, but does not manage anybody’s funds. So what I want to find out is whether it is really possible to find professional trades here for copy trading. Should I simply choose the top performers or its a bit more complicated then that?

    1. Look, it’s a really effective way to make a passive income. And then you can really find an experienced trader to help you make money.
      A small recommendation – choose traders somewhere in the middle of the list. Because at the top of the rating are usually risky traders with large capital, it can be a little dangerous for you. But in the middle of the list are traders with quiet productive strategies.
      Good luck to you.

  9. I’m trading there for a 4 months, but now I don’t have enough time to trade there. I’m looking to try sync-trading but I don’t know how to choose the right master to copy. Can you give some advices?

    1. You need a skilled trader which is making consistent profit on financial markets. So, you should avoid those ones who are in the race for profit. They can be at the top of list. More efficient to scroll the rating and choose a trader which knows how to manage risks and increase capital investments gradually.

  10. Everything is clear on the independent work here.
    As far as synchronous trading is concerned, it seems to be interesting, but I’m not sure that I can let my money go like this…

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

FXCM, Gain Capital’s June 2016 retail trading volumes dive y/y

The latest monthly metrics reports of US forex