Russia’s AFD, a self-regulatory FX industry organization based in the country, revealed that licensed FX brokers in the nation have increased the number of new traders by 5489 in Q2 of 2021. More than 16 000 new FX traders were added to Russian regulated brokers over the span of a year. There are currently more than 34 900 registered traders in Russia.
Demand is growing. The number of active traders on Russian FX platforms spiked to 6804 in Q2, which is significantly more than Q1’s 5608.
AFD also released impressive figures: the complete number of transactions by regulated local brokers between the months of April and June came in at 1 million, which is equal to a trade turnover of more than 2.119 trillion rubles.
However, due to a severely regulated market, most of the trading activities happen on foreign brokerages that have cross-border licenses. Earlier this year, the central bank of Russia blacklisted more than 1500 brokers, crypto exchanges, and binary traders from operating on Russian soil. This list includes names like Swissquote, FxOpen, and Interactive Brokers.
As of writing this, only three Russian brokers are allowed to legally operate in the country. These are VTB Forex, FINAM Forex, and Alfa-Forex. Most of Russia’s active traders prefer to use foreign brokers.