Best forex brokers in Russia

Broker Country Rating Min. Deposit Website
UK, Cyprus, Australia4.98/5$5Click for a special offerWebsite
US4.95/5$50Click for a special offerWebsite
Australia4.90/5$100Click for a special offerWebsite
UK, Australia4.85/5$50Click for a special offerWebsite

Foreign exchange in Russia is overseen by the Central Bank of Russia which has the authority to issue special foreign exchange licenses to commercial banking institutions. The first regulations concerning online Forex trading were drafted in 2008 by the local financial activities regulator the Federal Financial Markets Service. The law came into effect and the first licensed Forex brokerages were announced in 2016. The Russian regulatory body enforces strict rules in order to provide transparency and avoid risk – an example is the newly-put limit on the maximum possible leverage a brokerage may offer – 1:50. Companies also have to secure a minimum capital of 100 million RUB (about $1.5 mln).

Due to such strict requirements only 8 companies in Russia are eligible for a forex trading license and most of the trading is done through foreign brokerages. Those registered and regulated by European authorities such as CySec and the UK’s FCA are the most sought after by clients due to their safety mechanisms and transparency.

Specifically forex trading in Russia is also regulated by an independent non-government organization founded in 2011 by a Russian broker with the intent of providing independent verification of the legitimacy of Forex brokers operating in Russia. It’s called the FMRRC and it is not affiliated in any way with the main authorities. It operates within an informal set of rules and regulations that are aimed to act as trust-creators between interested traders and firms in Russia.

It has the power to issue licenses and revoke them in cases where rules are broken and standards are not kept, however, it does not have any power to take legal action in case of fraud. It merely acts as an unbiased regulator which is not tied up with the government of the country. The website is very informative and is also available in English. It is a more or less a successful attempt at self-regulation by the Forex brokers in the country. Echoing the best regulators in Europe, the Financial Market Relations Regulation Center also offers clients fallen victim to scamming a financial mechanism by which at least part of their funds may be recovered.

However, traders should also take notice whether the brokerage has a license issued by the official authorities as well in order to best avoid unnecessary risks.

Interestingly enough, Russia is an example of an online market where credit/debit cards are not the widely preferred payment methods. In fact, Russian traders use mostly e-wallets with Yandex.money and QIWI being the most popular and online banking with Sberbank being the biggest bank with 40 millions of users.

 

Forex news from Russia

Russia’s KROUFR blacklists the EU Broker Age forex broker

KROUFR, the self-regulatory organization of the Russian forex brokers, has added the forex broker EU Broker Age to its black list and

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Russian forex broker Alpari adds mobile version of MT5 trading platform

Russian forex brokerage group Alpari said on Tuesday it has launched version of the MetaTrader 5 (MT5) trading platform for Android and iOS devices.

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Russia’s Alpari adopts MT5 trading platform, adds MT5 accounts and new binary options trading instruments

Russian forex brokerage group Alpari said it has added the MetaTrader 5 (MT5) trading platform to its offering and has launched new instruments for

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UK forex broker FxPro hikes margin rates on RUB pairs to 10%

Online forex broker FxPro UK, the UK branch of the FxPro Group, said on Friday it will increase margin requirement on Russian

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Russian forex broker CityTrade shuts down offices, website

Russian online forex broker CityTrade has temporarily closed its offices and its website, www.citytrade.ru, but both are expected to resume operations on

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Forex broker EQ Trades joins EDR Financial Commission

The Financial Commission, a Hong Kong-based external dispute resolution (EDR) organization, has included forex broker EQ Trades as an official member, the

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Finam becomes second company to enter Russian securities SRO NAUFOR register

Russian self-regulatory organization (SRO) National Association of Securities Market Participants (NAUFOR) said on Thursday it has included investment holding company Finam into

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Russian forex broker Alpari’s Dec trading volume grows to $92.1 bln

Russia-registered forex brokerage group Alpari said on Wednesday its trading volume amounted to $92.1 billion in December 2015, posting the highest results

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Russia-licensed forex broker Finam Forex clients grow in Dec 2015

Finam Forex, the first and so far only company with Russian forex broker license, said on Tuesday its clients had 145,024 registered

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Social trading network operator eToro adds 139 US, Russian, Chinese stocks for trade

Social trading and multi asset brokerage company eToro has expanded its product portfolio with 139 new stocks on the Chinese, Russian and

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Belize-licensed Weltrade becomes candidate member of Belarus’ ADFM

Forex broker Weltrade said on Friday it has become a candidate member of the Association for the Development of Financial Market (ADFM),

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Alpari Forex applies for Russian forex broker license

Forex brokerage group Alpari said on Wednesday it has applied, through its Russia-registered unit Alpari Forex, to obtain a forex broker license

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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

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Russia’s CRFIN says FX broker One Financial Brokers not a member

Russian self-regulatory organization Centre for regulation in OTC Financial Instruments and Technologies (CRFIN) said on Thursday it has not issued a membership

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Forex Club applies for forex broker license in Russia

Russian-based forex brokerage group Forex Club said on Tuesday it has applied to obtain license to operate as a forex dealer in

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Russia’s KROUFR adds forex broker Rinkost to black list

Russia’s commission for the regulation of relations on financial market, KROUFR, said it has included forex and binary options broker Rinkost, operating

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