Bank of Russia denies license to InstaForex

Bank of Russia denies license to InstaForex

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Russia’s financial regulator, the Bank of Russia, announced it has decided to deny a license for a forex broker and professional participant on the securities market to the forex broker InstaForex, which is a brand of Fix Trade, registered in Russia in the city of Kaliningrad.

The c-bank does not give any further details about its decision, but the statistics shows that this is the fifth refusal in less than two months. In early June Alpari and Forex Club – the two largest forex brokers in Russia, in terms of trading volume and clients – did not get their license. Pretty much at the same time a third broker – Profit Broker also had its forex broker license application rejected by the Bank of Russia. Earlier in July the regulator did not give a license to a fourth broker – DilFin.

Three other companies are awaiting the decision of the c-bank: VTB24 Forex, Rodeler (owner of the binaries brokers 24Option, Grand Option and QuckOption and the forex broker 24FX) and Forex Club, which re-applied shortly after its first application was rejected.

Alfa-Bank, Russia’s largest privately owned bank said it was planning to set up a forex brokerage subsidiary and apply for a license.

Other three forex brokers have been granted forex licenses earlier this year – TeleTrade, TrustForex and Finam.

InstaForex is the sixth-largest forex broker in Russia in terms of 2015 trading volume and number of clients. It is part of the InstaForex Group, which operates in more than 800 countries. It offers trading in forex and CFDs. The maximum leverage is 1:1000. Trading is done on the MetaTrader 5 platform.

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