Forex Club, one of the leading forex brokers in Russia that only recently obtained its forex brokerage license from the Bank of Russia, on second try, has joined the local self-regulation organization (SRO) Association of forex dealers (AFD).
An SRO membership is one of the legal requirements for forex brokers operating in Russia.
AFD was established earlier this year and is currently the only forex broker association in Russia that has accreditation from the country’s Central Bank. The other forex brokers SRO in Russia – the National Association of the Forex Dealers (NAFD) (formerly known as CRFIN) is yet to be accredited.
With Forex Club, the total number of members of AFD grows to five. The other four are Finam Forex, TeleTrade, VTB24 Forex and TrustForex. All AFD members have obtained licenses from the Bank of Russia at various points this year.
Forex Club is a collective brand of several entities that provide trading in forex and CFDs on shares, metals, indices, and other instruments. The brokerage has clients in more than 120 countries, mainly within the Commonwealth of Independent States (CIS), or the former Soviet countries. Through its subsidiary Financial Company Forex Club, the group recently became one of the first entities to obtain a status as a registered forex broker in Belarus (the equivalent of obtaining an authorization).
Forex Club is the second largest forex broker in Russia (after Alpari) with an average monthly trading volume of $54 billion and 80,000 active client accounts in 2015, according to a report by Interfax-Center for Economic Analysis (Interfax-CEA).