InstaForex obtains Russian forex broker license

InstaForex obtains Russian forex broker license

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Kaliningrad-based brokerage Fix Trade, which is the company behind the InstaForex brand, has received a forex dealer license from the Central Bank of Russia (CBR), according to data published on the regulator’s website on Thursday.

The license was granted on 9 March at a regular CBR meeting. The regulator provided no details.

Fix Trade was initially denied Russian license in July 2016. At the time, the broker said it would reapply.

As of the beginning of 2016, forex brokers based in Russia are required to obtain a license from the CBR in order to do business in the country. No such restrictions apply for foreign brokers and most market participants operate in the country via foreign branches.

The list of other forex brokers licensed in Russia consists of Alpari, Forex ClubFinam Forex, TeleTrade, TrustForex and VTB24 Forex.

InstaForex is a leading brokerage house with a strong presence in Russian-speaking countries and Asia. It is an electronic communication network (ECN) forex broker based in Russia and operational in more than 80 countries. It offers access to more than 100 forex currencies and 200 contracts for difference (CFDs) trading instruments, including futures, gold and stocks.

The CBR is Russia’s financial mega-regulator which oversees the banking and all other financial markets in the country.

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