Several weeks after the first stage of Russia’s forex market standards and regulations came into effect, the first two of the eight regulated brokers – VTB24 Forex and Finam Forex – announced official launch of operations.
Finam Forex was the first local forex broker to obtain a license from the Bank of Russia, back in December 2015. It is part of the Finam Holding.
According to Finam’s statement, the first trade was made in the broker’s representative office in Moscow. Trading is done on the popular MetaTrader 4 (MT4) platform with a leverage of up to 1:40, a minimum deposit of $100 and fixed spreads starting from 1 pips on the EURUSD pair.
VTB24 Forex is part of the major Russian bank VTB24. The broker was established as a separate entity last spring and obtained its forex license from the Bank of Russia shortly after that.
The broker will be using the existing network of 700 offices of the parent bank to sign up clients. The minimum deposit is RUB 50 000 ($888 as per the exchange rate at the time of writing this article), the maximum leverage is 1:50 and trading is done on MetaTrader 5 (MT5). The average spreads are 3 pips.
Both Finam Forex and VTB24 Forex are members of the self-regulatory organization.
There are a total of eight properly licensed forex brokers in Russia – both local and international: Alpari, Finam Forex, Forex Club, InstaForex, Teletrade, TrustForex, VTB 24 and Promsvyazbank. The first stage of the forex standards were enacted earlier this month, almost e year and a half after the laws regulating the market and its players came into effect.