The Belarusian National Bank announced it has given forex broker license reported it has given a license to STF Capital, owner of the offshore forex broker STForex.
With this, the number of licensed forex brokers in Belarus reaches 7, including the latest two additions STForex and Weltrade, which got its license in May and not counting Gerchik & Co., which forsook its license and exited the Belarusian market.
According to the legal requirements in Belarus, in order to gain the regulator’s approval the companymust have a capital of at least USD 100 000 and to make a contribution of no less than USD 55 000 to the guarantee fund of the National Forex Center.
Oddly enough, the latest two brokers to get a license – STForex and Weltrade, previously have had their websites blocked by the Belarusian Ministry of information for operating in the country without a license. It seems now they are in the regulators’ good books.
STForex (stforex.by – still under construction) is most likely the Belarusian branch of the offshore stforex.com, which apparently targets Russian clients and is being promoted by the the popular Russian TV personality Dmitriy Dribov.
It offers trading in around 40 forex pairs, gold, silver and CFDs on the popular MetaTrader 4 (MT4) platform.
The other forex brokers operating on the Belarusian market are: Alpari, OpenFX, FXClub, FTM Brokers and TeleTrade Bel.