Do not invest more money than you can afford to lose.
Quite surprisingly, the Central Bank of Russia (CRB) shut down one of TeleTrade’s websites (teletrade.ru), online media Finance Magnets reported on Thursday. The Russian mega-regulator has blocked the website without any prior notice to TeleTrade, which is one of the eight companies that currently holds a forex broker license with the CRB.
Earlier this week the Bank of Russia has threatened to block the websites of unregulated forex brokers and has proposed certain law amendments in this regard. It is indeed authorized to block “harmful” financial sites with ceratin domain names that target Russian clients without being licensed, however that obviously is not the case with TeleTrade.
According to the Bank of Russia, teletrade.ru was a phishing site and that is why it needed to be shut down. The TeleTrade company, on the other hand, hopes that the Russian mega-regulator will soon start blocking the websites of overseas non-licensed brokers offering their services in the country in order to create healthy conditions for competition among licensed ones.
Commenting on the matter to Finance Magnates, Dmitrii Dragaylo, VP of TeleTrade, said: “We are flabbergasted by the central bank’s move and the way in which the regulator had shut down the website. We haven’t received any official documents from the Bank of Russia and we were wondering what is affecting the performance of the site.”
Nonetheless, Mr. Dragaylo said that the shutting of this website has not materially affected the company, as its main operational Russian website is teletrade-group.ru.
The TeleTrade brokerage group offers trading in forex and CFDs on commodities, stocks, futures and currencies. It is present in 26 countries worldwide. The broker’s customer base has recently reached 500K. It holds a license from the Central Bank of Russia (CBR) and is registered with the National Bank of the Republic of Belarus (NBRB), which is the equivalent of obtaining authorization there. Group companies are also regulated by the Cyprus Securities Exchange Commission (CySEC) and registered with the relevant authorities throughout the EU.