Russian Forex Brokers

Overview of the Russian Foreign Exchange Market

Before, Forex market trading in Russia was considered only by a few. However, since 1990, the Forex trading has shown considerable growth as many Russians became more interested. maanta, those few traders have grown to thousands together with a good number of Russian Forex Brokers. Successful Russian brokers are not limited to the Russian market, but they also cover the international market. However, the continuing development in domestic trading is very visible. With Russia’s continuous economic development and its involvement in the world economy, the government decided to make way for its currency convertibility. The decision was made in order to transform the country into a real market economy. The value of the Ruble, however, became unstable and therefore landed in controlled floating rate.

In Russia, the United States Dollar plays an important role in Forex activities. However, the Russian Ruble remains an important currency because of development and changes of Russia’s Forex market trading which included the government’s ease of price control sometime in 1992. Conversion of the Russian Ruble into US Dollars and vice-versa was done by Russians who hold large reserves. This activity benefits those holding on to the currency during times of fluctuating currency rates.

A Brief History of Forex Trading in Russia

Earlier in Russia, Forex market trading was done through biddings. However, the government decided in 1989 to present more adjustable rates of exchange. In 1991, the Central Bank of Russia set up the first Russian currency exchange agency and in 1992 was named the Moscow Interbank Currency Exchange or MICEX. It is in the MICEX where Forex market trading is done since it’s set up. However, even with the set up of MICEX, the Central Bank of Russia still controls and regulates the Forex market trading activities. Licenses for Forex are issued by the Central Bank to banking and financial institutions, therefore also regulating the flow of foreign exchange in Russia.

Regulation of Forex Brokers in Russia

The creation of a healthy ground for investors is of utmost importance in Russia; therefore, the Forex industry is regulated by the government. The Federal Financial Markets Service or FFMS is the agency responsible for authoring the regulations involving the Russian Forex brokers. In 2008, FFMS drafted the regulations that are now in effect.

A company or person intending to get involved in Forex trading in Russia must secure a Forex trading license. Together with that are regulations carrying hard rules for their trading activities and provisions for the safety of their clients’ financial investments. Russian Forex Brokers were given until January 2016 to secure their licenses and the first brokers to have one have already been announced.

Steps in selecting the best Forex Brokers in Russia

In selecting your Forex brokers, it is important that a thorough research about the broker should be made first, and the most important are the availability of a valid broker’s license. Second, select from a group of brokers you think may be the best among your list. Last, ensure that the brokers can give the best Forex market trading services an investor needs.

As in every business, winning or losing is inevitable. Therefore, it is one’s decision to choose the broker he or she will deal with in the future.

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