Is FOREX trading legal in Russia?

Is FOREX trading legal in Russia? Yes, trading FOREX is legal in Russia. The broker must be reputable and regulated. There are no restrictions on this activity in the country.

The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.

What costs and commissions are associated with FOREX trading?

FOREX brokers charge any combination of commissions, spreads and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread. Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.

How important is good customer service in FOREX trading?

As high market availability is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support in your local language around the clock. Company representatives must be easy to reach, well-trained and knowledgeable enough to be of use in times of difficulty.

Is FOREX trading taxable in Russia?

Yes, the profits from FOREX trading are taxable in the country. It is up to the individual trader to make a filing with the Russian tax authorities, whether they have made a profit or a loss. It is always good advice to consult a tax expert.