Best FOREX Brokers in Russia for 2023
With the number of FOREX brokers always on the rise, FOREX trading firms are putting more focus on retaining their customers to protect their revenues and profitability. Customers are worried about the pitfalls of trading FOREX with the wrong broker. Because of this, they could sorely do with the guidance required to stay away from questionable brokerage firms. For this reason, we will be listing the best FOREX brokers in Russia today. This list is the result of a detailed review process carried out by Arincen. We will share our review methodology so traders can understand why we chose the companies we did.
Best FOREX Broker in Russia in 2023
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
FXDD |
$450 | USA | ||
ICM Capital |
500$ | United Arab Emirates | ||
XTB |
500$ | UK | ||
IG |
500$ | UK |
| Company name | FXDD |
| Regulations | |
| Minimum deposit | $450 |
| Main branch | USA |
| Company name | ICM Capital |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | United Arab Emirates |
| Company name | XTB |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
| Company name | IG |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
What is FOREX and Why Do We Need a Broker to Trade?
If you are just starting out, it will serve you to know that the FOREX market is the largest financial market in the world at some six trillion dollars daily, only followed by the credit market. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except international holidays. Brokerage firms play a key role in this regard by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in Web and mobile format.
How Do I Choose the Best FOREX Broker in Russia?
It is important to note that at the time of writing this listing, Russia is still engaged in an armed invasion of Ukraine, causing many of its firms to be ousted from the international financial system. If you are an investor with a Russian financial firm, you may find limited functionality at this time.
In peacetime, Russia's main trading partners include China and key European countries, like Germany, France and the Netherlands. Russia exports much of its agricultural and energy production and is a key global producer of essentials, like wheat and oil.
At the best of times, it is tricky to trade in Russia. The World Bank recently ranked the country 99th out of 198 countries in respect to open trading across borders. The country does not have a good reputation when it comes to resolving international disputes relating to broker insolvencies and protecting the rights of retail investors.
FOREX trading is growing in popularity in Russia. Traders can find brokers that provide access to not only FOREX, but cryptocurrencies, indices, commodities and exchange traded funds (ETF). With improvements in technology, Russia is seeing an increase in Internet coverage, no small feat for such a vast country. This means that brokers are finding a home in Russia and are profiting from the increase in trading interest from locals. That said, the country still retains a less-than-stellar reputation in terms of protecting investor interests, so new traders should choose their Russian broker with utmost care.
Best 11 FOREX Broker and Platform In Russia
FOREX Regulations in Russia
As we have mentioned, more Russians are taking up FOREX trading as a way to generate extra income. It is recommended that FOREX brokers are regulated by the Central Bank of Russia (CBR). However, this is not mandatory. The CBR was established in 1990 and is responsible for safeguarding the stability of the Russian ruble, guiding monetary policy and regulating the greater financial services industry.
The CBR conducts its relationships with brokers in a laissez-faire fashion. This is to say, it recommends certain best practices but does not mandate them. In 2019, the CBR conducted unspecified stress tests with eight of the biggest local brokers. Fortunately, every broker passed the test. The CBR said afterward that brokers can carry out their own stress tests but are not obliged to report results to the central bank, and the regulator had no immediate plans to change that.
The CBR always wants to see quality risk management and will impose mandatory risk controls if needed. It prides itself on offering a relationship with a broker that is consultative rather than punitive. It will not govern by regulation, only as a last resort. However, this approach has its detractors. Since 2015, some 632 brokers have lost licenses in Russia, mostly for violating financial laws. Several market participants have said the CBR needs to get tougher on non-compliant entities.
Notwithstanding local regulations, it is always important to check if your broker happens to be operational in other countries regulated by any tier-1 watchdogs. The Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySec) are but two premier regulators with which responsible brokers seek to be associated.
Commissions and Fees in Russia
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX broker. Good companies typically offer a EUR-USD spread of three basis points.
As for commissions, FOREX trading brokers can be placed in three categories. The first offer fixed spreads, while the second tender variable spreads and a third category of companies offers low-cost spreads but that come with a (relatively high) fixed commission.
Tradable Assets and Instruments
While it is not mandatory to be regulated by the CBR, it is a good idea for you to choose a Russian broker that is. This at least gives you some comfort that your funds are safe and secure because the CBR has the power to revoke broker licenses.
As a FOREX trader, check whether the Russian broker offers industry-standard trading platforms, like MT4. You should choose a broker that offers a demo account on which you can practice for an extended period of time. Russian brokers offer all the major asset classes, including cryptocurrencies, stocks, mutual funds, bonds, commodities and ETFs, in addition to FOREX.
Payments, Deposits and Withdrawals in Russia
When Russia was a full part of the international financial system, depositing funds into and withdrawing funds out of your Russian FOREX account was very easy. However, since the country’s attack on Ukraine, a handful of Russian banks have been removed from the international payment system, known as SWIFT. It is an ongoing situation that has resulted in broker withdrawals being heavily disrupted. With liquidity at record lows in the country at the time of writing, all the old rules around deposits and withdrawals from Russian brokers have had to be shelved.
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast and polite, which will, in turn, spare you of having to worry about problems down the road.
Technical Aspects of the Broker’s Website
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look for SSL certification and two-factor authentication (especially when registering with a new site).
To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed, where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX firms usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, whenever looking for a new FOREX broker, users must ensure its Website is fast, modern and user-friendly.
Trading Platforms, Tools and Features
All major trading platforms are supported by Russian brokers as the country has the technological infrastructure to accommodate even the most progressive, tech-enabled brokers. Industry trading platforms, like MT4 and MT5, are easily catered to by all local brokers.
These well-known platforms are supported in desktop and mobile form. Proprietary broker platforms are also catered to, as many of these can be accessed through Web browsers or a simple download. Traders can receive all the normal features like Electronic Advisor (EA) assistance, charting tools, indicators, electronic communications network (ECN) accounts, and educational data. At the present time, however, it is likely that many brokers will have had to start offering their services in rubles and not other major currencies, which are in short supply in the country.
Ask Other Traders on Our Network
Arincen has created a social network that drives a loyal following with its users. Traders use the social network extensively as the communal element of investing is an important part of modern online trading.
Traders like to feel as if they are part of a community. This is why you can visit Arincen’s Website and join groups of sophisticated followers whose knowledge and experience can guide you on your way to becoming a more successful trader.
Best Russia FOREX Brokers 2023
Take a look at our expert’s top 7 FOREX brokers in Russia for 2023
1. FXDD 92.15 - Best Overall Broker
2. ICM Capital 91.10 - Best Deposit and Withdrawal Broker
3. XTB 85.55 - Best Customer Service Broker
4. IG 85.45 - Best Regulations Broker plus Convenient Platform
5. Saxobank 80.09 - Excellent Private Trading Platform
6. CMC Markets 80.07 - More than 9,000 Assets
7. Think Markets 80.05 - Aimed at the Audience of Traders
FXDD Broker
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
| Broker Evaluation | 7.22 |
| Regulatory Bodies | |
| Minimum Deposit | $450 |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United States of America |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Established in 2002.
-
Segregated client funds.
-
Low minimum deposits.
-
No commissions on the Standard Account.
-
A choice of two account jurisdictions.
-
Multiple platform support and comprehensive market data and analysis.
-
A good range of currency pairs and other assets to trade.
Cons
-
Not available to traders in the US.
-
Relatively limited range of instruments.
-
EU-client leverage restricted to 1:30.
ICM capital Broker
CM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
| Broker Evaluation | 8.11 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Segregated client funds.
-
Regulated by the UK’s FCA.
-
Established in 2009.
-
More than 10,000 ICM Capital users and traders.
-
Reasonable minimum deposit from $500.
-
Decent funding options.
-
No swaps.
-
MetaTrader4 (MT4) desktop and mobile download.
Cons
-
Does not allow scalping.
-
Not ASIC-regulated.
-
Relatively limited range of instruments.
-
Slow live-chat service.
-
Relatively high trading fees.
-
Limited range of trading tools and resources
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 -Web Platform |
Pros
-
Long history of operation.
-
Globally recognized, having won multiple awards.
-
Some of the lowest FOREX spreads in the market.
-
Regulated by the FCA (UK).
-
Offers protection for client accounts.
-
Emphasis on customer service.
-
Excellent support, learning and research tools.
Cons
-
Does not accept US clients.
-
Non-FOREX spread costs are relatively high.
-
No GSLO.
-
No back-testing or automated trading capabilities.
-
Conditions vary according to regulation and entity.
ig markets Broker
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
| Broker Evaluation | 7.54 |
| Regulatory Bodies | |
| Minimum Deposit | 250$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Easy-to-navigate platform that is simple for beginners to master.
-
Margin rates are easy to understand and affordable.
-
Mobile and tablet platforms offer full functionality of the desktop version.
-
Accepts US clients.
-
Access to more than 100 currency pairs
-
Emphasis on education and research.
-
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
-
Offers protection for UK/EU client accounts.
Cons
-
US traders can currently only trade FOREX.
-
No GSLO for US-based traders.
-
No account protection for US clients.
-
Relatively high share-CFD fees.
-
No copy trading or back-testing integration on IG platform.
SAXO BANK Broker
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
| Broker Evaluation | 6.09 |
| Regulatory Bodies | |
| Minimum Deposit | 10000$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card |
| Main Branch | Copenhagen, Denmark |
| Customer Service | 24/5 |
| Demo account | No |
| Trading Platforms | SaxoTrader |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK) and other top regulators.
-
Great trading platform.
-
Among the industry’s best research.
-
Superior user interface.
-
Offers protection for client accounts.
Cons
-
High bond, options and futures fees.
-
Lack of emphasis on customer service.
-
Confusing instrument fee structures.
-
High minimum deposit.
-
Does not accept US clients.
-
No MT4.
-
Lacks live chat.
CMC MARKETS Broker
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
| Broker Evaluation | 7.07 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK).
-
Low FOREX fees.
-
Emphasis on education and customer service.
-
Great Web and mobile platforms.
-
Offers protection for client accounts.
-
Research amenities are industry leading.
Cons
-
Does not accept US clients.
-
Limited product portfolio.
-
High stock CFD fees.
-
High CFD spreads for certain indices.
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Differences between Next Generation and MT4.
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Complicated account verification.
-
No back-testing or automated trading capabilities.
think markets Broker
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
| Broker Evaluation | 8.05 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | Australia |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -Web platform-mt4- mt5 |
Pros
-
Beginner assistance offered through 24/6 channels.
-
Spreads are as low as 0.0 pips.
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24/7 expert customer service.
-
CFD shares and indices come at no extra fee.
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Zero broker fees for FOREX trading.
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Technical analysis and quality market information.
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Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
-
Direct share trading is on a separate platform.
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No binary options offered.
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Commissions charged for two account types.
-
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
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No US, Canada or Japan clients allowed.
Which FOREX broker has the best platform?
MetaTrader’s MT4 platform is a highly regarded third-party interface used by many FOREX traders across the world. Its features are well-recognized and are known by many. However, if you are interested in trying something different, you may consider a proprietary platform. In this instance, we recommend you try Saxo Bank for its advanced trading features and high-performance tools with in-depth market analysis.
Which FOREX broker charges the lowest fees?
Our findings reveal that FXDD’s ECN account offers unsurpassed low fees for entry level and experienced traders alike.
Which FOREX broker offers the most CFDs?
For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.
Which FOREX broker offers the most assets?
Based on our research, the FOREX brokers that deal in the most CFDs are CMC Markets and IG, both of which offer extensive CFD selections.
Which FOREX broker is best for professionals?
Professional traders can be hard to please. They have learned the ropes and know what they want. They do not settle for platforms that offer unresponsive execution times or limited functionality. They are also on the lookout for a platform that features in-depth market analysis that comes with insightful and advanced indicators. In this case, you should look to MT4, an industry staple that offers all of the above.
Trustworthiness and How to Verify Authorization
How to Check if Your Broker Is Trustworthy
At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government entities charged with regulating the sector. Their role is two-fold:
- Observing and regulating the work environment in the FOREX market; and
- Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
- The FCA, UK;
- The Swiss Financial Market Supervisory Authority (FINMA);
- The Australian Securities and Investments Commission (ASIC);
- The Financial Markets Authority, New Zealand; and
- The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the strictest. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.
How to Verify that Your Broker Has Authorization
To check if a FOREX broker is regulated by CBR, you simply need to find the CBR registration number on the broker's homepage. From there, you can look up the licensing number on the financial register available on the CBR’s Website to confirm if the broker is currently licensed in Russia.
In this introduction, we looked at the best Russian FOREX brokers.. We began by identifying the best Russian FOREX brokers, listing, and ranking them by their Arincen trustscore. We then briefly described the regulatory environment governing these companies (more on this later on in the article). Finally, we advised readers how they should go about ensuring that the broker they are looking into is licensed by a tier-1 regulator, such as the UK’s FCA, and, therefore, deemed trustworthy.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
- The FOREX brokerage firm cannot recommend a buy or sell;
- The FOREX brokerage firm must not provide price or market expectations (rise/fall);
- The FOREX firm cannot control your financial dealings (deposit/withdrawal);
- The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
- The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from beforehand;
- The brokerage firm must not use bank accounts not under its name; and
- FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert Website like Arincen, something we will delve into toward the end of this article.
FOREX Trading Scams and How to Avoid Them
The CBR is always on the lookout for scam activity, but its safeguards are considered by many to be retrospective and slow-moving. Unlike tier-1 regulators, the CBR issues guidelines and best practices and only after brokers have transgressed does the CBR act. This means that scams can proliferate within Russian brokers themselves and only be stopped after much collateral damage has taken place.
That said, the CBR continues to try to improve confidence in an industry dogged by bad loans and complex cross-shareholdings. The Russian central bank has successfully closed the operations of hundreds of banks and brokers for breaking a plethora of laws. Some argue that closing transgressors after the fact is a clear sign that the regulation is not working optimally.
Will Your Money Be Protected if Your Broker Becomes Insolvent?
The CBR does not mandate investor fund protection for Russian brokers. Under the current financial conditions in the country, it is doubly hard to recover your money if a broker goes insolvent or takes your money through a scam. Traders are advised to be very selective over which broker with which they choose to work.
What Tools and Platforms Should FOREX Brokers Offer?
By some estimates, there are three million active traders in a country of 147 million. The Russian market is small in comparison to other countries but is always growing. FOREX brokers must provide many important tools to allow traders to get the most out of their investment efforts.
Many would argue that a broker’s trading platform is the most important element of its service. The platform is the portal on which the trader visualizes market information and carries out trades. Using these platforms, brokers can offer access to a variety of account types that cater for novices and professionals across the spectrum. This must be supplemented by fast execution speeds, variable and flexible contract sizes, deep and insightful market intelligence and constant news alerts.
Another important feature that brokers must offer is access to a variety of account types. When you consider that beginner traders and professionals have very different requirements, account types are an important way to cater to each type of trader’s needs.
Recommended Brokers
Who is Arincen and What Do We Do?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all that you need in one place, not less, not more. In short. Arincen: We Meet to Simplify the Trading World.
Arincen’s Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
- Companies’ Websites.
- Other Websites that have ranked FOREX companies.
- A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward, we validated the data by:
- Registering with FOREX companies as a secret shopper and/or as Arincen.
- Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
Conclusion
If anything, the key message to take away from this article is that the FOREX brokerage firm one picks must be legally licensed and well-regulated. On a final note, it is never advisable to deal with FOREX companies on your own. It is best this is done with the help of industry experts, who can provide you with all the services FOREX companies cannot. Start trading using Arincen and enjoy all the services, advice and tools it has to offer while making your trading experience profitable!
FAQ
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.
What is FOREX?
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.
Written by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
Edited by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
Fact Checked by
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Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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