Best FOREX Brokers in Russia for 2024
3 years ago
FOREX Brokers
This article is for traders who want to find out about the best FOREX brokers in Russia. With the number of FOREX trading platforms on the rise, it's becoming a much more competitive environment. The top FOREX brokers are all trying to improve their services to attract more users. For you, the user, this means more variety of choices, but this also means more complexity.
At Arincen, we are always striving to simplify the world of trading for you, our readers. For this reason, we will be listing the best FOREX brokers in Russia today. This ranking is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did.
At Arincen, we are always striving to simplify the world of trading for you, our readers. For this reason, we will be listing the best FOREX brokers in Russia today. This ranking is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did.
Best FOREX Brokers in Russia in 2024
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
 ICM Capital | 500$ | United Arab Emirates | ||
 Tradeview | 250$ | USA | ||
 XTB | 500$ | UK | ||
 IG | 500$ | UK |
Top Tips for Selecting the Best FOREX Brokers in Russia
There are several outstanding FOREX brokers operating in Russia. As always, it's important to safeguard your investments by partnering with a broker who has a proven history of success in this market. Undertaking thorough research is the key. Here are some of the most crucial elements to keep in mind when selecting a broker in Russia:
• The broker must be supervised by a high-tier regulatory body, which could be a local Russian regulator or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.
• The broker must be supervised by a high-tier regulatory body, which could be a local Russian regulator or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.
The Top 7 Best Russian FOREX Brokers in 2024
With so many choices out there, it's hard to select the best trading platform in Russia. In this case, we've done the work for you. Here is a summary of each of the top brokers according to specific criteria, along with their pros and cons:
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM capital Broker
ICM 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.
| rating | 8.11 |
| regulators | |
| minimum_deposit | 500$ |
| Islamic account | yes |
| payment_methods | Bank transfer - credit card - Electronic Banks - Crypto |
| main_branch | United Kingdom |
| customer_support | 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
Tradeview Broker
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
| rating | 7 |
| regulators | |
| minimum_deposit | $450 |
| Islamic account | Yes |
| payment_methods | Bank transfer - credit card - Electronic Banks - Crypto |
| main_branch | USA |
| customer_support | 24/5 |
| Demo account | Yes |
| trading_platforms | Proprietary Platform-MT4 - MT5 -Web Platform |
Pros
- Established in 2004.
- Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
- Low minimum deposits.
- beginners and experienced traders looking to refine their strategies.
- Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
- Decent leverage levels of 1:200 available in some jurisdictions.
- Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).
Cons
- While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
- Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
- While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| rating | 8.55 |
| regulators | |
| minimum_deposit | 500$ |
| Islamic account | yes |
| payment_methods | Bank transfer - credit card - Electronic Banks |
| main_branch | United Kingdom |
| customer_support | 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.
| rating | 7.54 |
| regulators | |
| minimum_deposit | 250$ |
| Islamic account | yes |
| payment_methods | Bank transfer - credit card - Electronic Banks |
| main_branch | United Kingdom |
| customer_support | 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.
| rating | 6.09 |
| regulators | |
| minimum_deposit | 5000$ |
| Islamic account | No |
| payment_methods | Bank transfer - credit card |
| main_branch | Copenhagen, Denmark |
| customer_support | 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.
| rating | 7.07 |
| regulators | |
| minimum_deposit | 0$ |
| Islamic account | No |
| payment_methods | Bank transfer - credit card - Electronic Banks |
| main_branch | United Kingdom |
| customer_support | 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.
- Differences between Next Generation and MT4.
- 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.
| rating | 8.05 |
| regulators | |
| minimum_deposit | 0$ |
| Islamic account | yes |
| payment_methods | Bank transfer - credit card - Electronic Banks - Crypto |
| main_branch | Australia |
| customer_support | 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.
- 24/7 expert customer service.
- CFD shares and indices come at no extra fee.
- Zero broker fees for FOREX trading.
- Technical analysis and quality market information.
- Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
- Direct share trading is on a separate platform.
- No binary options offered.
- Commissions charged for two account types.
- After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
- No US, Canada or Japan clients allowed.
What is FOREX and Why Do We Need a Broker to Trade?
The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Russia play a key role in this marketplace 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 concerning open trading across borders. The country does not have a good reputation for 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 protecting investor interests, so new traders should choose their Russian broker with utmost care.
Regulation and Licensing in Russia
As we have mentioned, more Russians are taking up FOREX trading to generate extra income. It is recommended that FOREX brokers be 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 afterwards 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. Checking whether your broker is regulated by the CBR is as simple as checking the regulator’s website.
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. Additionally, since the beginning of Russia’s armed conflict with Ukraine, it has been a case of business unusual, meaning that you need to ask your broker many questions about the latest regulations and rules.
Given the fluid nature of financial regulation in Russia, opting for an unregulated broker brings with it significant risks. As we have mentioned, even traders working with regulated brokers in the country can often feel vulnerable, what more of unregulated brokers?
Leverage
Leverage is the use of borrowed capital to invest in a currency, stock, or security. The concept of leverage is common in FOREX trading. By borrowing money from a broker, investors can trade larger positions in a currency. Depending on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here are selected leverage rules according to some key regulators:
The CBR, Russia
Currently, the CBR encourages a maximum leverage of 30:1 for major currency pairs. However, brokers can offer leverage as high as 50:1. The CBR remains in discussions with brokers, and these leverage levels could change.
The Cyprus Securities and Exchange Commission (CySEC) in Cyprus:
CySEC regulations fall closely in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR).
30:1 for major currency pairs
20:1 for non-major currency pairs
10:1 for major indices such as the S&P 500
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
Swiss Financial Market Supervisory Authority (FINMA), Switzerland:
FINMA has not set specific leverage limits. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.
It's worth noting that these rules apply to retail clients. Professional or institutional clients might have access to various levels of leverage, depending on the regulatory environment and the broker's policies. As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily suffer heavy losses.
Stop Out and Margin
As a FOREX trader, it's crucial to understand the most important terms you'll encounter to avoid going into a negative balance. One of these terms is "stop out," which refers to a situation where a broker automatically closes some or all your open positions to prevent your account from going into a negative balance.
This is especially relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades.
Here are the three most common stop-out levels:
0% Stop out level:
At this level, when the margin level of the account drops to 0%, the broker will automatically close all open positions. This is the most aggressive stop-out level, and it gives no room for your positions to recover, even if the market turns in your favor immediately after reaching this level.
50% Stop out level:
Here, if the margin level drops to 50%, the broker will start closing out positions. It offers a bit more flexibility compared to the 0% level. The broker will typically close the most unprofitable positions first, and if that's not enough to bring the margin level back above 50%, more positions will be closed until it's achieved.
100% Stop out level:
A 100% stop-out level means that when a trader's equity equals the margin required for the open positions, the broker will start closing those positions. It's important to know that this is similar to the 0% level, but might be worded differently based on broker terminology.
It's worth noting that while stop-out procedures are meant to protect you from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically, especially if the market quickly reverses after the stop out. As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so you need to be aware of your broker's policy on stop-out levels.
Commissions and Fees
Trading fees can sometimes be difficult to track. Be sure to check how these fees compare with industry standards:
Spreads: There are two main kinds of spread, one is fixed, and the other is variable. The spread refers to the difference or gap between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 1.3 Pips | 0$ | No | Available |
| Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
| Commodities | Starting from 2.3 Pips | 0$ | No | Available |
| Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.14 Pips | $0 | No | Available |
| Stocks | Starting from 0 Pips | $0 | No | Available |
| Commodities | Starting from 2 cent | $0 | No | Available |
| Indices | Starting from 0.2 Pips | $0 | No | Available |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.2 Pips | 0$ | No | Available |
| Stocks | Not Mentioned | 0$ | Yes | Unavailable |
| Commodities | Starting from 8 Pips | 0$ | No | Available |
| Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.6 Pips | 0$ | Yes | Unavailable |
| Stocks | Starting from 2.4 Pips | 0$ | Yes | Unavailable |
| Commodities | Starting from 0.1 Pips | 0$ | Yes | Unavailable |
| Indices | Starting from 0.2 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.9 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from $0.02 | $6 | Yes | Unavailable |
| Commodities | Starting from $0.6 | $6 | Yes | Unavailable |
| Indices | Starting from $0.7 | $6 | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.5 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from $0.2 | $10 | Yes | Unavailable |
| Commodities | Starting from 0.2 Pips | $0 | Yes | Unavailable |
| Indices | Starting from 0.5 Pips | $0 | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.4 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from 0.1% | $0 | Yes | Unavailable |
| Commodities | Starting from $0.19 | $0 | Yes | Unavailable |
| Indices | Starting from 0.4 Pips | $0 | Yes | Unavailable |
Tradable Assets and Instruments
Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:
FOREX
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
Indices
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Bonds
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
Options and Futures
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
| Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
| ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
| Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
| XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
| IG | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
| Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 Commodity | 9 Coins | 6700 ETFs |
| CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
| Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
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 attacked 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 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.
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
| Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | 0$ | 1.9% | 2.5% | $0 | 3.75% |
| Withdrawal fee | 0$ | 0$ | 1% | $0 | $0 | 2% |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 1% | 1% | Unavailable | Unavailable |
| Withdrawal fee | 1.5% | 30$ | 1% | 1% | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 0$ | 2.5% | Not mentioned | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | 5.50$ | 0-7.5% | Not mentioned | Unavailable |
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being knowledgeable and easy to reach, which in turn will spare you having to worry about problems later. The best FOREX brokers in Russia for beginners will be able to provide you with the following:
- Quick resolution of issues
- Educational support
- Assistance with queries during volatile markets
- Account security
- Customized advice (although not all customer service desks offer this)
- Technical assistance
- Regulatory compliance queries
| Live Chat | Phone | |||
| Available | Available | Available | Available | Available |
| Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Available |
| Quick response | Quick response | Fast | Fast | Fast |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Very Fast | Moderate | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Very Fast | Very Fast | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Not Available | Available | Not Available |
| Quick response | Slow | Not Available | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Not Available | Available | Not Available |
| Quick response | Moderate | Not Available | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Moderate | Fast | Moderate | Not Available |
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). Remember to use a strong password.
Trading Platforms, Tools, and Features
When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:
- Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.
- Customization and user interface: Traders should be able to mold the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offer excellent features for this purpose.
- Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.
- Risk-management tools: Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types.
- Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.
- Learning and educational resources: The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.
To choose the perfect trading platform, here’s some advice:
- Determine your trading style and needs.
- Research different platforms and compare their features.
- Test the platforms with a demo account to see which one suits you best.
- Choose a platform that offers the features you need and is user-friendly.
- Ensure that the platform is reliable and has a good reputation in the industry.
Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.
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.
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 ICM’s ECN account offers unsurpassed low fees for entry level and experienced traders alike.
Which is the Best FOREX Broker for 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 is the Best FOREX Broker 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.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is 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 clear terms are guiding it 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 should be avoided.
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.
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 comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create a private portfolio of traders and experts you 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 more than 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”) was 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 relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterwards, 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 experience.
The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering 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 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 about how we came up with the evaluation, please click here.
Conclusion
Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time recently. It's an exciting time to be starting this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.
Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online brokers in Russia, you can always refer back to this article.