At least two regulated Russian brokers have officially begun on-boarding clients in the country via their licensed subsidiaries. Finam Forex and VTB24 have signed up new clients after signing their framework agreements with the only officially approved self-regulatory organization (SRO), the Association of Forex Dealers (AFD).
The news comes a couple of weeks after the official announcement of the regulatory framework’s start in Russia.
Finam Forex opened the doors of its Moscow office, while VTB24 Forex is using its parent company’s network of over 700 locations around the country. This is an area where commercial bank subsidiaries will have a significant advantage over non-bank competition. Both Finam Forex and VTB24 Forex are subsidiaries of commercial Russian banks Finam Bank and VTB24.
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The minimum deposit that is required for opening an account with VTB24 Forex is RUB 50,000 ($887). Minimum market exposure per position is also substantial – 50,000 units of base currency. The retail forex subsidiary of VTB24 is offering 24 currency pairs and will be delivering to its Russian clients access to MetaTrader 5.
Finam Forex was the first company that the central bank approval to operate in the country. It is also a founding member of the AFD.
Belarus Welcomes 8th Regulated Broker
Meanwhile, a Belize-based company that was founded in Russia, WELTRADE, received a regulatory license to operate in Belarus. The company became the 8th regulated subsidiary that is allowed to operate in the country.
The brokerage is primarily focused on the regional market and Thailand, which coincidentally or not is chosen by many Russians as a country of frequent residence.