The largest country in the world is also involved in the most interesting and most profitable market in the world, the Forex industry. The economy of Russia is defined as an upper-middle class economy which is partly run by the state and partly by private-owned enterprises.
Wealth of Natural Resources
The geographic characteristics and size of Russia are important features which shape and contribute to the economic development. Russia is known for lucrative natural resources like oil and natural gas. Now, Russia is looking to dominate the Forex industry as well, trying to create optimal conditions for Forex and other non-banking financial companies which have an interest to enter the Russian market. From the 1990s the Forex market started to develop in Russia resulting in a large number of traders. The Forex market in the Russian Federation is very big and this economic and political superpower has a need for quality brokerage and regulation. The governmental institutions such as the Central Bank don’t have a centralized authority within a set regulatory system, and there is an obvious need for changes and there are self-regulatory associations creating regulatory frameworks. The National Association of Forex Dealers, formerly known as CRFIN, is one of the most important of such organizations functioning as a policymaker, supervisor and trader advisor.
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The NAFD Regulation
NAFD was created, or rather rebranded and transformed from CRFIN, to implement the international standards and further improve the growth of the Russian markets. It’s a self-regulatory association with the goal to promote market transparency in a regulatory agenda against unfair practices. The National Association of Forex Dealers has effective mechanism created through adopted and developed standards and regulations. It administers, oversees and analyses the market conditions and broker services, authorizing the NAFD regulated brokers and protecting the traders. The NAFD thus actively uniforms the requirements and works on improving the service quality of Forex brokers in Russia. The newly formed or rather transformed NAFD makes sure that the Forex companies are run smoothly in a fair and competitive financial market. It also makes sure that the brokers work within the framework of Russian laws, thereby ensuring protection of customers and their interests. They try to promote the Russian market as a global, international and modern market which stands for protection and safety and fosters the trust of domestic and international market participants.
The Image of Russia
Russia has often been judged by Western European leaders and the western population due to its history and support of communism. The communist countries have it hard to change their image in the eyes of the rest of the world and are often labelled as harsh undemocratic governments. Still, the Forex market has nothing to do with such accusations and should not be hindered by political games and disagreements. Russia still offers a solid market and many international Forex companies could make a fortune by offering services to the passionate and Forex-addicted Russians who definitely have the extra money for investments in currency trading. Professional and top Forex brokers entered the vast Russian market and seized their opportunity to secure a large number of Russian traders. Russia does not sit around waiting for international brokers to create a Forex market, but has also a number of domestic Forex companies which operate with ease.
NAFD Regulated Brokers
The Forex brokers in Russia are definitely offering high-quality services overall and there are constant improvements in the regulation and overall market for the end-customer. CRFIN, and now NAFD, have played a big role in the formalization and uniformed professionalism, implementing high industry standards throughout the association and working to provide the best possible service to traders. The NAFD regulated brokers offer access to the Forex and other assets trading, with high-quality software, great execution times and tight spreads, which together with the implemented quality customer support principles, as well as trading, analysis tools, and safe banking, all provide a well-rounded service. To register with the NAFD, Forex brokers have to prove their eligibility by submitting information on substantial capital, their organisation and structure of the company (list of managers and their qualifications for the managerial position, and list of other employees and their experience and qualifications). Also, the NFAD reserves the right to review and inspect the business of conduct anytime (besides the regular review of brokers’ work). The Forex companies have to provide plenty of information in their regular reports including business transactions and the company’s turnover for that period.
Top Forex Brokers in Russia
The number of the Forex brokers in Russia still remains modest despite the vast number of interested traders. The number is slowly growing but has not reached the desired target yet. The few Forex brokers in Russia which operate are generally doing a good job so far. They offer the same conditions to their customers as EU Forex companies. Moreover, some Russian Forex brokers process withdrawals in record-time, i.e. 10 minutes, while the average time is one business day or 24 hours. Russia offers all the other features as well like the best trading platforms, multiple banking options and a multilingual customer support which indicates that Russian brokers are also successful at an international level and have many customers in other countries.