Best Forex Brokers in Russia 2024
In 2024, the Russian Forex market offers a multitude of trading options. Our top list of the best Forex brokers in Russia will help you choose a reliable platform suitable for your trading strategies.
Top-10 Best Forex Brokers in Russia
Despite the "Forex Law" enacted in 2016, not all Forex brokers working with Russian traders must have a license from the Central Bank of Russia. Indeed, many offshore Forex brokers have left the market, but many have also stayed. Nevertheless, it cannot be denied that a Russian trader is more protected when trading with a licensed broker. However, due to the limited trading conditions offered by Russian licensed Forex brokers, we have decided to create our top list of the best Forex brokers in Russia.
1. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Advantages of FxPro
- Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
- A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
- Analytical tools, including signals from Trading Central and Autochartist functionality.
- Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.
Disadvantages of FxPro
- An inactivity fee is charged after six months of no position opening or closing.
- Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
- Absence of cent accounts and services for copying trades of successful traders.
2. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Advantages of AMarkets
- A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Disadvantages of AMarkets
- Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
- The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
- On some assets, spreads are higher than those of competing Forex brokers.
3. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Advantages of Deriv
- Relatively reliable with licenses from various global regulators.
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms is suitable for traders of different levels.
- High-quality technical support with fast and effective responses.
Disadvantages of Deriv
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
4. FXOpen
FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.
FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.
Advantages of FXOpen
- Regulation. FXOpen is a regulated broker with licenses from various financial regulators such as FCA (UK), CySEC (Cyprus), and ASIC (Australia), ensuring reliability and security of client funds.
- Wide range of trading instruments. FXOpen offers a broad spectrum of trading assets, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies.
- Low spreads and commissions. FXOpen provides competitive spreads and commissions on its trading accounts, making trading on this platform more profitable for traders.
- Support for various trading platforms. FXOpen provides access to popular trading platforms such as MetaTrader 4, MetaTrader 5, TradingView, and its proprietary platform TickTrader, allowing traders to choose the most convenient platform for their needs.
Disadvantages of FXOpen
- No fixed spreads. FXOpen offers only floating spreads, which can create certain difficulties for traders who prefer more predictable trading conditions.
- Lack of educational materials. The broker does not offer educational materials, webinars, and courses that could help traders develop and improve their knowledge in Forex trading.
5. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Advantages of InstaForex
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Disadvantages of InstaForex
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
6. FIBO Group
FIBO Group is suitable for various types of traders, including beginners and experienced ones. The broad selection of accounts and trading platforms allows every trader to find an appropriate solution. Additionally, educational materials and analytics will aid in skill development and making informed trading decisions.
The broker offers competitive trading conditions, various instruments, and robust support. However, fees and the absence of certain assets may limit its potential.
Advantages of Fibo Group
- A wide selection of trading and investment accounts.
- Low spreads, which facilitates more profitable trading.
- A wide range of payment methods for convenient deposit and withdrawal of funds.
- Availability of various trading platforms, such as MetaTrader 4, MetaTrader 5, and cTrader.
- Comprehensive analytics and educational materials for traders of all levels.
Disadvantages of Fibo Group
- An inactivity fee can be burdensome for traders who do not trade actively.
- Withdrawal fees can be unpleasant for clients, especially with small amounts.
- The absence of stocks and ETFs in the range of instruments may limit investment opportunities in these assets.
7. Alpari
Alpari has established itself as a stable and reliable broker, providing its services on Forex for over 20 years. The broker is widely popular among professional traders due to its wide range of trading accounts and instruments and convenient and practical services for investing—PAMM accounts and portfolios. Beginning traders will find quality support, training courses, and favorable trading conditions at Alpari.
Overall, Alpari is an excellent choice for beginners and professional traders.
Advantages of Alpari
- A wide range of trading accounts. Broker Alpari offers a variety of trading accounts suitable for different types of traders and investors.
- Flexible conditions for depositing and withdrawing funds. Broker Alpari provides flexible and competitive conditions for depositing and withdrawing funds.
- Diversity of trading platforms. Alpari offers a variety of trading platforms that meet the needs of most traders.
- Effective technical support. Alpari provides user support at all stages of service.
Disadvantages of Alpari
- Licensing. Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
- Fees for fund withdrawal and inactivity charges. Alpari may charge fees for fund withdrawal and inactivity, which can be off-putting for some clients.
- Limited choice in terms of different asset classes. Although broker Alpari offers a wide selection of assets for trading, some competitors offer a greater variety in terms of different asset classes.
8. Grand Capital
Grand Capital is a broker that offers a wide range of trading instruments and account types, making it an attractive choice for traders with different strategies and experience. Narrow spreads, especially on major currency pairs, ensure competitive trading conditions and the availability of educational materials that support novice and experienced traders in their development. The 24/7 multi-lingual support ensures that assistance is promptly provided.
Grand Capital will suit traders who appreciate a variety of trading tools and account types, as well as those who actively utilize educational resources to enhance their skills. The broker will be especially attractive for those who prefer to use MetaTrader platforms and are not concerned about the potential risks of the lack of strict regulation.
Advantages of Grand Capital
- Diversity of account types. Grand Capital offers an extensive selection of account types, allowing clients to choose the most suitable for their trading strategies and preferences.
- Tight spreads. The broker provides competitive spreads, especially on major currency pairs, making trading more profitable.
- Markets and products. Grand Capital features a wide range of trading instruments, including Forex, stocks, commodities, indices, and cryptocurrencies.
- Support. Grand Capital provides multilingual support 7 days a week, 24 hours a day, ensuring prompt assistance to clients with any issues.
Disadvantages of Grand Capital
- Regulation. Although the company is registered in the Seychelles, it is not regulated by leading financial regulators such as the FCA in the UK or ASIC in Australia, which may raise certain concerns among clients.
- High fees. In addition to spreads, Grand Capital has other fees, such as the overnight position rollover fee (swap), which can increase the overall cost of trading.
- Lack of MetaTrader alternatives. While MetaTrader 4 and MetaTrader 5 are widely used and recognized by traders, some clients may look for brokers offering alternative platforms, such as cTrader or proprietary developments.
9. Gerchik & Co
Gerchik & Co. serves as a commendable platform for traders of all levels. The wide array of trading instruments and platforms makes this broker attractive to novices and seasoned traders.
The educational materials provided by the broker can be particularly beneficial for beginners and those looking to deepen their knowledge. In addition, the broker offers a variety of technical support communication options, which can be valuable for traders requiring immediate assistance.
This broker is suitable for novice and experienced traders due to its comprehensive approach and attention to detail regarding trading and education.
Advantages of Gerchik & Co
- Transparent information about the broker's owners.
- A large number of trading accounts.
- Decent services that can help improve Forex trading.
- Educational courses, webinars, analytics.
- Opportunity for passive income on TIMA accounts.
- Contests on demo accounts and broker promotions.
Disadvantages of Gerchik & Co
- High commission for transactions on certain types of accounts.
- The website and personal account area may seem inconvenient (according to reviews).
- High deposit requirements for training or using services.
10. NPBFX
NPBFX is suitable for novice and experienced traders, thanks to its extensive educational program, various account types, and set of trading instruments. The broker is particularly noteworthy for those who value quality technical analysis and a diversity of trading instruments.
Despite certain drawbacks, NPBFX provides quality service and can be used by most traders.
Advantages of NPBFX
- A rich selection of analytical tools and resources, including an exclusive analytical portal and a news feed from Dow Jones.
- Extensive education section, offering various video courses, e-books, and other educational materials.
- A variety of account types cater to the needs of different categories of traders.
- Numerous available methods for depositing and withdrawing funds provide convenience for clients.
Disadvantages of NPBFX
- High commission per trade on the Zero account.
- Lack of alternatives to the MetaTrader 4 platform, which may limit options for some traders.
- Regulation in an offshore jurisdiction, which may pose certain risks for clients.
How the List of Top Forex Brokers in Russia was Compiled
The best Forex brokers in Russia were selected based on critical criteria:
The broker positions are based on our independent Forex broker list.
These brokers have received high scores according to our methodology.
All the presented companies are popular in Russia and provide their services to Russian traders.
These standards ensure that all brokers in the list meet strict safety requirements and offer conditions conducive to effective Forex trading.
Which Forex Broker is Better - With a Russian License or a Foreign One
The presence of a license from the Central Bank of Russia is not the only criterion for reliability. Nonetheless, a Russian trader must understand why the best Forex brokers may not have a license from the CBR.
| Criteria | Broker with a CBR License | Broker with a Foreign License |
|---|---|---|
| Legal Protection | Full legal protection | No legal force, rely on reputation |
| Registration & Offices | Registered in Russia with local offices | Not registered in Russia, no operational offices here |
| Leverage Limit | Limited to 1:40 | Not limited |
| Trading Options | Only currency pairs | Currency pairs and CFDs on various assets |
| Consulting & Trust Management | Cannot provide | May offer services |
| Bonuses & Promotions | No bonuses, promotions, or contests | Potential for bonuses, promotions, and contests |
| Deposit & Withdrawal Methods | Only via bank transfer or a broker's bank card | Various methods, including cryptocurrencies |
Ultimately, choosing the type of license that best suits your trading goals comes down to personal preference. Understanding both options is vital to making an informed decision.
How to Choose a Reliable Broker
Selecting a reliable Forex broker in Russia is crucial for successful trading. To make the right choice, pay attention to the following key factors:
Broker Regulation. Ensure that the broker is registered and licensed to operate. In Russia, the regulator is the Central Bank of Russia (CBR).
Account Types. Check whether the broker offers Forex account types that match your experience level and financial capabilities.
Trading Platforms. Evaluate the trading platforms offered and their convenience for your needs.
Trading Conditions. Study the trading conditions, including spreads, commissions, minimum deposit, and lot size.
Customer Support. Check the quality of customer service, the support schedule, and ways to communicate with them.
By adhering to these criteria, you can choose a reliable Forex broker that meets your needs and ensures successful trading. Opening a demo account to assess the platform and conditions is also recommended before moving to actual trading.
Conclusion
This top list of Forex brokers in Russia will help novice and professional Forex market participants choose a suitable company. Whether you rely on complete legal protection or are enticed by the favorable trading conditions of a broker - all of this has been considered in compiling the list of the best brokers in Russia.
