Forex brokers - how to choose the right Forex broker + rating TOP-10 of the best companies for reliability (licensed by the Central Bank of the Russian Federation)

Hello readers of the financial magazine Rich Pro! Today we bring to your attention an article on the topic of choosing a reliable broker on the Forex exchange.

From the materials in this article you will learn:

• What is the activity of the forex broker and its main functions;
• What criteria should be used to evaluate and choose a potential broker;
• Which company is better to choose - foreign or Russian;
• What does the TOP-10 rating of the best Forex brokers in Russia look like;
• A list of licensed Forex brokers by the Central Bank of the Russian Federation, as well as a number of companies whose applications are under consideration by the regulator.

The foreign exchange market operates around the clock and allows people to earn money without leaving their main job.

This article will be useful for those who want to make money through online currency trading on the Forex market and want to make a choice in favor of a reliable broker. We also talked about how to trade Forex profitably in one of the previous publications.

The material below will help, of the whole variety of brokerage organizations present in the market, choose the option that suits you.

So, we are starting!

Forex brokers: who they are, how to make the right choice, which broker companies operate with a valid CBR license, and how the rating of the best Forex brokers looks like - you can find out about all this by reading the article to the end

1. Who is a forex broker - an overview of the concept + basic functions

The concept forex broker is the most used when conducting trading on the Forex exchange.

1.1. Who is / what is a broker - detailed description

Broker - authorized person executing instructions buyers and sellers on the stock exchange and receiving monetary compensation for its intermediary work.

This exchange participant can act both individuals and organizations (legal entities). The size of the commission is clearly regulated and legally framed in the form of an agreement with a client.

On the Forex exchange, the object of bidding for buying and selling is currency. To acquire a position, the buyer turns to forex broker, which, focusing on the wishes of the client, carries out his instructions.

To eliminate all kinds of speculation, the range of actions of intermediaries is clearly stated in the agreement, on the basis of which the broker can take actions purely at the request of the client, and at his discretion.

A prerequisite for participation in foreign exchange trading is the presence of an intermediary licenses for brokerage, as well as official registration on the trading floor.

1.2. The main functions of the forex broker

By the way, you can trade financial assets (currency, stocks, cryptocurrency) directly on the stock exchange. The main thing is to choose a reliable broker. One of the best is this brokerage company.

The fundamental task of the broker on the stock exchange is to help the client to obtain the maximum income. The expectation of profit encourages buyers and sellers to delegate the management of their own financial resources to forex brokers.

In addition, intermediaries in this market perform a series of important functions:

• Transactions.
• Providing the client with information on necessary transactions. Thanks to their experience working on the exchange, brokers can provide the necessary information about the risks and various "pitfalls" that the partner may not be aware of.
• Manage your customers ’financial records. The list of documents must comply with applicable law and the requirements of regulatory authorities.
• Providing the client with information about securities transactions. The broker also focuses on current legislation and provides information only in the manner and cases stipulating for them.
• Forecasting. Knowledge and experience will allow the broker to analyze the possible prospects of the transaction.

This series of tasks and functions performed by brokers on the Forex exchange requires considerable knowledge, experience in the market, taking into account the requirements of regulators, and also provides orientation in the relevant legislation. Given these factors, most market participants prefer to achieve results using brokers.

Investors on the exchange are divided into two categories:

1. To the first those participants who simply indicate positions for investment concern. As a rule, these are experienced customers who understand the mechanisms of market functioning. For this category, the tasks of the broker are reduced to providing relevant information and forecasting the possible profit.
2. Second category - Newcomers to the market and participants with little experience. To achieve certain results, it is advisable for them to use the knowledge and experience of their forex broker.

For proper performance, the choice of a broker should be treated as carefully and scrupulously as possible.

Important Forex Broker Selection Criteria

2. How to choose a Forex broker - 10 basic selection options

Choosing a broker - The most important question for potential participants of the Forex exchange. The popularity of this platform for making money on the Internet in Russia is growing at a significant pace. At the same time, the number of brokers and legal entities providing brokerage services to exchange participants is growing.

The growing influence of information technology on the broker's communication processes with potential investors may lead to the fact that a not-so-competent intermediary on the exchange, who knows how to sell his services well, will work with a large number of beginning investors than a more sophisticated competitor.

It is also worth considering that a significant proportion of the information that is available to the average person carries enticing, advertising character and does not always correspond to real facts.

In order not to be mistaken with the choice of counterparty, there are a number of parameters by which the client can distinguish serious professional brokerage company, among a large number of competitors.

Parameter number 1. Trading conditions

Initially, you should pay attention to initial deposit amount. It should be determined solely by the amount of investor capital. At the same time, a significant part of brokers, trying to attract new partners, reduce the entry threshold to the market, reducing it to 10 - 20 dollars.

Some brokers use some restrictions and offer beginners to put on the account several hundred dollars and use them in bidding.

For some brokerage firms, bidding is a prerequisite for interaction. minimum one lotbut in this case, for proper capital management, the trader needs to have the amount at 10,000 dollars and more.

Parameter number 2. Spread value

A significant aspect of the choice is the size and type of spread used.

Some companies exhibit floating rate, which may vary based on market events. In this case, at the time of significant changes, this indicator can increase many times.

Some brokers use fixed spreadwhich does not change in any market situation.

Parameter number 3. Commission fees

Most brokers do not charge fees for their services, and their earnings add up mainly from the spread. But not all.

In order not to get into an unpleasant situation, the client should carefully study all its aspects before signing the contract. Almost all operators charge commission for holding a position longer than a day - this process is called swap. At the same time, based on the interest rate for the selected pair, the swap may be positive.

Parameter No. 4. Additional restrictions on trading

Some brokers have special requirements:

• limit on the number of transactions;
• "participation" in the bidding of a specified amount of cash.

Failure to do so will result in automatic withdrawing a certain fee from the account.

Parameter No. 5. Easy to deposit and withdraw funds

It is important to learn about the methods of depositing and withdrawing funds, as well as about the possible commission for these operations. A significant issue is the possibility of using payment systems.

It happens that money can be entered in one way, but withdrawal in the same way is not possible.

Some brokers take over the costs of money transfers of clients, others do not provide this service. You should also clarify about list of required documents for the successful conduct of related operations.

Parameter number 6. Reliability level

When making a decision, you need to find out the legal status of the broker, as well as a resident of which country he is.

It happens that a brokerage company is registered in one of the offshore zones and in case of negative consequences of cooperation, it will be problematic to protect one’s rights.

Parameter number 7. The terms of the broker agreement

Before signing the contract, it is necessary to evaluate what mechanisms are provided for resolving disputed issues, as well as the relationship of obligations with the responsibility of the parties.

The positive aspects include the presence in the contract of the regulation by which operations will be conducted. If you find biased terms of the agreement, it is better to allow themBEFORE execution of the contract.

Parameter number 8. Availability of permits (licenses)

License availability is an important criterion when choosing a brokerage company. Most of the Russian brokerage companies are licensed by the Central Bank of the Russian Federation to carry out dealer activities in the forex market, which allows you to weed out part of unscrupulous organizations. (We will list the Forex brokers licensed by the Central Bank of the Russian Federation in the corresponding section of this article below).

Parameter 9. Company history and market presence

The number of branches and customers, the size of the authorized capital, reviews on the company’s activities are factors that can give objective information about a potential partner.

Parameter number 10. Liability and risk insurance

The presence of the intermediary’s responsibility to customers guarantees the safety of the trader’s financial assets, allows counting on compensation for possible cash losses, and also allows minimize risks.

Using the above parameters when evaluating a broker will allow a novice trader to make the best decision when choosing an intermediary for trading on the exchange.

3. Who is better: Russian or foreign Forex brokers?

The development of Internet technologies allows a modern investor to be able to make a choice in favor of a domestic broker or use the services of foreign brokerage companies.

Comparison table

The table allows you to compare the advantages and disadvantages of a solution:

Based on the table, you can see that Russian brokers provide more convenient conditions for domestic investors, but at the same time, foreign companies are distinguished by a high level of service and the services provided.

Rating of the best Forex brokers in Russia - company overview

4. The best Forex brokers in Russia - TOP-10 rating of reliability brokers

Having reviewed the list the benefits and disadvantages leading forex brokers (dealers) in Russia, a novice trader can make the right choice.

Forex broker number 1. Forex club

Forex Club presents its services on the market since 1997, and is one of the leading company.

Benefits:

• International quality certificate ISO 9001;
• Simplicity and accessibility of registration;
• Bonus accounts
• The size of the spread is from 0.5;
• The presence of positive swaps.

Disadvantages:

• High starting deposit threshold - from $ 200;
• Leverage - from 1: 1 to 1:50.

The official site of the Forex Club brokerage company is here.

Forex broker number 2. Alpari

Alpari- very popular, providing a high level of service, and reliable brokerage company. The company has been operating since 1998.

Benefits:

• Equally favorable conditions for a beginner and experienced investor. The smallest spread is 0.1 point; after registration, dollars, rubles, euros and gold in the deposit currency are already available;
• Low starting investment. According to the account "nano" it is possible to trade already with 5 dollar capital;
• Educational programs. A large list of paid and free information for developing the skills of both beginners and successful investors;
• High profitability. With one option, the income can be up to 100% profit (We talked about how to make money on binary options in a previous article);
• Providing information. The broker's website is equipped with all the necessary information about subsequent economic events, as well as forecasts from experienced investors. This allows you to make informed decisions and minimizes risks;
• PAMM accounts. Investing in PAMM accounts has gained considerable popularity. One trader transfers money to another in authorized management, intending to receive income, and provides the account manager with part of it;
• Asset entry and exit procedure. Replenishment and withdrawal of money occurs very quickly, in the absence of commissions (maybe from the side of payment organizations), and also all popular payment systems are available;
• Reputation. The company enjoys high prestige among other brokers, as well as investors and stock speculators;

The disadvantages include: the company is a resident of the offshore zone (Grenada).

Forex broker number 3. Alfa forex

Brokerage company Alfa-forex It was registered in the unregulated offshore zone (British Virgin Islands) in 2003, but in 2016 replaced it to Cyprus jurisdictionwhich is more civilized. The broker is a subsidiary of Alfa Bank.

Benefits:

• Reputation. The parent company provides the broker with a form of management and affects the level of services, which affects the service;
• No restrictions on the minimum deposit to the account;
• A variety of trading platforms;
• Lack of commission when withdrawing funds;
• Fast deposit and withdrawal operations;
• Free training materials;
• The minimum level of spread is 0.7 points;
• Leverage - from 1:50. Most couples - 1: 200;
• The ability to use bank accounts for operations in the Forex market. The Bank is a tax agent and resolves tax issues of its customers.

Disadvantages:

• Difficulties in verifying your account;
• Technical support;
• Website. Information is poor - most of the information becomes available after registration on the site.

Forex broker number 4. InstaForex

Insta Forex is a group of companies providing brokerage services.Has been working on the Forex exchange since 2007 and is Asian market leader. A distinctive feature is the orientation to attract newcomers.

Benefits:

• Loyal attitude to beginners. A variety of materials for Forex training;
• No minimum deposit. You can trade from 1 cent. In the absence of funds, but there is a desire to learn, a hundred-dollar bonus is provided, which must be "worked out" by a large number of transactions;
• Large range of leverage. You can trade without leverage (1: 1) or with leverage up to 1: 1000;
• Low spread. Some types of accounts do not have spreads; in others, they are set at a low level;
• Low swaps. When maintaining positions for a considerable time, traders do not feel significant losses;
• A significant number of currency instruments;
• Bonus system. A progressive reward system for replenishing accounts;
• Motivation system for traders. A large number of contests, with significant prizes;
• Interest free margin. 13% per year is charged on free money on deposit.

However, there is also a number of disadvantages:

• Pile of broker's site information. Congestion levels good site navigation.
• Delays in the process of input / output of money.
• Lack of proper regulation when controversial situations arise.

Forex broker number 5. Finam

Finam limited - An organization providing brokerage services since 2003. The country of registration is Cyprus, where the activity has been and is licensed.

Benefits:

• License of the Forex broker of the Central Bank of the Russian Federation. Provides maximum customer protection in case of conflict;
• Reliability;
• Deposit / withdrawal of funds.

At the same time, obtaining a license significantly earnings opportunities have worsened:

• Minimum capital - 500 US dollars;
• Leverage - only 1:40;
• High spreads;
• Account currency - only Russian ruble.

Forex broker number 6. Adamant finance

Adamant Finance- A company founded in 2014, which allows you to trade on both spread and commission terms.

Advantages:

• Minimum exchange spreads;
• Quick order processing;
• Leverage - up to 1: 500;
• Minimum deposit - from 1 US dollar;
• Commission. On the classic account - absent, on the rest - insignificant commission;
• Number of tools - up to 104;
• The presence of bonuses.

The negative points include:

• lack of training videos;
• features of verification;
• use of one trading platform - MetaTrader 4.

Forex broker number 7. TeleTrade

Teletrade - A brokerage company, founded in 1994, and is currently represented in 30 countries with more than 200 offices.

Benefits:

• Free analytical information and training;
• 24/7 technical support;
• A variety of bonuses and promotions;
• Trust management.

Disadvantages:

• High minimum deposit - $ 1,000;
• The maximum leverage is 1: 100;
• Spreads: minimum floating - 0.5, fixed - 3;
• The minimum lot is 0.10;
• Number of trading instruments - 47;
• Withdrawal of funds.

Forex broker number 8. Forex4you

Forex4you - A well-known broker, founded in 2007 and registered in the British Virgin Islands.

Benefits:

• Availability of cent accounts;
• The maximum leverage is 1: 1000;
• Low spread;
• Minimum lot - 0.0001 (cent account), from 0.01 (on other accounts);
• Insurance of traders' accounts;
• Minimum deposit of 1 dollar.

Disadvantages:

• Lack of bonuses and promotions;
• One trading platform - MetaTrader 4;
• Lack of regulators.

Forex broker number 9. Roboforex

The brokerage company RoboForex was founded in 2009 in New Zealand.

Benefits:

• Minimum deposit of $ 1;
• Leverage up to 1: 1000;
• Spread from 0 pips;
• A wide range of trading platforms;
• A significant selection of accounts, both for beginners and professionals;
• Bonuses on account replenishment in the amount of 50% of the amount;
• Tutorial. Permanent video seminars for traders at various levels.

Disadvantages:

• Floating, dynamic spreads;
• Stop bidding. Between eleven and twelve nights, trading stops;
• There are slippages.

Forex broker number 10. A-markets

The company was founded in 2007 by successful traders and is currently represented in 7 countries.

Benefits:

• A large share of successful investors of the total;
• Convenient work of functionals;
• A large number of financial instruments;
• Bonus at the first deposit;
• High speed of execution of transactions;
• Special analytics tools;
• Customer insurance;
• High level arbitration;
• A significant selection of trading platforms.

Disadvantages:

• There are delays with the withdrawal of funds;
• Trade 5 days a week;
• Lack of cent accounts.

All considered brokerage companies have their own individual characteristics, and for the optimal choice in favor of one of them you need to really evaluate your knowledge, experience and financial capabilities.

Current list of forex brokers with a license from the Central Bank of the Russian Federation

5. Forex brokers with a license of the Central Bank of the Russian Federation in 2019-2020

In Russia in the end 2015 of the year A law was passed regulating the activities of brokerage organizations operating on the Forex exchange. This has led to significant changes in the market for these services.

According to the license of the Central Bank of the Russian Federation, brokerage companies are required to make changes to the trading processes:

1. Reduce maximum leverage to 1:50. This decision is negative for experienced investors, but at the same time it is designed to protect the interests of beginners.
2. Reduce tool list to 26 currency pairs. The measure is positive, since the proposed choice of pairs are the most liquid.
3. The obligation to hold investors separate accounts in the banks. This change gives a significant advantage to traders (additional guarantees of safety of funds).
4. The obligation to pay taxes on profits earned by traders. Since 2016, licensed brokers are required to pay tax on the profits received by investors. The tax rate for Russian traders is 13%, and for all others - 30%.

5.1. List of licensed Forex brokers of the Central Bank of the Russian Federation

Initially, it was assumed that most of the brokerage companies will accept the terms of the regulator, restructure their activities and receive a license for official activities in Russia, but by January 2019 there are not many such organizations:

1. FINAM FOREX, license obtained December 14, 2015;
2. Alfa Forex,License obtained on December 21, 2018;
3. VTB 24 Forex, license obtained September 1, 2016

5.2. Forex brokers under consideration by the CBR

The Central Bank has pending applications for licenses from well-known brokerage organizations.

The vast majority of companies operating in the Russian market did not even apply for a license.

Most likely, this is due to the fact that a significant amount of investment is required to bring the activity in line with the new requirements. The second factor is the absence of significant barriers to further activities and without a license.

Cooperation with a resident company in Russia will allow investors to be more protected, but they will have to abandon high leverage.

6. How to avoid common mistakes when choosing a broker in the Forex market - practical tips and tricks

In the above information, were considered 10 the best and most reliable companies, cooperation with which will not bring unexpected financial losses with the correct use of opportunities given by forex brokers.

When choosing a broker, you should also consider additional aspects:

• Analysis of reviews on the Internet. The study is necessary, but do not "blindly" believe, because most newcomers suffer losses due to the desire for quick success and lack of experience. The main attention should be paid to the quality of service and the level of affiliate programs.
• No negative in relation to software.
• The attitude of the broker to complaints. Quick response, help and consultation are the hallmarks of a reliable broker.
• The process of depositing and withdrawing funds. If the broker has cent accounts, it will be advisable to check the system: deposit a couple of dollars, and then withdraw them. Reliable brokers have no barriers to withdrawing funds.
• The presence of official registration.

7. Frequently asked questions about the topic of publication

We took the most frequently asked questions of beginners - novice traders and tried to answer them.

Question 1. How do brokers provide a no deposit bonus on Forex?

There are companies in cooperation with which no deposit requiredbut in this case no money is given for free.

In one of the options upon registration, the trader receives a bonus, but to withdraw these funds, they must be "worked out" by a certain set of transactions.

In other cases - payment is made for training, having passed which the broker is convinced of the competence of the trader and allocates money for trading, and the income is divided in half.

Question 2. Where can I find real reviews about forex brokers and an independent assessment of traders?

On the Internet, there are many sites and thematic forums dedicated to the activities of forex brokers. It is worth noting that it is quite difficult to find objective information and a real assessment of traders on the World Wide Web.

Objective independent review should meet the list of criteria:

• Facts and supporting information;
• Lack of emotion;
• Maximum informational content of the review.

An unbiased assessment of brokerage companies, in our opinion, is presented on Internet resources: forex ratings.ru andgurutrade.ru, the purpose of which is analysis, comparison and identification of the most reliable forex brokers.

Ratings are compiled on the basis of the voting of traders of various professional levels - from newcomers before experienced investors.

Question 3. What brokers offer cent accounts to open?

It is advisable to use the optimal solution for starting activities on the Forex exchange, as well as for evaluating innovative strategies cent accounts.

The table considers brokers who offer to open cent accounts, as well as the terms of trade on them.

7. Conclusion + video

Choosing a broker is a serious factor that significantly affects the future result in the Forex market.

In Russia there are a large number of companies providing intermediary services on the exchange. An objective assessment of their capabilities, as well as the study of the individual characteristics of the trading and educational conditions of brokerage companies, will allow a beginner to make the best choice.

We also recommend that you watch the video “Who are Forex Brokers and What to Look For When Choosing”. In this video, the author tells how to choose a broker and what options to look at when choosing.

That’s all with us.

Dear readers of the online magazine "RichPro.ru", we will be very grateful if you share your knowledge, opinions and experience on the topic of publication in the comments below.

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