5 Forex brokers are losing the Russian license

At the end of 2018, the Bank of Russia started "forex cleanup". The result of the review of the situation on the domestic market is the withdrawal of licenses for five brokers - Alpari, Fx Club (Libertex), TeleTrade, Fix Trade and Trsut Forex.

Deadline to 27 January 2019

In connection with the withdrawal of rights to conduct brokerage activities in Russia, all previously mentioned brokers are forced to withdraw all funds to their clients by January 27 of the new year. This applies not only to Russians, but also to foreign customers who have real accounts under local supervision. It is worth noting, however, that each of these companies has more than one license, so you can expect "migration" of traders to foreign jurisdictions.

The reasons for the loss of licenses by these 5 brokers are different.

Fx Club (currently operating under the Libertex brand)

• Violation of internal accounting requirements,
• Falsifying data provided to the Central Bank of Russia,
• Operation does not comply with the guidelines of the Central Bank of Russia.

TeleTrade

• Violation of the provisions and limits related to the required equity,
• Transmitting false data to the Central Bank of Russia,
• Providing false information on the website.

Trust Forex

• Failure to comply with instructions provided by the Bank of Russia,
• Transmitting false data to the Central Bank of Russia,
• Providing false information on the website,
• Gaps in the risk management system.

Alpari Forex

• Operation incompatible with the guidelines of the Bank of Russia,
• Violations of internal accounting requirements;
• Passing false data to the Central Bank,
• Risk violations.

Fix Trade

• Lack of information required by the regulations on the website,
• Failure to comply with the guidelines of the Central Bank,
• Violation of the Forex dealer's licensing terms,
• Lack of adequate risk management.

Official announcement of the Bank of Russia