Russia: Only 2% of Customers Work with Legal Forex Dealers

UrBC, Yekaterinburg, August 22, 2018. Only 7,000 out of Russia’s 400,000 customers on the foreign exchange market are actually doing their business with legal, Central Bank-registered forex dealers, head of Forex Dealers’ Association Evgeny Masharov announced at a press conference in Yekaterinburg.

‘Only eight companies who are the Association members actually meet all of the Central Bank’s requirements. This means that more than two hundred other companies have been operating with no proper permits, so the customers are facing risks in trusting such market players,’ Masharov said.

According to Masharov, most of the complaints relating to unscrupulous forex dealers come from customers based in Southern Federal District. Besides, there are a lot of forex companies operating in Russia that have been registered abroad.

‘Judging by our customers’ complaints alone, the overall damages done by such businesses came to around RUR 150m last year,’ Masharov stated.

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