AFD, the self-regulatory organization for Russia’s FX industry, has revealed key metrics for the performance of the licensed Forex brokers in the second quarter of 2021.
The number of clients of the licensed Forex brokers (they are officially named “Forex dealers” in Russia) rose by 5,489 in the second quarter of 2021. The total has surpassed 34,900. For the past year, the rise has exceeded 16,000 clients.
During the April-June 2021 period, Russian FX dealers reported 1 million trades, with volumes reaching RUB 2.12 trillion.
The number of active clients compared to the first quarter of 2021 rose from 5608 to 6804.
Let’s note that, at present, there are only three companies that have Russian FX dealer licenses: VTB Forex, Alfa-Forex and FINAM Forex.
As FX News Group has reported, in December 2020, the Central Bank of Russia announced the annulment of the Forex dealer license of PSB-Forex. The reason for the regulatory decision was a request submitted by the broker itself.
Early in 2020, PSB-Forex was put up for sale by its parent company, with the start price for the broker being RUB 149 million. All of the share capital of PSB-Forex was offered for sale. However, the sale process attracted no bidders.
PSB-Forex was one of the handful of firms that have Forex dealer licenses in Russia. In December 2018, the Central Bank of Russia annulled the licenses of several Russian FX brokers, including Alpari, Forex Club and TeleTrade. In its official announcement back then, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, were taken away due to the companies’ violations of the Russian law.