Trader’s Guide to Russia Forex Brokers
Those of you looking to trade Forex in Russia will be interested in all the relevant and up-to-date information available in order to gain a thorough understanding of the market, and thereby increasing your chances of success.
A brief history of Forex trading in Russia
When Forex trading first started in Russia there were only a handful of traders taking part. But ever since 1990, Russian interest in the Forex market has expanded considerably. Nowadays there are thousands of traders and quite a number of Forex brokers. A number of the most successful Forex brokers in Russia have grown to encompass the global Forex market, but there is still room for more development in the domestic Russian market.
The Russian economy has been developing in recent years, together with its participation in the global economy. The Russian government decided to introduce the convertibility of the ruble because it wanted to help the country’s transition into a true market economy. However, it has since changed from multiple exchange rates, to managed floating rates to soft peg. An important currency for exchange in Russia is the US dollar. But the Russian Ruble hasn’t been forgotten, as it is an important hard currency because of the changes taking place in the Forex market in Russia. These changes included price liberalizations, in 1992. Holding hard currency reserves is allowed in Russia, and many Russian citizens choose to convert their rubles into dollars and vice versa. Thereby benefiting from exchange rate fluctuations.
Earlier on in history, foreign exchange was only possible through public auctions. But in 1989, when Russian authorities decided to introduce flexibility in exchange rates, things started to change. The first currency exchange was set up in 1991, by the Central Bank of Russia. It was named the Moscow Interbank Currency Exchange (MICEX) in 1992, and has been the body through which foreign currency trading is carried out ever since then. Essentially, however, the Forex market is regulated, moderated, and controlled by the Central Bank of Russia. It has the power to issue special foreign exchange licenses to commercial banking institutions, so is essentially in control of the internal foreign exchange turnover being generated.
Best Russian Forex Brokers In 2018
|Broker||Min Deposit||Welcome Bonus||Rating|
|$ 50||Check Website||Review|