Looking for the top forex broker in Russia? Based on our hands-on analysis, we’ve identified the 2 best options tailored to various trading needs. Practical tips from our experts are included.
Forex trading is legal in Russia and regulated by the Central Bank of Russia. According to Russian law, brokers offering forex trading services within the country must obtain a license from the Central Bank. Currently, only a limited number of Russia-based brokers have secured this license.
However, international brokers can also offer their services to Russian clients. The Central Bank of Russia perceives its operations as external and, thus, not subject to the same regulatory constraints. Russian clients are required to report all foreign-based financial accounts to the tax authorities.
While engaging with international brokers is legal, the Russian government has blocked access to many of their websites. Despite this, Russian traders often bypass these restrictions using VPN services.
To identify the best brokers in Russia, we used the FX Empire’s comprehensive 250-point rating system to find the leaders in each category. We focused on the following key features:
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. I subsequently used my 16 years of forex trading experience to examine and analyze all our findings, resulting in the selection of the best brokers for Russian traders across various categories. You can read more about it and how we conduct our tests here.
Now, let’s explore the selected brokers.
Founded in 2006, AvaTrade offers a wide array of financial instruments, including stocks, ETFs, forex pairs, options, indices, commodities, cryptocurrencies, and bonds. The broker is regulated by multiple authorities, including CySEC, ASIC, and FSA Japan.
Regional Features:
AvaTrade provides access to 1,250+ financial instruments, catering well to both beginner and advanced traders. The broker’s offerings encompass a variety of asset classes, notably featuring bonds and forex options, which are less commonly found in typical brokers’ portfolios.
Clients at AvaTrade can choose from a wide range of trading platforms. These include the popular MT4/MT5, the user-friendly AvaTrade Web platform, and the AvaTradeGO app. Additionally, the broker provides the AvaSocial app for access to social trading.
AvaTrade also features the renowned Trading Central research tool. Traders have access to AI-powered trading signals, an advantageous option for beginners starting their trading journey and learning about the markets. The AvaProtect risk management tool, exclusively available on AvaTrade platforms, is another beneficial feature for beginners, allowing them to protect their trades against losses for a fee.
My hands-on examination revealed that AvaTrade’s fees for forex and commodities are more competitive than the industry average. For instance, during the live testing, spreads for the EUR/USD pair averaged around 0.9, while those for WTI oil were approximately 0.03. However, spreads for indices and stocks were on the higher side, with the Dow Jones index ranging from 5 to 6 and Tesla shares at a spread of 1.98.
Founded in 2010, IronFX offers trading in CFDs on forex, commodities, stocks, indices, and cryptocurrencies. The broker is regulated by FCA and FSCA and also has one unregulated global entity.
Regional Features:
IronFX provides clients with access to the MetaTrader 4 platform, which offers a wide range of technical analysis indicators and timeframes. Additionally, the MT4 offering includes MultiTerminal, which allows traders to manage multiple accounts from a single terminal. IronFX also integrates Trading Central, where traders can benefit from numerous analysis tools and resources to conduct thorough research.
The broker provides 7 types of accounts, including floating and fixed-spread accounts, as well as a commissions-based Live Zero Fixed Spread account. Our tests indicated that IronFX trading fees were mostly in line with the industry average. For example, EUR/USD spreads ranged between 0.9 and 1.0 during our tests, while Dow Jones spreads were 3.0.
IronFX provides a wide range of educational materials, including hundreds of videos on its YouTube channel. Traders also have access to webinars, podcasts, eBooks, and a glossary.
Use our guide to define the best forex broker in Russia according to your trading goals.
The process of choosing a broker begins with learning where your potential broker is regulated. In our research, we divide regulators into three tiers: Tier-1, Tier-2, and Tier-3.
Traders should prioritize essential safeguards such as negative balance protection, segregated funds, and compensation funds, all of which offer reassurance in case of financial issues. It’s important to note that offshore regulators generally don’t enforce stringent leverage limits, offering traders access to high levels of leverage but with fewer protections. You should be aware that compensation schemes may not always be in place. Consequently, if a broker encounters financial difficulties, traders will likely have to navigate the situation on their own. Read more about best regulated forex brokers in our comprehensive guide.
Russia-based clients who want to use the services of international brokers will mostly have access to the offshore entities of such brokers. Typically, these entities ensure negative balance protection and maintain segregated funds for client security. At the same time, they offer a high level of leverage.
Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.
You should understand the differences between various types of accounts.
In today’s trading landscape, it’s common to find brokers offering platforms such as MetaTrader 4 and MetaTrader 5. While these platforms come equipped with a range of tools, they’re typically more appropriate for traders with some experience. Beginners may find these platforms challenging initially and might need time to familiarize themselves with the complexities. Check out our dedicated guides on best MT4 brokers and best MT5 brokers.
Alternatively, some brokers offer their own proprietary trading platforms, designed with a broader range of traders in mind. These in-house platforms usually stand out for their ease of use and intuitive navigation, making them a more welcoming option for those new to trading.
The choice of a trading platform should align with your trading style, experience, and personal preferences. In my view, if you’re just starting out, you’ll likely be better served by a broker’s proprietary, user-friendly platform or mobile app. On the other hand, seasoned traders often lean towards the advanced functionalities offered by platforms like MT4 or MT5. You can also check out our dedicated guide on best forex trading platforms.
Leverage provides traders with the opportunity to boost their profits through the use of borrowed funds. The higher the leverage, the greater your potential profits may be. However, leverage acts as a double-edged sword, as it can also magnify your potential losses. Therefore, I’d recommend beginner traders start with low levels of leverage to avoid the risk of substantial losses.
For traders seeking high-leverage options, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.
Russia-based traders can open accounts with offshore entities of the brokers, so they will get access to high levels of leverage, like 1:1000.
Based on my trading experience, I have outlined the five things to avoid when choosing a broker:
To safeguard yourself against forex scams, follow these essential guidelines:
And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.
FX Empire, with a history dating back to 2011, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.
We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with thorough and unbiased reviews, empowering you to make well-informed decisions aligned with your specific needs.
To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:
We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. Overall, we evaluate brokers based on more than 250 distinct data points. Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.
For this guide, I focused on forex brokers that are best suited for traders based in Russia. I have given priority to brokers offering specific features, such as customer support and website accessibility in the Russian language, the availability of local deposit and withdrawal methods, as well as bonuses and promotions tailored to Russian clients.
We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.