Russia is a country you any serious player in the forex market cannot afford to ignore. Forex brokers understand that Russia is one of the most lucrative markets for their brokerage services. Also, there are a lot of forex traders in Russia. That’s to be expected, given the highly developed forex trading infrastructure in Russia.
So, the wonderment always revolves around what is the best forex broker in Russia and how to choose the best forex broker. Many beginner traders, in Russia, or anywhere else in the world have problems while choosing their first broker. We want to make sure you do not make the common mistakes they usually make, whether you are trading from Russia, or anywhere else.
We are going to review three of what we trust are the best forex brokers for Russia clients. We have no business promoting or discrediting any forex broker. Our focus is on ensuring we can point you in the right direction as far as getting started with forex trading is concerned.
Take a look at this comparison table below. It compares the various forex brokers featured in the review.
|Brokers||Minimum deposit||Minimum spread||Currency Pairs|
|FXTM||$10||0.1 pips||57||1st Choice|
|Forex.com||$50||0.97 pips||50||2nd Choice|
|eToro||$50||0.6 pips||49||3rd Choice|
Rearing to go! Right? Before then, let’s find out what you are supposed to look for when seeking an appropriate forex broker. Choosing a forex broker is a standard process for every other new trader. Here are some of the main considerations that you ought to make.
Trading Accounts and Platforms – the trading account and platforms offered are the main reasons you need the forex broker in the first place. Take time to understand what the accounts and platforms offer, and how they can help you as far as forex trading accounts are concerned.
The Brokers Reputation – You can only get a real feel of what a broker offers when you actually start trading. It is, therefore, best to explore the broker’s reputation if you are a new trader.
Trading Tools and Support – Different traders have different styles of trading. They need different trading tools. Take time to explore whether the trading tools and support offered, marry well with your trading style.
Let’s now get into it!
FXTM is one of the biggest names in the forex trading scene. Almost every other forex trader has come across FXTM in one way or the other. FXTM is has been on the scene for almost two decades, and it has managed to build quite a name for itself over the period. It is one of the best forex brokers for beginners 2019.
We do not dwell on hearsay though. We’ve had quite the experience with FXTM, and we have a good idea of what it is like to trade on it. Our decision to have as one of the best forex brokers in Russia is based on our trading experience.
Here’s what it offers.
The Trading Accounts
When it comes to trading accounts, few forex brokers are as impressive as FXTM is. The FXTM trading accounts is one of the reasons why it has grown to become such as darling broker to many traders. It has six trading accounts, all divided into two categories.
Here they are;
- Cent account – $10
- Standard account – $100
- Shares account – $100
- ECN Zero account – $200
- ECN account – $500
- Pro account – $2500
One thing about these trading accounts, is they are quite fair with their minimum deposits. The deposits are low enough to ensure most traders are able to get onto the platform. The large variety of trading accounts also ensures that every kind of trader has a trading platform that can play to their convenience.
FXTM’s Reputation and Trust
FXTM’s reputation has no blemish. We can guarantee that FXTM is a forex broker that you completely trust. Having been on the scene for almost two decades now, it has become one of the most notable names in the forex scene. That means that it is quite trustworthy as well.
Apart from the reputation, you’ll be comfortable to know that FXTM is a regulated forex broker, and all its operations are under the watchful eye of several oversight authorities. Here are the most notable ones.
- CySec (Cyprus Securities and Exchange Commission)
- FCA (Financial Conduct Authority)
- ESMA (European Securities and Markets Authority)
These bodies main mandate is to ensure the forex broker the oversight does not engage in any fraudulent or exploitative activities. FXTM is certainly one of the best broker for forex trading.
Trading Tools and Support
FXTM has not been a top broker for almost two decades by offering mediocre services. Its services are top-notch and the kind of trading support they offer is like no other. We may not be able to mention all the support you can get on FXTM, but among the most notable ones are the demo account, trading tips, and market reports. FXTM is one of the best forex brokers with low minimum deposit 2019.
Forex.com is yet another very impressive forex broker. Forex.com is actually from the US, but it offers its brokerage services in many other countries around the world. Forex.com is popular for its economical trading platforms. Also, it is one of the most seasoned forex brokers on the scene. Together with FXTM, they are the pioneer forex brokers of the industry. Forex.com is without a doubt one of the best forex brokers for Russia clients.
To get a better perspective of what forex.com offers, let’s explore it based on the parameters we have outlined above.
Forex.com Trading Accounts
Forex.com trading accounts are quite impressive as well. Forex.com has an impressive balance between providing variety and overcomplicating it trading account structure. Here are the trading accounts you’ll find on forex.com.
Interestingly, forex.com requires the same minimum deposit. You’ll need a minimum of $50 to be able to start trading on either of these trading accounts. One impressive aspect of these trading accounts is that they are flexible. You can customize them according to your trading style or strategy. For instance, you can go for a standard or commission account. Standard accounts feature fixed commissions, while commission accounts have varying commissions.
We’ve already mentioned that the reputation of these pioneer forex brokers is quite stellar. Forex.com is no different. It is one of the most sought after brokers, and that because it has held its place at the top by offering stellar services.
When it comes to regulation, it cannot get any better than what forex.com has. We’ve mentioned that forex.com is a very economical forex broker. One of the reasons behind that is its regulation by the CFTC. CFTC (Commodities Futures and Trading Commission), is the main regulatory authority in the USA and is mandated to ensure that all forex traders on any broker under its oversight is protected.
Trading Tools and Support
Forex.com knows better than to fall short in terms of trading support and tools. It has the best of them. There is ample trading support on forex.com as well. Whether you need market reports, trading indicators, or account managers, forex.com will provide.
One of the other notable trading support that is provided in the demo account. The forex.com demo account is designed specifically for new entrants onto the platform. It ensures that they are given pointers on how to get started with forex trading and a real experience of what it would be like to trade on the forex markets. Forex.com is one of the best forex brokers with demo accounts 2019.
Etoro is yet another amazing option for Russian forex traders. EToro is exciting to many traders because of its unique copy trading features. Etoro is a decade-old forex broker, and is, therefore, quite a seasoned and developed forex broker. It is certainly among the best forex broker Russia.
As we’ve mentioned, eToro is a social trading platform. By social trading, we mean that traders on the platform are free to interact with each other and borrow a leaf with regard to forex trading strategies and plans. Traders can actually observe other traders trading in real-time, and replicate the trades on their platforms.
EToro Trading Accounts
Trading accounts on eToro are just as important, as they are anywhere else. One unique thing about eToro, it that it only has one trading account. There isn’t much to write about, about the account, since eToro pays more attention to its social trading platform than trading accounts. That does not imply that its trading platforms are not effective. They have every tool you need to be able to develop a strategy and take positions on the market without depending on other traders.
Also, the minimum deposits for an eToro trading account varies from one country to another. For instance, Russian traders have to deposit a minimum of $500 to get an eToro trading account. In other countries, the minimum deposit is as low as $50.
The social trading platform is eToro is its main attraction. It enables the practice of observing how the other traders are taking positions, and copying trades from them. eToro provides ample trading support on these platforms, to ensure you can trade seamlessly whether you are trading normally, or you are copy trading.
We shouldn’t forget to mention that eToro is a regulated forex broker. eToro is from Cyprus and is regulated by CySec. It is also regulated by the FCA, CFTC, and ESMA. In simple terms, it is a forex broker that will never have you worrying about the safety of your funds or fraudulent practices.