Forex dealer licensing has become extremely challenging in Russia. Another license application from a forex broker has been publicly denied by The Bank of Russia. So far there was been 5 consecutive denials for a retail foreign exchange brokerage. The unlucky company this time is Fix Trade and so far the regulator hasn’t provided the reasons behind it.
“On the 21st of July, the Bank of Russia has taken the decision to deny the forex dealer license application of Fix Trade LLC,” said a vague statement issued by the central bank.
Commenting to Finance Magnates Russia a company spokesperson shared, “The notes which the Bank of Russia has made towards our application are related to some formalities. We will address the concerns which have been expressed by the regulator and we expect a positive development regarding our licensing in the coming weeks.”
“We would like to emphasize that the process of receiving a license from the central bank of Russia is not impeding our business outside of the country. Our clients can continually rely on our services and trade on their existing accounts or open new ones. Trading conditions for our customers remain unchanged and will be maintained,” the spokesperson elaborated.
FixForex has applied for a license with Bank of Russia since January 2016. At the moment 3 another brokers are anxiously waiting for the license verdict from the bank - 24FX, VTB Forex and Forex Club. These brokers have already been denied the license and have re-applied again.
Since the forex dealer license has been introduced in Russia, only 3 forex dealers actually obtained their licenses.