Best FMRRC (Russia) Regulated Forex Brokers 2018
The Russian Forex market is regulated by the FMRRC who are responsible for maintaining the integrity of the industry. If you are looking for an FMRRC broker then look no further than the FXEmpire list of best brokers, based on nest service, trading conditions and trading technology.
Introduction to FMRRC Regulation
FMRRC is an acronym that stands for the Financial Market Relations Regulation Centre which is an organization that undertakes the responsibility of overseeing and regulating financial services in Russia. Like many regulators of financial markets around the world, their work revolves around identifying and mitigating risk for all market participants. It is an independent regulatory body that is non-partisan (to avoid conflict of interests) but seeks to create fairness and promote transparency which will in turn lead to investor confidence within this sector.
The main purpose of the FMRRC is to use its expertise in the financial markets to vet, license and regulate companies that offer credit and brokerage facilities in Russia. They are the issuers of the relevant licenses that are required by the firms that express interest to carry out business in this industry. Upon issuance of the license, FMRRC is still responsible for supervision of activities that their licensees are engaging in. As such, they are at liberty to conduct random visits at their licensees’ premises and request for information of any kind to ensure that their business is in line with the regulations. The FMRRC is also in possession of technology that allows them to closely monitor transactions carried out by all market participants such that in case of any fishy business, red flags can quickly be raised. This organization also has the mandate to resolve conflicts between firms and also where clients are involved.
By performing all the activities above, the FMRRC ensures that the rights and freedoms of investors are not infringed upon by any of the companies operating under their jurisdiction.
How FMRRC Regulation Protect You
FMRRC keep an updated list of their verified licensees and also those who have falsified certification. This prevents potential investors from exposing their information any money to rogue companies. In the event that conflict arises between investors and brokers, FMRRC is the supreme organization that is mandated to litigate and ultimately resolve the conflict while protecting the rights of the investor. It is important to note that if claims filed against a brokerage have not been certified by FMRRC, then the claims cannot be brought before the FMRRC board for hearing.
A compensation fund has also been set up by FMRRC such that in the event that an investor’s rights have been curtailed by a broker that is certified by the FMRRC leading to loss of funds, and the firm indemnifies itself from the reported damages, then the investor can be reimbursed from this pool.
Guidelines for FMRRC Regulated Brokers
Brokers whose applications for licensing by the FMRRC are successful are required to remit a pre-specified amount of money to create a compensation fund specifically for the purpose indicated above. These brokerages are also required to submit the necessary information when called upon to do so by the regulator. This is in line with ensuring that the licensee is carrying out business within the legal framework that has been put in place by the regulator.
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|