Best NAFD (Russia) Regulated Forex Brokers 2018
While there may not be many NAFD regulated brokers in Russia, it is advisable to use them to trade with. But of course not all brokers are created equal, so which are the best? We have created a list of the top NAFD brokers to trade with, based on our own research and the feedback of our users.
Introduction to NAFD Regulation
The National Association of Forex Dealers (NAFD) is a regulatory body in Russia (created out of a partnership by stakeholders) whose purpose is to restore and maintain investor confidence in the foreign exchange market. It was formerly known as the Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN). It is a well-known fact that the forex market in Russia has often been linked to scams and illegal dealings within the financial sector. It is for this reason that this independent partnership came to being so as to create a transparent and civil environment for doing business. It is supported by the Bank of Russia therefore any decisions made by NAFD are treated as a representation of the government of Russia.
Being the industry regulator NAFD has the authority to create, amend and implement legislation surrounding the foreign exchange market. This mandate resulted in the creation of a professional code of conduct that is meant to regulate all firms (that are members of NAFD) taking part in the forex business. NAFD also monitors and carries out periodic audits of brokers to make sure that their operations are within the legislated guidelines. In addition to this NAFD also analyses market information to stay ahead of news and ultimately protect the industry players from any impending risk.
The foreign exchange market can be quite complex for new entrants and it is for this reason that NAFD carries out training and provides a platform whereby education all parties can access necessary information. From time to time, they do organize seminars to facilitate investor education.
How NAFD Regulation protects you
The main objective of NAFD was to create a transparent environment for both brokers and investors to carry out legitimate business within the financial industry. As such it has the capacity to receive, deliberate and give rulings on complaints lodged by investors or other brokers in the industry. This is in the interest of protecting the investor from exposure to unnecessary risk. By conducting periodic visits to brokerages and scrutinizing their operations, NAFD maintains an updated list of licensed brokerages as well as those that have been blacklisted for one reason or another. This protects potential investors from losing their money or receiving substandard services from brokers.
Guidelines for NAFD Regulated Brokers
NAFD-regulated brokers are bound by law to comply with the professional and ethical rules that have been laid down by the regulator. They are required by law to conduct KYC (Know Your Customer) on all their clients so as to ascertain their identity. This makes it easy for the relevant authorities to catch up with the specific persons/firms in the event that there is some suspected flouting of the rules. The brokerages are required by NAFD to submit annual audited reports in a bid to ensure that there is no money-laundering going on or unlawful operations being carried out.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
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|