Direct access to the Forex market, if possible, is extremely difficult, because it requires huge capital and only banks and organizations with a multi-billion dollar state can enter the over-the-counter market for trading currencies. Today, the opportunity to trade in the market for each person who wants this, provide the so-called forex dealers. These are companies that are an intermediary between a private client and the market itself.
For a long time, their work in Russia was not regulated at all, whereas in Western countries laws were worked out and similar firms worked exclusively in the legal field. As a result, many so-called “kitchens” appeared among Russian companies. The fraudsters did not bring transactions to the market, but only organized something like financial pyramids, initially paying small interest and then doing everything so that the trader lost.
As a result, to beat the system, like a casino, just did not have a chance. Therefore, in our country, and formed a rather biased attitude to everything connected with the word Forex. But it should be understood that the dealers who really bring transactions to the market actually receive a commission, on which they earn, so their activities can be completely legal and economically sound.
Laws regulating the Forex market in Russia
That is why in Russia for several years, attempts have been made to legitimize the activities of forex dealers. The first law was passed in 2013. Then the experts agreed on the opinion that this is a very important step towards the lawful conduct of activities in this field. However, it was argued that the law is still quite “raw” because:
– it was not spelled out the responsibility of the parties and the judicial mechanism;
– There were a number of issues in terms of paying taxes;
– the mechanisms of regulation of activity were not fully prescribed.
Subsequently, the law was finalized, and now, according to experts, in the coming year about 20% of companies that conducted illegal activities will leave the market. The adoption of the law on the regulation of Forex and its constant revision, in addition, should increase people’s confidence in such companies and provide them with a completely legal opportunity to earn money on currency races. At the same time, forex dealers should inform their customers that the risks of margin trading are high enough, so you should remember not only the potential profit, but also the likely loss of part or all of capital.
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