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eToro stops offering forex trading in Russia – media report

 eToro, the largest social trading brokerage, will stop offering trading to its clients in Russia. The change comes into effect from September 13, the media site Finance Magnates reports.


 

According to an official e-mail sent out to the clients in Russia, they will still be able to trade in other asset classes like CFDs on commodities, shares and cryptocurrencies. The change does not affect already opened forex positions, either. The clients can keep them open for as long as they like.


 

The eToro decision is most likely made in compliance with Russian legislation, which requires a forex trading license. So far there are eight properly licensed forex brokers in Russia – both local and international: Alpari, Finam Forex, Forex Club, InstaForex, Teletrade, TrustForex, VTB 24 and Promsvyazbank.


 

eToro is an innovative forex trading service offering both traditional and social trading in multiple assets. With the launch of their OpenBook social investment platform in 2010 eToro introduced the concept of social trading to the world in 2010. Now the brand is active in more than 170 countries worldwide and serves over 6 million registered traders and offers more than 1200 instruments.

 

The companies behind the eToro brand are regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). 


 

 

TAGS: etoro  russia  forex trading 

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