Russian Mega Broker, Forexclub without financial license?

June 3, 2016

ForexClub has been active since 1997 in the Forex industry based in Russia.

The “ForexClub” is consisted of a group of companies.

Now the company has office based in Moscow, but the company address is registered in St. Vincent & the Grenadines in the Caribbean sea.

St. Vincent & the Grenadines

St. Vincent & the Grenadines

ForexClub is not regulated

For some people who are interested in the security of your funds and general safety, you may need to know that:

ForexClub is no licensed by any financial authorities, and does not deposit clients’ funds to segregated accounts. (according to one of the employees) in June, 2016.

But since the end of the Forex-heaven in Russia and all Forex brokers are required to acquire official license in order to provide financial service to Russian residents, the “ForexClub” has applied for one.

The below is the official News release from ForexClub.

forexclub russian fx license

English Translation:

Forex Club: On December 7th to apply for a Forex dealer license

08/12/2015

Forex Club Group of Companies, represented by “Forex Club LTD”, filed a set of documents and the application for a Forex dealer license on 7th of December.

Documents filed in accordance with the Federal Law №460- FZ and №39- FZ.

License denied?

According to our source, the Mega-regulator Central Bank of Russia may have denied the request to ForexClub.

If this is the real story, ForexClub is no longer able to provide financial service towards Russia, where the company office is based in.

For traders residing in outside of Russia, this does not matter at all but the “ForexClub” will stay unregulated without financial license.

We are still awaiting for the official announcement from ForexClub regarding to the Russian FX license…

Wait, isn’t ForexClub regulated by CySEC?

Well that is another ForexClub within the group of companies, but this Russian license story is about the “Forex Club LTD” in St. Vincent & the Grenadines.

So the difference is as follows:

Forex Club LTD (www.fxclub.com) – the main broker of the group

  • In St. Vincent & the Grenadines
  • No Financial License
  • Established in 1997

Forexclub official website main page

Indication Investments Ltd (www.fxclub-global.com) – a part of the group

  • In Cyprus
  • Regulated by CySEC
  • Established in 2012

forexclub cyprus

Please note that they are two different company in the same name.

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