PSB Forex Reviews in Russia

A few years ago, a Russian broker called PSB-Forex was launched. However, it soon started to suffer from poor financial performance and subsequently shut down, leaving thousands of clients stranded. While the company is now a profitable part of the Promsvyazbank group, PSB-Forex only offers a handful of currencies, including USD and EUR. Despite the dreadful reputation of this broker, PSB-Forex is still well worth a try. Looking more visit psb forex отзывы.

 

PSB-Forex has voluntarily revoked its retail license. It also violated internal standards governing checks. It also offered a huge percentage of its capital to traders. The company has since filed an application with the Association of Forex Dealers (AFD), the self-regulatory body for the Russian OTC FX sector. This news prompted PSB-Forex to release a statement denying that it had any revoked licenses.

 

As for the future, there are few regulatory requirements for foreign exchange dealers in Russia, but the Central Bank annulled the licenses of several FX brokers in December 2018 due to violations of the country's laws. While PSB-Forex was one of the few companies to still have a Forex dealer license in the country, it will no longer be able to offer such services. Its financial regulator has cited the lack of adequate oversight and shady practices at other brokers.

 

Moreover, the new regulations restrict widening spreads in the currency market. This means that the spreads should be capped at 1.2 pips. The broker must review the complaint within fifteen days, and may ask for an extension if necessary. The Central Bank also says that the agent is liable for any violations. This means that a Forex broker can't increase the spread. This can lead to a high risk.

 

In August of 2019, the Central Bank of Russia approved the license of PSB-Forex, which is a retail forex brokerage subsidiary of Promsvyazbank. In a recent article, Dmitry Grinkevich, a former PSB-Forex employee, outlined the pros and cons of this broker in Russia. The company is now ranked eleventh among the largest banks in Russia and offers a number of benefits, including a demo account, a news stream, and a Traders Sentiment Index.

 

The new regulations will limit leverage to one:50. This is an extreme risk for investors. Therefore, PSB Forex is a good choice for Russian customers. The broker offers high-quality services and offers a range of trading products. A broker will also be able to respond to any changes that may arise in the rules of the Forex market. In addition to the new rules, the company will also be regulated by a new government law, which will severely affect the forex industry in the country.

 

There are some pros and cons to PSB Forex in Russia. Despite the alleged risks, the company is able to attract Russian traders. The company offers a demo account with a zero risk, which is an extremely valuable advantage in the long run. Its customer support is also top-notch. With its focus on MT5, PSB Forex is a great option for Russian customers. There are no disadvantages associated with PSB Forex.