Belarus Sets Ground for Being Forex Hub with More Licensed Brokers

A lesser-known broker called Visuno Capital Limited LLC (Wisuno Capital Limited, or WisunoFX), has become the licensed FX platform No.20 in Belarus as the small nation, next to Russia, continues to be a favorite destination for the foreign exchange industry.

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates Russia reported today that WisunoFX secured its approval and has already been included in the register of forex companies in accordance with the country’s local legislation.

Belarus has recently approved B2Broker as the first forex prime broker after securing the National Bank of the Republic of Belarus (NBRB) license. The permit was issued under the name of Prime Brokerage Services Limited (B2Prime).

With more and more brokers coming to Belarus, the country’s president signed a document that makes Forex trading in the country tax exempt.

WisunoFX is the latest FX broker to eye a lucrative market in Belarus as the trends in retail trading are changing in the eastern European region. Of note, the country’s central bank is the sole regulator policing all aspects of OTC forex activities and thus supervises all brokers engaged in transactions with non-deliverable OTC financial instruments.

FX industry’s interest in Belarus grows

The FX industry’s interest in Belarus is justified by the Russian crackdown against forex brokers, which dates back to early 2018. Minsk has become an important avenue for forex brokers as the Bank of Russia decided to strip several brokerage firms of their license to trade in forex. Most of the foreign exchange dealers operating in the country saw their licenses revoked last year.

Having acquired an NBRB license, the next step for WisunoFX is to undergo an assessment of their Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term in the National Forex Center. Concerning the financial terms, forex companies must have a capital of at least BYR 2 billion (about US$100,000), and to deposit a guarantee payment to the Compensation Fund to the amount of $50,000.

Thirdly, the licensed forex broker is obliged to become a member of the local Association of Financial Market Development – ARFIN. Other specific requirements for these companies include the obligation to incorporate a local entity to obtain a license from the central bank.

In 2016, a new regulation on forex operations in Belarus came into force. Before this date, the activities of forex companies in the country were not regulated, and the absence of explicit definition created a risk that forex brokers’ operations could be classified as illegitimate activities.