About VTB Forex
Company Overview
VTB Forex (legal name: OOO VTB Forex) is a Russian forex broker established in 2019, as per regulatory records, though some company descriptions mention a founding year of 2010. It is headquartered in Moscow at Presnenskaya Naberezhnaya, building 10, floor 39. The broker is part of the VTB Group, one of Russia's largest banking groups.
The broker is regulated by the Central Bank of Russia (CBR) as a forex dealer. However, industry databases have flagged regulatory suspicions, noting that it may be a clone of a legitimate entity. Traders should independently verify its license status with the CBR.
Regulation and Safety
VTB Forex holds a forex trading license from the Central Bank of Russia (CBR), but the license status is not confirmed active. The CBR is the primary financial regulator in Russia, overseeing forex dealers. The broker's registered address matches its official documents.
Despite this regulation, the broker has received a guarded scam risk score of 39/100 from FXCanary, indicating potential risks. Notably, the broker announced a temporary suspension of its activities on its website, which may affect client services.
Trading Instruments and Conditions
The broker exclusively offers forex trading, with 26 currency pairs available (according to its website). Trading is conducted via MetaTrader 5, with a maximum leverage of 1:40 and a minimum trade size of 0.01 lots. Spreads are variable, starting from 1 pip for major pairs like EUR/USD.
Leverage is capped at 1:40, which is low compared to offshore brokers but standard for Russian regulated forex dealers. No other asset classes such as CFDs on stocks or commodities are offered.
Account Types and Platforms
VTB Forex appears to offer a single account type, named 'VTB Capital Forex', with no minimum deposit requirement. Accounts can be opened in rubles, dollars, or euros. The broker uses MetaTrader 5 as its primary platform, available for desktop, web, and mobile devices.
The broker also provides a personal cabinet for account management, and a demo account is available for practice. Registration requires a verified copy of a passport and can be done remotely.
Deposit and Withdrawal
Funding methods are limited compared to international brokers. Ruble deposits can be made via the VTB-Online banking system without fees. Foreign currency deposits must be made in person at a VTB Bank branch, incurring a 0.75% fee. Withdrawals are processed on the same business day if requested by 13:00 Moscow time, with no commission.
The broker does not support e-wallets or credit cards, relying heavily on the VTB banking ecosystem. This may be inconvenient for traders outside Russia.
Target Audience
VTB Forex primarily targets Russian-speaking traders who are already clients of VTB Bank or those comfortable with Russian banking systems. The broker's low leverage and limited product range make it suitable for conservative forex traders who prioritize regulatory oversight.
The temporary suspension of activities, however, raises concerns about ongoing operations. Traders should verify account status before committing funds.
Overview compiled by FXCanary from regulatory records and public data. full VTB Forex review