Type of activity: binary options trading in Belarus. Binary options in the Republic of Belarus

Financial and investment activities in the Republic of Belarus have a number of significant restrictions on the part of the state. Most transactions in the stock market are carried out directly by the Central Bank. Citizens and organizations have virtually no opportunities for implementation in this area. Thus, binary options remain in Belarus perhaps the only way to generate income from online investments.

The fact is that this investment instrument does not have any legal restrictions. In addition, binary options are characterized by simplicity and fast turnover. Money and high level of profitability. To carry out trading, it is enough to be the owner of any gadget and stable access to the Internet.

As of 2017, not a single national broker operated in Belarus. Due to the specifics of the current state and social structure of the country, this should not be surprising. Thus, Belarusians are forced to choose for themselves trading platform exclusively from international brokerage companies.

Currently, all the largest and most reputable binary options brokers are available for work in Belarus. To start trading together, a trader needs to go through standard procedure register in the system and make the required deposit to your personal client account.

You can open an account in one of three main currencies. Today they are the Russian ruble, the euro and the American dollar. Investors independently choose the currency that they like best. At the same time, the Belarusian ruble cannot be the basis for the client's account.

At the same time, investors can make a deposit into the system in Belarusian rubles. Brokerage companies independently, based on the existing exchange rate, recalculate the deposited money into the currency selected as the main one for the client account.

Payment systems used

Currently, most Belarusian traders, when working with binary options brokerage companies, choose one of three options for transferring money:

  • WebMoney;
  • Qiwi wallet;
  • Yandex money.

Profit earned during trading is withdrawn from client accounts through the same payment systems.

To date, no difficulties have been noted with conducting such financial transactions. This circumstance further increases the popularity of binary options among local Belarusian traders.

Features of the tax regime

Belarusian national legislation does not contain a direct rule that would oblige investors who make money on binary options to pay tax on it to the state treasury. However, since the beginning of 2016, a regulatory act has come into force in the country, which obliges people to pay taxes on all betting winnings, as well as income from gambling. The current interest rate is 4%.

The above rule was also extended to the income that Belarusian traders receive from binary options. Those persons who try to evade paying this tax will be fined in accordance with current legislation.

How to choose a broker

As we wrote above, today all international brokerage companies that specialize in providing trading services are available for Belarusians to work with. binary options. However, the moment of choice must be taken very seriously.

This is due to the fact that there are a number of brokers that are not aimed at normal operation. On the contrary, they try to lure more money from clients with all possible tricks and tricks, and then are in no hurry to return them.

There are two main solutions to this problem.

  • You should trade with trusted and large brokerage companies that have been operating on the market for several years.
  • Open a trading account only with brokers whose activities are monitored by independent financial regulators. For example, TsROFR and CySEC.

In addition, we recommend spending some time reading reviews from other traders who talk about their experiences trading with a particular company. You should not transfer money to those brokers, most of the comments about which have a negative tone.

Traders are often skeptical about trading on the foreign exchange market and are looking for new options. At the same time, they increasingly see prospects in derivative financial instruments such as binary options. This applies to traders from all CIS countries, for example, from Ukraine or Kazakhstan. Including traders from Belarus. Let's try to analyze some interesting features of this market in this republic.

Legislative innovations

This republic differs from many countries of the past Soviet power in its rather harsh state control, now this is not a secret for any average person. However, everyone has access to the Internet, which means the opportunity to trade in financial markets is also present.

Recent changes in the legislation of Belarus have also affected the services of brokers for trading binary options.

It is known that until the summer of 2015, the Forex market, like binary options, was completely unregulated and at times on thematic resources one could find confusion about the fact that those in power did not care about regulating the industry. This is despite the fact that hundreds of millions of dollars are in circulation here.

Note! This year top scores traders show statistics from the Binomo broker.
Binomo has the following advantages:
- Minimum account from $10;
- Guaranteed withdrawal of funds within 48 hours;
- 24/7 support;
- Completely free training;
- An endless demo account on which you can hone all your trading skills;
- Ability to trade even on a smartphone

Apparently the government is tired of this and the decree of the President of the Republic of Belarus, G.A. Lukashenko “On carrying out activities in the international forex market” dated June 4, 2015, came as a surprise to many traders.

The legislation states that the company must be registered on the territory of the republic, included in a special register, and have an authorized capital of at least 2 billion rubles. However, desire and capital alone are not enough. It is necessary to prepare a considerable package of documents; there are requirements for company managers and employees carrying out internal control. But of course, everyone understands that these problems are completely solvable if targeted funds are available. But is it advisable to create such companies and, accordingly, is there a desire for brokers to move towards a civilized market and transfer their business into the legal field?

In addition, it is unclear how to interpret these innovations for binary options brokers in Belarus. After all, the law seems to be about the Forex currency market, and not about binary options. All that remains is to turn to the legislation on the over-the-counter derivatives market. But for now this is a matter for the future.

Now all the brokers presented here have offshore jurisdiction and all traders who are interested in binary options have traded them and continue to trade them. The same is true with the spot currency market, because as before, nothing prevents a citizen of the republic from going to the website of some Forex broker, registering and opening a trading account.

Payment systems for BO brokers in Belarus

You can find reviews, and from personal communication you can recall one feature of the Forex and binary options market in Belarus. Most traders always note problems associated with withdrawing profits from their trading accounts.

For example, Qiwi EPS, popular in Russia, is not represented here at all. Traders lose a lot here, because its reliability is confirmed by its listing on NASDAQ, and its ease of use has long been known to many. Webmoney and Yandex money systems are more accessible to traders in this republic. However, even here, difficulties await binary options traders.

Thus, many traders say that they cannot cash out funds from EPS without unnecessary, unpleasant consequences. In the Republic of Belarus, the banking system functions normally and citizens use cards. But the problem is that the regulators financial authorities They carefully monitor money transfers and this applies to even very small amounts.

Opinions of traders from Belarus

Many people say that binary options are complicated, a scam, and so on, especially in Belarus. I don't agree. I am from this republic myself and I know quite a lot of compatriot traders who trade Forex and binary options and make money successfully. Moreover, earning significantly more than me. Therefore, I can confidently say that you can make money on binaries.

Withdrew $100 of the profit from the broker to my WebMoney wallet, and then cashed it out at the bank. After some time, representatives of the relevant department came and persistently asked to explain where this money came from. After they found out that it was “from the Internet,” they asked to explain what merits he was rewarding for, and so on. Overall it was unpleasant.

Klim, Polotsk

Traded with several brokers. I looked at the jurisdiction, everyone is registered in offshore companies, that is, there are no Belarusian brokers. Therefore, the only thing that can be said about trading binary options in Belarus is about your own experience. I earn almost consistently, at least I get more than I lose, so we can say that I’m successful. I withdraw money to WebMoney and spend it directly on the Internet. So no problems have arisen so far.

As can be seen from the above, especially from the reviews, the binary options market in Belarus has its own characteristics. Despite the problems associated with the withdrawal of funds and some misunderstanding on the part of the legislative authorities, traders trade, share their experiences of successful and not so successful work with brokers, and we can quite confidently say that the binary options market in this republic is developing no worse than in any other country.

Note! Many brokers provide clients with more favorable conditions if registration occurs from our website, since we are a large information resource. We present to your attention the current rating of brokerage companies today, which is compiled by experts taking into account many criteria, as well as reviews from clients of the companies. Choose a company you like and register for favorable conditions- . If you don’t want to figure it out for a long time, then the best broker today is Binomo, it is head and shoulders above others both in the quality of services provided and in popularity.

Forex and taxes

Citizens are required to pay income tax on income received from sources located both in Belarus and abroad. [∗] subclause 1.1 of Article 196 of the Tax Code of the Republic of Belarus

Thus, the trader must pay income tax of 13% on income from Forex trading received when working with both Belarusian (after graduation) and foreign Forex companies.

Citizens (individuals) pay income tax once a year. The tax return is submitted by March 31 of the year following the year in which the income was received. The tax itself is paid no later than June 1, based on awarded The notice is delivered in person against signature or sent by mail by registered mail. If the notice is sent by mail, it is considered served after 10 calendar days from the date of sending the registered letter. notices. [∗] paragraph 1 of article 222 and paragraph 2 of article 219 of the Tax Code of the Republic of Belarus

Income received in foreign currency is converted into Belarusian rubles at the official rate established by the National Bank of the Republic of Belarus on the date of actual receipt of income. [∗] paragraph 11 of article 199 of the Tax Code of the Republic of Belarus

It is worth noting that the income on which income tax is paid is not reduced by the amount of commissions associated with the withdrawal of money (for example, commissions of banks, electronic payment systems or the Forex companies themselves).

When paying income tax, you can, if there are appropriate grounds, apply certain tax deductions, as a result of which the tax amount will be less.

Date of receipt of income from Forex trading

For the correct payment of income tax, it is important to determine the day from which income from Forex trading will be considered received (the date of actual receipt of income).

By general rule The date of actual receipt of income is the day the income is paid, including the day the money is received in a bank account or electronic money in an electronic wallet. In this case, income is considered paid when money (electronic money) is received both to the citizen’s own bank account (electronic wallet) and, on his behalf, to the bank account (electronic wallet) of third parties. [∗] subclause 1.1 of Article 213 of the Tax Code of the Republic of Belarus

By crediting money to his trading account (trading account), the trader transfers it to a bank account or electronic wallet of a forex company. This money is taken into account separately as the trader’s margin security and is transferred to him through the trading terminal and personal account. In the future, the size of the margin may increase or decrease depending on the trading results. If the trader makes a profit, then the size of the margin increases by the amount of this profit, which is reflected in the trading terminal and personal account.

On the one hand, the profit received when closing a transaction in the trading terminal should not be considered income until it is transferred to a bank account or electronic wallet. This position was also confirmed by responses to requests from tax authorities.

In 2019, a trader deposited $500 into the account of a foreign forex company. The first trade turned out to be unprofitable, as a result of which the trader lost $100 and had $400 left in the account. The second trade turned out to be profitable and the trader managed to earn $300. As a result, the trading account had $700. From this profit, the trader withdrew $150 in 2016, transferring it to his WebMoney electronic wallet. After that, I transferred these 150 WMZ to WMB (paying 0.8% commission) and cashed out the money (paying 4% commission). Thus, the trader was left with an amount in Belarusian rubles, amounting to the equivalent of $142.8. The trader must submit a tax return no later than March 31, 2020, indicating $150 as taxable income and the date it was received (in this case, the date the money was credited to the electronic wallet). After the tax office has calculated the tax, the trader will be issued an invoice for payment, which must be paid no later than June 1, 2020. The tax amount will be an amount in Belarusian rubles equivalent to $19.5 (13% of $150) at the National Bank exchange rate on the day the money is credited to the electronic wallet.

On the other hand, based on latest clarifications tax authorities, income from Forex trading is considered received already at the moment of receipt of profit in the trading account (in fact, at the moment of closing a profitable transaction). Perhaps this approach can be explained by the assumption that the receipt of profit according to the trading terminal and personal account actually correlates with the transfer of this profit to the bank account of a forex company (that is, to the account of a third party), provided that such transfer is carried out on behalf of (let and not explicit) trader.

Please note that with this approach, at the end of the year, the trader must pay tax on any of his profitable transactions, even when the profit was not transferred to a bank account or e-wallet, and even in the case when the overall trading result is negative, that is when the amount of losses is greater than the amount of profit.

In 2019, a trader deposited $500 into the account of a foreign forex company. The results of his trading were as follows:
1 trade: +50 $ | date: 02/05/2019 | trading account balance: $550
Trade 2: +150$ | date: 02/23/2019 | trading account balance: $700
Trade 3: +200$ | date: 03/10/2019 | trading account balance: $900
Trade 5: −900$ | date: 04/12/2019 | trading account balance: 0 $

The trader must file a tax return no later than March 31, 2020, indicating as taxable income the amounts received from profitable transactions and the dates of their receipt: $50 (02/05/2019), $150 (02/23/2019), $200 (03/10/2019) ). Total income: $400. After the tax office has calculated the tax, the trader will be issued an invoice for payment, which must be paid no later than June 1, 2020. The tax amount will be an amount in Belarusian rubles equivalent to $52 (13% of $400). In this case, the dollar exchange rate established by the National Bank will be determined separately for each amount of profit in accordance with the day it was received.

Returning your own money from your trading account

The amount withdrawn from a Forex company account that was once made as a deposit (margin) to such an account is not income and, accordingly, is not subject to taxation. However, you may need proof that the specified amount was actually once transferred there.

At the same time, if we assume that , then an amount equal to that which was once transferred to the trading account cannot automatically be considered the trader’s initial deposit. During the trading process, the size of the initial deposit may be reduced by the amounts of unprofitable transactions. If, after such a decrease, the deposit is increased again by the amount of profitable transactions, then this does not “restore” the original deposit.

A trader deposited $500 into the account of a foreign forex company. The results of his trading were as follows:
1 trade: −100$ | trading account balance: $400
Trade 2: −50$ | trading account balance: $350
Trade 3: +300$ | trading account balance: $650
In this case, the trader has the right not to pay tax only on $350.

When can you not pay tax on Forex trading?

From March 7, 2016 to March 1, 2019, income received through forex companies As well as banks and non-banking financial institutions, . [∗] paragraphs 1 and 20 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities on over-the-counter market Forex"

Thus, working with Belarusian Forex companies, during the specified period, a trader can trade on Forex and not pay any taxes.

In this case, there is also no need to provide an income tax return. [∗] paragraph 3 of article 222 of the Tax Code of the Republic of Belarus

Please note that since Forex trading cannot currently be considered a gambling (bookmaker) game in Belarus, income tax benefits for income received from gambling are not applicable to Forex.

Responsibility for non-payment of taxes

In case of non-payment of income tax, the law provides for liability.

For non-payment or late payment of income tax in fixed time a penalty is charged for each day of delay. [∗] Article 55 of the Tax Code of the Republic of Belarus

In addition, non-payment or incomplete payment of income tax committed: [∗] paragraphs 6 and 8 of Article 13.6 of the Code of the Republic of Belarus on Administrative Offenses

  • by negligence, if the unpaid amount of tax exceeds 1 basic value, is punishable by a fine in the amount of 15% of the unpaid tax amount, but not less than 5/10 of the basic value.
  • intentionally - is punishable by a fine in the amount of 20% of the unpaid amount of tax, but not less than 5 basic units.

Failure to submit a tax return or delay in submitting it for more than three working days is punishable by a fine of 2 basic units, increasing by 0.5 basic units for each full month of delay, but not more than 10 basic units.

Tax evasion in large An amount that is 1000 or more times the base amount established on the day the crime was committed And especially large sizesAn amount that is 2,500 or more times the base amount established on the day the crime was committed entails criminal liabilityArticle 243 of the Criminal Code of the Republic of Belarus:
1. Evasion of paying taxes and fees by concealing, deliberately understating the tax base, or by evading the submission of a tax return (calculation) or entering knowingly false information into it, which entailed causing damage on a large scale, -
shall be punishable by a fine, or deprivation of the right to hold certain positions or engage in certain activities, or arrest, or restriction of freedom for a term of up to three years, or imprisonment for the same term.
2. The same act, which entailed causing damage on an especially large scale, -
shall be punishable by restriction of freedom for a term of up to five years or imprisonment for a term of three to seven years with confiscation of property or without confiscation and with deprivation of the right to hold certain positions or engage in certain activities or without deprivation..

Do I need to register an individual entrepreneur when trading Forex?

A citizen has the right to engage in entrepreneurial activity from the moment of state registration as an individual entrepreneur. [∗] paragraph 1 of article 22 Civil Code The Republic of Belarus Implementation entrepreneurial activity without such registration is prohibited and is considered as administrativepoint 1 1. Article 12.7 of the Code of the Republic of Belarus on Administrative Offenses:
Entrepreneurial activities carried out without state registration or without state registration and special permission (license), when such a special permission (license) is mandatory, if this act does not constitute a crime, -
entails a fine of up to 100 basic units with confiscation of the items of the administrative offense, instruments and means of committing an administrative offense, as well as income received as a result of such activities, or without confiscation., so criminal paragraph 1 of article 233 of the Criminal Code of the Republic of Belarus:
Entrepreneurial activity that, in accordance with legislative acts, is prohibited or is carried out without registration in the manner established by legislative acts or without a special permit (license), when such a special permit (license) is mandatory (illegal business activity), associated with the receipt of income in a large amount, -
shall be punishable by a fine, or deprivation of the right to hold certain positions or engage in certain activities, or arrest, or restriction of freedom for a term of up to two years, or imprisonment for a term of up to three years with or without a fine. an offense.

In this regard, it is of paramount importance to determine what activities will be considered entrepreneurial.

Entrepreneurial activity is characterized by the following features: [∗] Article 1 of the Civil Code of the Republic of Belarus

  • carried out on its own behalf, at its own risk and under its own property liability;
  • is aimed at systematically generating profit from:
    • use of property;
    • sales of manufactured, processed or purchased items for sale;
    • performing work or providing services, if these works or services are intended for sale to other persons and are not used for personal consumption.

When carrying out transactions on Forex, the trader does not sell any things, does not perform any work or services. At the same time, he uses the assets (money in his trading account) to make a profit. Thus, Forex trading, aimed at systematically generating profitSystematicity does not mean the systematicity of making a profit (for example, repeated receipt of income) and not even the systematicity of the activity itself (for example, repeated transactions by a trader). In this case, only the intention to systematically make a profit, supported by appropriate activities, matters. In other words, a trader, making transactions on Forex and not receiving any income and even receiving losses, but at the same time setting himself the goal of systematically making a profit, is conducting entrepreneurial activity. Of course, only he himself can know what a person’s intentions are. However, if there are circumstances that clearly indicate such intentions, then these circumstances can serve as evidence that in this case entrepreneurial activity is being carried out. Thus, the issue of classifying any activity as entrepreneurial is resolved separately in each specific case., should be considered a business activity.

The above position that trading in the Forex market, aimed at systematically making a profit, is an entrepreneurial activity, is confirmed by responses to requests from tax inspectorates and their publications officials in the media. At the same time, according to the explanation of the National Bank of the Republic of Belarus (the body regulating the Forex market in Belarus), the activities of an individual when conducting transactions on the over-the-counter Forex market do not have signs of entrepreneurial activity. Thus, at the moment in Belarus a different vision of this issue is being formed, in which a trader can conduct his activities as an individual and is not required to register as individual entrepreneur.

If a trader decides to register as an individual entrepreneur, he will immediately face certain problems. Belarusian legislation does not provide for the possibility of receiving electronic money from legal entities and individual entrepreneurs. legal entities and individual entrepreneurs (at least those denominated in foreign currency). In other words, you can withdraw earned money only to a bank account.

Please note that taxes on your income must be paid regardless of whether they are received from business activities or not.

What is Forex?

The essence of Forex is to carry out transactions with currencies and other financial instruments. In Belarus, trading on the Forex market is carried out by making transactions that: [∗] paragraph 2 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”

  • are made with non-deliverable over-the-counter financial instrumentsFor example: foreign currency, precious metals, securities, oil;
  • are over-the-counter transactions;
  • consist of two parts - opening and closing a positionOpening and closing a position is done by sending an order to fix the price of the underlying asset (that is, by selling or buying at a certain price).
    Closing a position can be done without the consent and participation of the client if the money deposited by him is not enough to maintain his open position.    ;
  • do not provide for the rights and do not establish the obligations of the parties to purchase (sell) the underlying asset, but create an obligation to pay (the right to receive) the amount of the difference between the price of the underlying asset at the time of opening a position and the price of the underlying asset at the time of closing the position;

The usual definition of "Forex" in different sources may vary. Sometimes it is even correlated with the concept of “Forex market”. Thus, depending on the source of information, Forex can be defined as:
- adjustable Regulation is carried out by the state or organizations specially created for these purposes. Transactions on the exchange market and over-the-counter transactions for the actual purchase or sale of currency are subject to regulation. And unregulated The unregulated Forex market is the market where trading services are offered by almost all organizations that advertise their services. This is an over-the-counter market and transactions on it do not involve the actual purchase or sale of currency.
At the same time, it cannot be said that the activities of such organizations are not regulated at all, since such regulation can be carried out in accordance with the legislation of the country where this organization is registered. As a rule, in offshore zones such organizations are subject to minimum requirements;
- stock exchange Exchanges are international (London, New York) and national (for example, Belarusian Commodity and Stock Exchange OJSC). Trading on the stock market directly affects exchange rates.
On such exchanges, both regular purchase and sale of currency and transactions with derivative financial instruments can take place. Individuals gain access to trading on the stock exchange very rarely and, as a rule, such access is provided through banks. There is no such opportunity in Belarus. Exchange markets are adjustable. And over-the-counter In the over-the-counter market, transactions of real purchase or sale of currency take place with banks. This market is regulated by the state.
At the same time, over-the-counter markets also include so-called transactions with derivative financial instruments (options, futures, contracts for difference). This approach to trading is offered by almost all organizations that advertise their services. The activities of such organizations are practically unregulated.
Trading on the over-the-counter market can be carried out using Electronic trading system(Electronic Communications Network - ECN).;
- suggesting real currency exchangeThe actual purchase or sale of currency is carried out on the exchange and over-the-counter markets. This market is regulated And without such exchangeThe main instrument that is offered to citizens when trading on Forex is a “contract for difference”, that is, an agreement that requires the parties to pay each other the difference between the opening price and the closing price of a transaction.

Too broad an interpretation of the term “Forex” sometimes leads to misconceptions regarding the services offered by organizations in the Forex market. In practice, such services are almost always provided to citizens on an over-the-counter market that is not regulated and does not involve actual purchase or sale of currency.

Forex companies can be called by different names: dealers, brokers, ECN Brokers, market makers, dealing centers, bookmakers. Their work patterns also differ from one another.

You need to understand that money earned on Forex does not come out of nowhere. If a trader made a profit, then someone made a loss. Who exactly received this loss depends on the scheme under which the Forex company operates. Essentially, every trader's trade must find an opposite trade, so that the result is an equilibrium. However, if there are more buy trades than sell trades, a so-called skew will occur. If the price goes up, most traders will make a profit, and a minority will make a loss. As a result, the amount of losses cannot cover the amount of profit and funds must come from somewhere in order to satisfy the demands of the winners. If traders' transactions remain within the forex company, then such funds are taken from the funds of the forex company itself, which in this case receives a loss. Hence the conflict of interests between the trader and the Forex company. To prevent this from happening, the Forex company can use one of the following options:

  • bring traders' transactions to the interbank foreign exchange market or to the foreign exchange exchange;
  • artificially influence some aspects in the work of tradersFor example, changing quotes, simulating server failures, simply not paying profits, which should lead to their losses.

In the first case, traders’ transactions find opposite transactions of other traders not only within the Forex company, but also among those cooperating with it financial institutions Banks, investment funds, other forex companies). In other words, if the volume of funds for sale transactions is greater than for purchase, then the excess of such transactions is transferred to the interbank market and is blocked there. Sometimes traders’ transactions may not overlap each other within the Forex company at all, but are immediately released to the interbank market.

In the second case, traders who were supposed to make a profit are usually deprived of this opportunity. A lot here depends on how the Forex company values ​​its reputation. At the same time, if you believe the statistics, the vast majority of traders already lose their money on Forex and the bias, as a rule, goes towards profits rather than losses for the Forex company.

This issue was discussed on the forum!

How is the Forex market regulated in Belarus?

From March 7, 2016 in Belarus, only the following can provide services to citizens for trading on the Forex market: [∗] paragraph 1 of Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”

  • legal entities (forex companies) registered in Belarus and included by the National Bank in the register of forex companies;
  • banks;
  • non-banking financial institutions.

Services are provided to the client forex companyAs well as banks and non-banking financial institutions on the basis of an agreement concluded with him, under the terms of which the Forex company assumes obligations to perform on its own behalf and at its own expense by communicating with the client via the Internet and (or) using other technical means client-initiated transactions with non-deliverable over-the-counter financial instruments. [∗]

What should be included in the agreement?

The essential terms of the agreement are: [∗] paragraph 3 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”

  • the procedure for depositing margin collateral by the client, accounting for it and returning it to the client (in this case, the positive price difference accrued but not received by the client for the transaction completed is included in the margin collateral, unless otherwise specified in the agreement);
  • the procedure for determining the ratio of the amount specified in the client’s order to fix the price of the underlying asset when opening a position, and the amount of margin collateral (that is, margin leverage);
  • the procedure for determining prices of underlying assets;
  • the procedure for closing a position by a forex company if the client’s margin provision is insufficient to maintain an open position;
  • the procedure and terms of settlements between the client and the Forex company;
  • the procedure for the client to initiate a transaction with a non-deliverable over-the-counter financial instrument by sending an order;
  • the amount or procedure for determining the amount of remuneration of a Forex company for transactions on the Forex market, as well as the procedure and timing of its payment;
  • the procedure and timing for submitting reports to the client on transactions performed on the Forex market, expenses incurred by the client, and income received by the client;
  • other conditions determined by agreement of the parties as essential.

As a rule, an agreement with a forex company is posted on the website of this forex company in the form public offerAn offer is a proposal addressed to one or more specific persons, which is sufficiently specific and expresses the intention of the person who made the offer to consider himself to have entered into an agreement with the addressee who will accept the offer.
A public offer is recognized as a proposal containing all the essential terms of the contract, from which the will of the person making the offer is seen to conclude an agreement on the terms specified in the proposal with anyone who responds.
(clause 1 of article 405 and clause 2 of article 407 of the Civil Code of the Republic of Belarus), that is, in the form of a proposal to conclude this agreement. In this case, the agreement will be considered concluded after it acceptance Acceptance is the response of the person to whom the offer is addressed about its acceptance.
(clause 1 of article 408 of the Civil Code of the Republic of Belarus), that is, the trader performs certain actions specified in this agreement (registration in his personal account, opening a trading account, crediting money to a trading account, etc.).

The activities of forex companies in Belarus are regulated by the National Bank of the Republic of Belarus and the National Forex Center (which is the Belarusian Currency and Stock Exchange). [∗] – paragraphs 6 and 19 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”
– paragraph 1 of the Resolution of the Council of Ministers of the Republic of Belarus, the National Bank of the Republic of Belarus dated 04.03.2016 No. 177/8 “On the determination of the National Forex Center and approval of the Regulations on the activities of the National Forex Center”

To protect the rights of clients of forex companies, the National Forex Center will form a guarantee fund from which margin collateral will be returned to clients if the forex company is unable to do this on its own. [∗] paragraphs 6 and 7 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”

Please note that currently in Belarus Forex trading cannot be considered a gambling (bookmaker) game.

Resolving disputes between a trader and a forex company

From March 7, 2016, a trader trading on the Forex market through Forex companies included in the register of Forex companies of Belarus, in case of violation of his rights, can contact the National Forex Center, as well as the National Bank of the Republic of Belarus. [∗] paragraphs 6 and 19 of the Decree of the President of the Republic of Belarus dated 06/04/2015 No. 231 “On carrying out activities in the over-the-counter Forex market”

The procedure for resolving disputes between a trader and a foreign forex company is always described in a public offer agreement or other similar agreement. If such disputes cannot be resolved amicably, they are subject to consideration in court in accordance with the laws of the foreign country in which the forex company is registered. The rules of jurisdiction themselves require filing a statement of claim in the court at the location of the legal entity.

An option to resolve a dispute on the territory of Belarus may be to refer to the rules of jurisdiction for disputes related to the protection of consumer rights. In this case, the claim is filed in court at the citizen’s place of residence. At the same time, Belarusian legislation applies exclusively on the territory of Belarus. Thus, even if the court makes a positive decision, it will not have force in another country. An exception may be cases when an international treaty provides for the obligation of a foreign state to implement such decisions.

In addition, it should be noted that citizens’ claims related to the organization of games and bets or participation in them are not subject to judicial protection, except in cases of failure by the game organizer to fulfill the obligation to pay winnings in accordance with the terms of the game. [∗] Article 931 and paragraphs 4 and 5 of Article 932 of the Civil Code of the Republic of Belarus Due to the fact that trading on the Forex market itself has signs of gambling, this rule may apply to clients of foreign Forex companies. Thus, a dispute that arises between a trader and a foreign forex company (for example, about the forex company’s manipulation of quotes), in judicial procedure, may not be considered.

Thus, judicial protection of traders’ claims is extremely difficult or even impossible. But there are other methods of protection against dishonest actions of a Forex company. For example, you can contact an organization whose competence includes regulating relations in the provision of services in financial markets. However, to be able to file a complaint against a forex company, one of the following conditions must be met:

  • the forex company is a member of the relevant supervisory organization;
  • the forex company has a license or certificate issued by the relevant regulatory organization;
  • a forex company is located on the territory of a state where the requirements of the relevant regulatory organization must be met.

Approximate list of controlling organizations

  • Federal Service for Financial MarketsCan only affect those Forex companies that provide trading services through the exchange. Regulates and controls the activities of such companies in the territory Russian Federation (FSFM)
  • Center for Regulation of Relations in Financial MarketsMay have an impact on forex companies to which the certificate was issued(CROFR)
  • Commission for regulating relations between financial market participants(KROUFR)
  • Center for Regulation of OTC Financial Instruments and TechnologiesMay have an impact on the forex companies that are its participants. Participation is voluntary. For Forex companies that are not members of this organization, its decisions are advisory in nature(TsRFIN)
  • Russian Association of Financial Market ParticipantsMay have an impact on the forex companies that are its participants. Participation is voluntary. For Forex companies that are not members of this organization, its decisions are advisory in nature(RAUFR)
  • European Securities and Markets AuthorityMay have an impact on forex companies operating in the European Union.(European Securities and Markets Authority - ESMA)
  • Management by financial regulation and supervisionMay have an impact on the forex companies to which the license is issued. Regulates and supervises forex companies operating in the UK(Financial Services Authority - FSA)
  • Cyprus Securities and Exchange CommissionMay have an impact on the forex companies to which the license is issued. Regulates and supervises forex companies operating in Cyprus(Cyprus Securities and Exchange Commission - CySEC)
  • National Futures Association(National Futures Association - NFA)
  • Commodity Futures Trading CommissionMay have an impact on the forex companies to which the license is issued. Regulates and controls forex companies operating in the United States(Commodity Futures Trading Committee - CFTC)
  • German Federal Financial Supervisory AuthorityMay have an impact on forex companies operating in Germany(Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin)
  • Swiss watchdog financial markets May have an impact on the forex companies to which the license is issued. Regulates and supervises forex companies operating in Switzerland(Swiss Financial Markets Authority – FINMA)
  • National Association of Stock Market ParticipantsMay have an impact on the forex companies that are its participants. Participation is voluntary. For Forex companies that are not members of this organization, its decisions are advisory in nature(NAUFOR)
  • Financial Services Commission of the Republic of MauritiusMay have an impact on the forex companies to which the license is issued. Regulates and controls forex companies operating in the Republic of Mauritius(Financial Services Commission Mauritius – FSC)
  • Securities Investor Protection CorporationMay have an impact on the forex companies to which the license is issued. Regulates and controls forex companies operating in the United States(Securities Investor Protection Corporation - SIPC)
  • New Zealand Financial Conduct AuthorityMay have an impact on the forex companies to which the license is issued. Regulates and supervises forex companies operating in New Zealand(Financial Services Complaints Ltd. – FSCL)
  • Botswana International Financial Services Center (IFSC)

Legislation

  • Decree of the President of the Republic of Belarus dated June 4, 2015 No. 231 “On carrying out activities in the over-the-counter Forex market”;
  • Tax Code of the Republic of Belarus;
  • Civil Code of the Republic of Belarus.

So incomprehensible and “foreign” 10-15 years ago, Forex today feels confident in Belarus, if only because only official statistics Thousands of Belarusians trade on this world's largest market every day. Since 2016, Forex companies in Belarus have been officially regulated by the National Bank of the Republic of Belarus.

If you are also thinking about additional income, without leaving the country, but directly from own apartment, then this article will be useful to you. We set out to figure out how to choose the right licensed Forex broker in Belarus from the 10 companies presented, what a novice trader needs to pay attention to. Right choice A reliable company at the start is the key to the success of your trading.

The first brokerage company that was opened in Belarus in 2004 is (then it was called “Forexline”), so it is logical that at the beginning of our discussion of the topic we will hear the opinion of the representative of this company - the leading analyst of FTM Brokers Pavel Bondarovich. We asked him to assess the state of affairs regarding licensed Forex brokers in Belarus today.

Leading analyst of the brokerage company "FTM Brokers" Pavel Bondarovich about licensed Forex brokers in Belarus:

With the entry into force on March 7, 2016 of the Decree of the President of the Republic of Belarus of June 4, 2015 No. 231 “On carrying out activities in the over-the-counter Forex market” prerequisite The job for brokers in Belarus was to obtain a certificate of inclusion in the register of Forex companies of the National Bank of the Republic of Belarus. Our company FTM Brokers regards this as an important and very timely step for all participants in the Forex industry in Belarus. With the introduction of Belarusian jurisdiction, the brokerage market has become a transparent, legitimate type of activity, which now operates according to uniform and understandable rules, prescribed in separate regulations about Forex. The rights and interests of Belarusian traders are reliably protected at the legislative level. The big plus is that the role of the state regulator of Forex companies was assumed by the National Bank of the Republic of Belarus, which is the central bank of the country and has enormous experience, competence in managing and controlling finances, banking system, regulates money turnover, creates gold and foreign exchange reserves of the state.

Broker FTM Brokers fully complies with the National Bank's requirements for brokerage companies in all positions, including legal, technical and financial. The certificate of inclusion of FTM Brokers LLC in the register of Forex companies was issued by the National Bank on May 12, 2016.

Pavel, what are the criteria for choosing a broker in Belarus from the list registered in the National Bank register? What advice do you have for beginners?

As for the criteria for choosing a brokerage company for Belarusians, I recommend paying attention first of all to trading conditions, comparing trading costs, and how accessible the methods of depositing/withdrawing funds are offered for you. Beginning traders should check Belarusian brokers for quality online/offline training.

Our company has been operating in the Belarusian market for more than 10 years. Throughout this period, we have been striving to offer optimal conditions for Belarusian traders, based on the economic situation in the country and the realities of legislation.

We will now check whether FTM Brokers is doing this well by conducting a small audit of the offers of 10 Belarusian licensed brokers today.

List of Forex brokers included in the register of the National Bank of the Republic of Belarus:

  1. FTM Brokers LLC, FTM Brokers brand
  2. OOO " Open Investments", OpenFX brand
  3. OOO " Finance company"Forex Club", brand ForexClub
  4. TeletradeBel LLC, TeleTrade brand
  5. Alpari Eurasia LLC, Alpari brand, Alpari
  6. Systemgates Limited LLC, WELTRADE brand
  7. STF Capital LLC, STForex brand
  8. LLC "Universal Brokers", brand UNIVERSAL BROKERS, Ubk
  9. One Market East LLC, FxNet brand
  10. Alfa Financial LLC, Alfa Financial brand

Data taken from the official website of the National Bank of the Republic of Belarus, relevance 10/05/17.

Let us immediately note that at the time of writing the article, the websites of One Market East LLC and STF Capital LLC were closed for access with the mark “The site is under development.” We have not found any information about when the sites will be launched.

Therefore, we will choose from current offers so as not to postpone investments “until Monday,” which, as we know, may not come.

More experienced traders will notice in the player registry list Russian market, which came to Belarusian. For example, TeleTrade, ForexClub, Alpari. Companies such as FTM Brokers and UNIVERSAL BROKERS position themselves as Belarusian brokers.

A separate phenomenon on the Belarusian Forex market is the MTBankFX platform, created by MTBank in partnership with Dukascopy Bank SA. The company offers clients Forex services on the Belarusian market, is regulated by a banking license, and therefore is not separately included in the National Bank's register of Forex companies.

Tips for choosing a broker for a Belarusian trader

So, let's begin! First of all, a novice trader should spend a little time studying information - note work experience, study Belarusian specialized forums and ratings are positive and negative reviews about the broker from trading traders. This way you can carry out the first stage of comparative selection of the most suitable brokerage company for yourself. Since these are private opinions, we will not compare or evaluate reputation here. Let's pay attention to the facts - comparative analysis trading conditions from brokers who are presented on their corporate websites with the by domain.

  • Minimum deposit

Minimum deposit- this is the smallest amount that a trader needs to deposit into a real trading account with a broker in order to start trading on Forex. Beginning traders are advised to give preference to those companies that provide the opportunity to start trading with small deposits. Several brokers offer the lowest deposit sizes from the entire list of licensed companies in the Republic of Belarus. In first place is FTM Brokers - you can earn money with this broker from just $20, Weltrade offers starting trading from $25, OpenFX from $100. Please note that it was very difficult to find information on minimum deposit requirements on the TeleTrade and ForexClub websites. Still, we managed to find out that in TeleTrade the minimum deposit size is $2,000, which, admittedly, is not always accessible to a Belarusian with an average salary, much less a novice trader.

Trading costs- these are your costs for Forex trading. Yes, yes, you have to pay for everything. By the way, a significant part of the amount you paid is the broker’s income.

There are a number of standard commissions that a trader pays to a broker to carry out trading activities On the market. These may include fees for opening and maintaining a trading account, carrying out trading operations, depositing/withdrawing funds, as well as spreads and swap points. Accordingly, the lower the size of these contributions, the more profitable it is for the trader. Many companies in the Belarusian market exempt their clients from commissions for opening and maintaining a trading account, and also offer spreads from 0 pips on certain types of accounts. Others need to pay these fees, which can start from 10, 16 USD commission per trading lot, such as Alfa Financial and Alpari. You can familiarize yourself with all these points in detail and compare them on the official websites of brokers in the section called “Contract Specifications”, Account Types - see Commissions, Spreads. Brokers have a lot of data here, as well as account types. But it’s better to calculate the costs before starting bidding in order to choose the most profitable option for yourself. Thus, at FTM Brokers, on two of the three proposed types of trading accounts, no commissions are charged for trading currencies, indices and commodities, and spreads start from 0,..., 2 points. Belarusian traders and OpenFX offer similar conditions on one of the account types, and you can also work on all your accounts without commission in Weltrade.

  • Leverage

An unfamiliar term for many novice traders, it means the ability to trade large volumes if you do not actually have them in your trading account. For example, let's take the maximum leverage at FTM Brokers - 1:500, this is when with a deposit of $1,000 you can make a transaction with a volume of $500,000. That is, greater leverage gives more opportunities to receive more profit with a small personal deposit. On average, in the Belarusian market, brokers offer leverage of 1:100, like Alpari and TeleTrade.

  • Execution speed

High order execution speed is a significant factor when choosing a broker, especially for scalping and HFT traders, when transactions are completed in a fraction of a second. Highest speed execution according to best prices can be offered by brokers working using STP/NDD technology, when transactions are directly entered into the interbank market. At the same time, there is no conflict of interest between the broker and the trader. It is also important here through which trading platform the broker trades. The most popular, reliable and convenient platform for trading is MetaTrader4, which has won the vocation of millions of traders around the world. It is worth noting that this platform is offered by all Belarusian brokers, whose sites are open to access. In general, 100-300 ms or lower is considered a very good indicator of fast execution speed. By comparison, in the Belarusian market, Open FX clients on the MT4 platform receive instant execution of their orders at speeds of up to 90 ms, and up to 85 ms on FTM Brokers, so they can be confident that every trade is always executed instantly and at the best available price. market.

  • Forex training

The trader should also pay attention to the availability of training from the broker directly on the official website - this can be online and full-time courses, webinars, seminars, video lessons, training materials. Section with training in in various forms present in almost all brokers from the list under consideration. The most interesting and multifunctional solutions can be found at Open FX in the form of Online Trading, Online Academy and individual lessons at FTM Brokers. Offline training in Minsk is organized by the same FTM Brokers, as well as brokers Alpari and TeleTrade.

  • Deposit/withdrawal of funds

Today, for traders in Belarus, there are several of the most popular options for depositing/withdrawing funds from a Forex account: electronic payments, plastic cards, bank transfer, using cash. They differ in the speed at which money is deposited, as well as in the amount of commission paid. However, the full range of opportunities is not available from all licensed brokers in the Republic of Belarus. Let's figure it out. The Weltrade broker allows you to deposit/withdraw funds only through a bank transfer with a commission from the sending bank. For example, MTBankFX offers its clients replenishment/withdrawal of funds through a plastic card, but only from MTBank, that is, the broker’s clients need to open a separate account with MTBank in order to replenish their account on the broker’s Forex platform. Along with bank transfer, Visa and MasterCard cards, UNIVERSAL BROKERS broker offers clients to use Priorbank, Alpari - Idea Bank. FTM Brokers is the only company that, in addition to the listed bank transfer options and plastic cards, today works with cards of the BELKART system, which includes the largest banks in the country - ASB Belarusbank, Belinvestbank, Priorbank, Belagroprombank, BPS- Sberbank" and others. There are bank branches from this system and ATMs in almost every locality of the Republic of Belarus, and you can immediately withdraw and make a profit from the Forex market in national currency.

  • Nice bonuses and sweepstakes from Belarusian brokers

As for the various promotions and bonuses from the brokerage company, it is important to understand that they are a nice addition, but they should not have a primary influence on your choice. However, novice traders are often attracted by a No Deposit bonus to their account - when a broker credits a new client with a deposit to start trading from his own funds, then the initial risks of entering the market for a trader with his own funds are reduced to zero. This bonus is practiced in the company