AFD
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The Association of Forex Dealers is Russia's self-regulatory body for licensed forex dealers, not a regulator in its own right. The brokers below reference AFD membership.
Brokers regulated by AFD
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The Association of Forex Dealers — Ассоциация форекс-дилеров, usually shortened to AFD — is a self-regulatory organisation accredited by the Bank of Russia for the licensed forex dealer sector. It is not a regulator, and reading it as one is the mistake this page exists to prevent.
What a self-regulatory organisation does
Under Russian law, a licensed forex dealer must belong to an accredited SRO. The SRO sets standards supplementing the Bank of Russia's rules, monitors member compliance, handles client complaints, and administers a compensation fund that members pay into and from which clients of a failed member may be reimbursed within defined limits.
That compensation fund is the substantive benefit of membership from a client's point of view. It is small by international standards and applies only to clients of the licensed Russian entity.
Membership is not a licence
Membership follows a Bank of Russia licence; it does not substitute for one. A firm advertising AFD affiliation without a current Bank of Russia forex dealer licence is describing something that cannot exist under the regime as designed, and the licence register is where that question is settled.
Equally, membership covers the Russian licensed entity only. A group with a Russian arm and an offshore company serving international clients gains nothing for the offshore side from the association, and the compensation fund does not reach those clients.
Sanctions context
Since 2022 access to Russian financial services from outside Russia has been constrained by sanctions, payment restrictions and capital controls. Anyone weighing a provider connected to this regime should verify current access and legal exposure for their own residence directly rather than relying on any published description, including this one.
How to check
Verify the Bank of Russia licence first, in the regulator's own register, then the SRO membership. ProForexBrokers.com lists the association separately from the Bank of Russia because they answer different questions, and a broker page citing only the association has answered the easier one.