Agree on the major points discussed by Pharaoh and BigT1.
Scam Brokers do not only locate in weak regulatory countries, we found many big names been fined by NFA and CFTC but the difference between those and others in other regulatory bodies countries is that those get fined but not banned
, they just pay the fine and continue working normally
, that's somehow nonsense. As if cheating clients and stealing money is like a traffic or speed violation, you pay the fine and continue the drive
or maybe pay it later
In the other countries, it is not better because the broker runs away with the clients money to an undistinguished path and most regulatory bodies if not all can do nothing about it. Because of weak regulatory environment in these countries and lack of communication or cooperation between those regulations and the country authorities.
Do not think that Russia have this weak environment of Forex brokers versus Regulatory because did not yet rise up to the 'modern age' or less freedom and democracy. not all of what the media and press in some countries try to stick in its people's heads/minds is the truth about other countries.
I believe Russia situation of not used and reached yet to the high regulatory standards is because the Government had closed up on outer connection and the Federal financial markets service in Russia rules & requirements are not helping in creating competition between brokers.
Russia prefers controlling its own market, just look at the ruble currency strict price.
Some countries believe in stability of its currency exchange rate and fears the involvement in a big market where global political influences or maybe the Worldwide Mafias may ruin its currency, bonds stocks..etc
However, You can't get better if you do not interact with people who passed you in experiencing things to learn from.
Despite Russian Regulatory as CRFIN and KROUFR had been improving and expect them to reach good achievements in regulating the forex market there with new created legislation in a near time.
Do not have an account with a Russian based broker to suggest one but heard about Forex Club.
Russia is yet to open to the world in the market regard. Politics is highly influencing this decision, no real trust between Russia and the USA Governments, other than the Smile Faces!
, but Russia keep opening on China economically and the other allies, and the USA on Europe and other allies.
It will take time for a big change to happen, maybe when there are no boundaries & countries, markets open on each other which must start by educating the people to know how to live with each other regardless of religion, race..etc, maybe in another world