Best Forex Brokers That Accept Traders in Vietnam

Best forex brokers in VietnamVietnam boasts of some of the most vibrant forex markets in the world. It’s not a secret that many traders are looking for forex brokers Vietnam who meet a particular threshold. It can be quite challenging to secure all components that lead to successful trading. However, things like licensing, a broker’s reputation and trading costs should be part of your broker checklist before you plunge into actual forex trading.

A trader can be lucky to find all the right ingredients in forex brokers, and sometimes not. So before you embark on signing for a traders account you might need to apply the following strategies:

1. Consider the Type of Trading Platform

A key consideration for traders should be the type of trading platform they are going to carry out their trading endeavors. A lot of thought and some kind of testing are required for you to know if it gives you the conducive trading environment. Testing also allows you to establish some kind of familiarity.

If you are starting and are entirely green in matters of forex, you may need to work with a platform which has forex educator resources, such as a demo account. This allows you to practice, and weigh certain aspects such as the various tools of analysis, fees and commissions, and other important considerations that are part and parcel of forex trading.

For those discretionary traders, it helps as well if the platform is secure, intuitive, and straightforward. Let the coding language be simple for anyone to understand and use. Things like how user-friendly the interface is and customer support should be part of your focus so that you avoid any inconveniences once you start trading.

2. Examine a Broker’s Compliance Status

There is particular trader protection that comes with a brokerage firm that is both licensed and regulated. So you need to establish if a broker is under the jurisdiction of national regulatory bodies in Vietnam, as well as the international bodies such as FCA (Financial Conduct Authority).

Regulation and licensing are key compliance components to protect your investment. The rules and regulations are proper safeguards which if broken, can cause severe fines, litigation, and even blacklisting for the offending brokerage firm.

For example, some of the provisions come with very stringent requirements regarding clients’ deposits. In such circumstances, a broker may be required to submit post-trading reports based on each traders deposits. Brokers under those jurisdictions are also required to keep the deposits in large stable banks which have evidence of strong balance sheets.

The risk is quite pronounced if you are trading with a broker who is not under any kind of jurisdiction. You stand to lose your deposit, but also the client protections that come with such strict regulations. You, therefore, need to check on the site to establish a broker’s regulation and license status.

3. Consider the Cost of Trading

Most of Vietnam’s forex brokers do not charge fees and commission. Instead, they base their charges on what is known as spreads. The spread is the difference between the bidding and asking price, and it’s usually added onto the cost of the trade, which eventually the brokers retain as their fee.

Your homework is to research the amount of money different brokers are charging as their spread. The reason is that each broker charges quite differently from the next broker. Although most traders would want to go for the most favorable terms, pricing is not usually a stand-alone consideration. Other factors must also be brought onboard to have practical trading experience.

For example, a broker may be offering just the right prices, but questions to ask include whether they are fully licensed, or whether they have the necessary educational resources for you to learn and practice. It means you check costs, among other aspects, to make your trading sojourn worthwhile.

4. Trade with a Broker Who Offers a Demo Account

A demo account is a necessary tool that allows newbies, and even the usual trader practical skills of trading before they can try live trading. The account features virtual money which you can use to simulate real money trading.

It’s one of the ways you can gain not only experience but the required confidence to trade on a live account. Most demo accounts come with analytical tools that you will continue to use in live trading.

With a demo trading account, you learn skills such as how to manage risks, and how to read prices and charts and utilize the same to make accurate price predictions. You can also use it to test some of your trading strategies to see if they work. This includes backtesting while using historical data. By the end of the practice, you are also quite sure of how much investment you are willing to risk.

10 Forex Brokers That Offer Demo Account for Vietnam Traders

Broker Info Bonus Open Account
HYCM Logo Min Deposit: $100
Spread: From 0,2 Pips
Leverage: 1:200
Regulation: FCA UK (#186171), CySEC (#259/14), CIMA (1442313) and DFSA (F000048)
10% Welcome Bonus up to $5,000 Visit Broker
FBS Markets Inc forex broker Min Deposit: $1
Spread: From 0 Pips
Leverage: 3000:1
Regulation: CySEC, IFSC
$100 No-Deposit Bonus, 100% Deposit Bonus, Lucky T-shirt, iPhone 6s Plus Visit Broker
OCTAFX forex broker Min Deposit: $5
Spread: From 0.2 Pips
Leverage: 500:1
Regulation: FSA (Saint Vincent and the Grenadines), CySEC
50% Deposit Bonus, Real contest 1st prize Luxury car BMW X5 M, Copy trading, Trade&Win. Visit Broker
xm best forex broker Min Deposit: $5
Spread: From 0 Pips
Leverage: 500:1
Regulation: ASIC, CySEC, FCA (UK), IFSC Belize
“50% +20% deposit bonus up to $5,000, Loyalty Program Bonus Visit Broker
exness forex broker review Min Deposit: $1
Spread: From 0 Pips
Leverage: 2000:1
Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN
35% of the account Deposit Visit Broker
Forex.com Gain Capital review USA Min Deposit: $50
Spread: Starting 0 Pips
Leverage: up to 400:1
Regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA
Visit Broker
No Deposit Bonus Instaforex Broker Min Deposit: $1
Spread: Fixed Spread From 3 Pips
Leverage: Up to 1:1000
Regulation: CBR, CySEC and FFMS
30% Forex Deposit bonus Visit Broker
Pepperstone review best forex broker in Australia Min Deposit: $200
Spread: Starting 0 Pips
Leverage: 500:1
Regulation: ASIC Australia, FCA UK
Visit Broker
iq option best binary options brokers Min Deposit: $10
Spread:
Leverage:
Regulation: CySEC
- Visit Broker
etoro best forex broker USA Min Deposit: $200
Spread: From 3 Pips
Leverage: 400:1
Regulation: NFA, FCA, CySec
Visit Broker

5. Check a Broker’s Reputation

Although there are numerous forex brokers Vietnam, each of then carries a specific public and trading reputation which you need to investigate. For example, you can do a background check to see if there are any red flags such as fraud and other criminal activities.

You also need to find out what other traders are saying about individual brokers. Check about their customer service and support, and if they are responsive. Links such as 24/7 live chat can be a hint that a broker is responsive and that they can take care of things at any time of day and night.

Conclusion

It can be quite liberating to have your forex traders account, knowing that you can carry out your trade any time you feel like. However, you also need to ensure that the trading environment is conducive. It’s the reason you might have applied some of the above strategies to find the best forex broker.

Investigation of trading platforms should be your number one priority. You need to know if it has an interface that is user-friendly so that you do not face interruptions and slowness. Also, find out how a broker’s reputation and customer support is on the platform. The best thing is that the online forums have all manner of feedback which enables you to get all the information you need.

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