Forex trading Vietnam can be a difficult and complicated process. The enticing growing economy of Vietnam is entwined by reformed financial services yet stricter law implementation.
But for those who are still not disheartened by the strict rules and regulations imposed by the government of Vietnam and the regulating body of the State Bank of Vietnam, there are still a few choices of brokers when it comes to Forex Trading Vietnam.
Brokers and traders alike will be responsible to comply with the law implemented in the country of Vietnam. Both losses and gains are equally risky since the law has not imposed much protection for traders and even warn or discourage them. Only those who have licenses and authorization from the SBV are allowed to make a trade.
There are brokers that support payment options that will allow you to make deposits and withdrawals of your profit in a quick way. Some also provide the lowest fees on their platforms. Some brokers even have signup bonuses for new traders.
When forex trading Vietnam, do research for a trusted and safe broker in the country before starting a transaction.
First of all, get to know the characteristics of a great broker in Vietnam.
Regulated – Since there are strict rules and regulations in forex trading Vietnam, make sure that your broker is regulated by a trusted regulating body. Some major regulators are the DFSA, FCA, FSB, SCB, CySEC, ASIC, IFSC, MiFID, BaFin, and others.
Offers Demo Account – try out a demo account of your chosen broker before investing real money. This will help you learn the platform and get to know its features if it is the right one for your needs. This is especially important for beginners in forex trading Vietnam.
Asset Coverage – Whatever financial instrument you are interested in trading, make sure that your chosen broker covers those assets. Check if commodities like stocks, cryptocurrencies, and gold and silver are covered.
Offers Mobile Trading – Make sure your trading platform is in touch with the use of mobile trading apps. This will ensure that your trade is always online and you can check your status anytime, anywhere.
Easy Deposit/Withdrawal – As much as you look into the process of trading when looking for a broker, check if deposits and withdrawals are supported in Vietnam. Find a broker that offers the lowest fees and quick processing.
Effective Customer Service – for beginners it is important to have a fast and reliable customer service in your chosen platform. this will help you get to know your broker and the platform experience. Be sure that there is a customer service who can help you in case there are errors or unknown circumstances, especially in a restrictive trading market like Vietnam.
Here’s a list of some of the best forex brokers in Vietnam according to their features:
- AvaTrade and ExpertOption for Online trading.IQ Option – best overall for forex trading Vietnam
- XM – reliable forex broker
- Alpari – hailed as number one for forex trading
- Olymp Trade – recommended for beginners