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Best Vietnam Forex Brokers 2020

Looking to trade forex in Vietnam? Check out our guide below to know the best Vietnam forex brokers you can choose from.
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Author: Nica San Juan
Last Updated: 19 June 2020

Are you residing in Vietnam and looking to try forex trading? If yes, then the primary and one of the most important things you need to do is find a legitimate forex broker that accept Vietnamese local traders.

Check out our detailed guide below to learn more about the best forex brokers in Vietnam, the kind of services they offer, their fee structures, spreads or commissions they charge, the leverage limits they give and a lot more that can assist you in identifying the most appropriate forex broker for your needs.

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    Our recommended Vietnam forex broker

    We’ve carefully examined all the specific features of the top forex brokers available in Vietnam. We concluded that the forex broker below offers the most user-friendly and robust trading platform.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    Best Vietnam Forex Broker Sites of 2020

    The following are the five most recommended forex brokers in Vietnam. They all offer reliable and safe forex trading platforms which means that your money will always be in safe hands.

    1. eToro - Forex Broker with $200 Minimum Deposit

    Started in 2007, eToro is a famous social trading platform. Its copy trading functionality assists new traders in copying the exact trades made by the platform’s most skillful traders. Having a top-notch broker like eToro is crucial to your success in online forex trading.

    Also, eToro is a completely secure platform as it is checked and regulated by Cyprus Securities and Exchange Commission (CySEC) and Financial Conduct Authority (FCA).

    It only takes a few minutes of your time to open account on eToro. Enter your name, email address and password to get started on eToro. You will also be given an option to connect via your Facebook or Google account in order to make the account creation procedure much quicker.

    Furthermore, the identity verification practice, which is called the Know Your Customer (KYC) process, is completely automated so it will only take almost 24 hours to verify your account.

    In addition to forex, you can also trade stocks, cryptocurrencies, ETFs, commodities and CFDs on eToro. One of the things that you’ll like about eToro is that it doesn’t charge any commission fee from its clients. This means you will only be charged through the fixed spreads.

    So, what are you waiting for? Get your eToro account today and start forex trading now!

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    • Social trading platform
    • Best mobile trading site
    • PayPal accepted
    • $25 withdrawal fee
    AFSL 491139. High risk to capital.

    2. AVATrade - Forex Broker with Multiple Regulatory Licenses

    As a worldwide CFD and forex broker that was founded back in 2006, Avatrade helps its clients with the trading of more than 56 forex pairs.

    You can trade major pairs such as GBP/USD and EUR/USD at spreads of only 0.9 pips. You also do not have to worry about the safety of your personal information and money as it is regulated by big financial authorities. It is overseen and regulated by the Australian Securities and Investment Commission (ASIC), Central Bank of Ireland, Financial Stability Board (FSB), Financial Services Authority (FSA) and British Virgin Islands Financial Services Commission (BVI) regulatory bodies.

    Similar other forex brokers, Avatrade provide its users with a simple way to create an account. And if you are a beginner trader, you’ll have an access to its free demo account. By using the demo account, you can also access all the features of its trading system and hone your trading skills for free.

    With only a $100 minimum deposit, you can start trading on Avatrade. Aside from its fast withdrawal process, it will also not charge you for the withdrawals that you’ll make. Scaling and hedging are also possible.

    Avatrade has tons of good things to offer to its users so it’s not surprising that it has over 200,000 traders worldwide.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Yes

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • MT4 and MT5 trading platforms supported
    • Multiple licenses
    • Spreads from just 0.9 pips
    • Only 56 forex pairs supported
    • No research features

    3. FP Markets – Offers the MT4 and MT5 Trading Platforms

    FP Markets is an Australian CFD and forex broker that launched in 2005. It’s licensed and regulated by both the Cypriot CySEC and the Australian ASIC.

    If you’re searching for a trading platform that charges low fees, you must have FP Markets in your list. The Standard MT4-MT5 account of FP Markets charges zero commissions. If you have a new MT4-MT5 account, it will only charge you a small trading fee on a commission basis. Also, the minimum deposit required is only $100, which means that you’ll not be required to deposit a lot of money to start using the platform.

    After setting up your account on FP Markets, you will be able to trade more than 10,000 financial instruments including forex, equities, CFDs and commodities to name a few. You will also have an access to the globally-recognized MT4 and MT5 trading systems from the comfort of your laptop or mobile phone.

    The platform allows scalping and hedging, offers STP as well as negative balance protection.

    If you are a new trader, it’s highly recommended that you check out its Traders Hub section where you can access different trading-related resources, including trading eBooks, video tutorials and basic and technical analysis resources.

    Assets: Forex, Equities, Metals, Commodities, Indices, Cryptocurrency, CFDs

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: From 0.0 pips up to 1.0 pips for the Spread, $3 per $100,000 for the Commission Per Lot, No Account Fee, No Deposit Fee, No Withdrawal Fee, No Inactivity Fee

    Minimum deposit: $100

    MT4/MT5: Yes

    Special Features: 10,000+ financial instruments

    Regulation: CySEC, ASIC

    Payment methods: Credit/debit card, Bank transfer, Neteller, Skrill, BPay, PoliPay, Fasapay, PayTrust, PayPal

    • Ultra-low spreads
    • Leverage of up to 500:1
    • Best for experienced traders
    • Outdated web and desktop platform

    4. Forex.com - FCA Regulated Forex Broker

    Forex.com is an online brokerage company that was founded in 1999. It allows its clients to trade forex, commodities, indices trading, equities and cryptocurrencies.

    It is a global forex trading company and its head office is located in the United States.

    It is regulated by both the US Commodity Futures Trading Commission (CFTC) and the Financial Conduct Authority (FCA) in the UK, making it one of the premier forex brokers that you can trust and completely rely on.

    Its forex trading services are being used by over 40,000 traders all around the globe.

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee, $15 monthly inactivity fee

    Minimum deposit: $50

    MT4/MT5: MT4 only

    Regulation: US regulators such as FCM, RFED, CFTC, NFA

    Payment methods: Credit/debit card, Bank wire

    OUR RATING

    • Regulated by US financial authorities
    • More than 90 currency pairs
    • Spreads from just 1.2 pips
    • $15 monthly inactivity fee
    • $40 wire withdrawal fee

    5. IG - Forex Broker Supporting 17,000+ Assets

    Started in 1974, IG is one of the best commission-free forex dealers that you must check out if you are a Vietnames forex trader.

    It operates in 16 countries located in five different continents and has more than 195,000 customers worldwide. It also employs more than 1,500 individuals around the world. Also, it is licensed and regulated by the Financial Conduct Authority (FCA) and Federal Financial Supervisory Authority (BaFin).

    It’s easy and fast to make an account on IG. You only have to provide your name, email address and phone number to complete your registration on IG. In order to verify your identity on IG, you’ll have to pass an instant ID verification procedure that will only take around five minutes to complete.

    After creating your IG account, you can use the MT4 trading platform on your personal computer. In case you wish to trade while you’re not using your laptop, you can utilize its smartphone trading app which includes all the functions of the web trading platform.

    If you want to trade EUR/USD and AUD/USD currency pairs, IG will only charge you 0.6 pips for the spread. At a spread of 0.7 pips, you can also trade the USD/JPY currency pair. If you want to try trading the GBP/USD currency pair, you will have to pay 0.9 pips for the spread.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4 only

    Special Features: Minute-by-minute analysis, instant account activate for Singapore citizens

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Instant account activation
    • No commissions
    • Spreads from just 0.6 pips
    • 1% deposit fee on Visa cards
    • MT5 not supported

    How to Join a Vietnam Forex Broker in 2020

    Below is an in-depth tutorial that will guide you on how you can successfully open your account, verify your identity, deposit cash and trade major forex pairs within less than 20 minutes.

    Step 1: Choose a forex broker that accepts Vietnamese traders

    There are numerous forex brokers that you can quickly access online. However, only some of them accept Vietnamese traders.

    Ensure that you check first the “Supported countries” section of your chosen forex broker’s site to check whether Vietnam is included in its list. In case you don’t see it there, then you will have to search for another forex broker.

    Another significant thing that you have to consider is whether or not your chosen forex broker is regulated. If your forex broker is based abroad, it must be regulated by big financial authorities such as CySEC, FCA, ASIC and MAS.

    Other things that you have to consider are the broker’s commission rate, spreads, ease of use of its trading system, supported payment payments and many more.

    Forex.com : Best U.S. forex platform

    OUR RATING

    • Spreads from just 1.2 pips
    • Regulated by US bodies
    • More than 90 forex pairs

    Step 2: Open an Account and Verify Your Identity

    While opening an account, you’ll need to provide the following important information in order to create your account.

    • First and last name
    • Email address
    • Password
    • Phone number
    • Home address
    • Date of birth

    In order to verify your identity, you’ll have to upload a picture or a scanned copy of your government-issued ID such as your driver’s license and passport. Other forex broker sites may also require you to send a proof your address. In order to verify your location, you will have to upload an image or duplicate copy of your electricity bill or telephone bill to prove your address.

    Step 3: Deposit Funds

    Before depositing your funds, first of all, check the minimum amount of deposit required. If you’re a beginner trader, it’s highly suggested that you only send the minimum deposit amount so you can try forex trading without risking a lot of money.

    Some of the supported deposit payment methods are the following:

    • Visa debit/credit card
    • MasterCard debit/credit card
    • Maestro debit/credit card
    • PayPal
    • Skrill
    • Neteller
    • Bank transfer
    • Web Money
    • Union Pay

    Step 4: Trade Forex

    Once your deposit shows up in your trading account, you can now buy and sell any currency pair. In case you are still new to trading, do not make leverage. Only use leverage once you’re confident enough that you can manage the art of trading well.

    In order to place a trade, you’ll need to fill out an order.

    • Select if you want to make a ‘Buy or sell order’
    • Enter the amount you want to trade
    • Decide if you will apply leverage or not
    • Select if you want to utilize a limit order or a market order
    • Input the take-profit trigger price and determine the stop-loss

    Note: Forex trading is a high-risk investment arena. Unless you have extensive experience of buying and selling currencies online, you might be best to start out with small amounts until you get more comfortable.

    How to Choose a Vietnam Forex Broker

    If you are still not sure which forex broker to sign up for, you should read the following list of the main factors you need to consider when choosing a Vietnam forex broker.

    • Licensing

    The forex broker you select should be controlled by at least one top financial authority in the world. The top-tier forex brokers are typically regulated by the ASIC, CySEC or FCA.

    By selecting a regulated and licensed forex dealer, you can be assured that your money and account information will be in safe hands.

    • Forex pairs

    The greater the number of available forex pairs, the better forex trading experience you will get. Both major and minor forex pairs must be fully supported by your chosen forex broker. Similarly, make sure that your chosen currency pairs are part of the list of available forex pairs.

    • Payment methods

    It must be easy to deposit and withdraw money. It’s extremely recommended that your selected forex broker includes credit/debit card, bank transfer and PayPal in its list of supported payment methods.

    • Spreads and Commission

    Nearly all forex brokers charge spreads. Most of them don’t charge commission fees but some still do. The spread means the difference between the buy and sell price of a currency pair, and it is measured in pips.

    Your chosen forex broker must also offer tight spreads so that you can minimize the fees you need to pay. The commission fee some brokers charge could be a small percentage of the trade value. For example, if the commission fee is 1%, and the value of the trade is $1,000, then you will have to pay $10.

    • Trading tools

    A good forex broker must offer you trading analysis tools like the RSI, trading articles, Fibonacci Retracement, expert tips and video tutorials.

    • Customer support

    It’s recommended that you pick a forex broker that is able to assist you with a problem right away. Many well-known forex brokers offer online, round the clock chat support while others ensure that they always reply via email within a few hours after you send them an inquiry.

    Leverage at Vietnam Forex Brokers

    Contrary to European traders, Vietnamese traders are not limited by the leverage limit enforced by the European Securities and Markets Authority (ESMA). European traders are only able to make a 25:1 leverage on major forex pairs and 20:1 leverage when it comes to minor and exotic pairs.

    Traders in Vietnam can apply a leverage of up to 10000:1. If you wish to trade $1000 and utilize a 10000:1 leverage option, then you could effectively be trading with $1,000,000. Nonetheless, you must not use a 10000:1 leverage or even a 50:1 leverage if you’re a beginner trader because a single wrong trade can make you lose all your money.

    Conclusion

    After knowing the top forex brokers available for Vietnamese traders and some guidelines on how you can determine which forex broker can suit your trading needs, it is now the perfect time to create a forex trading account and start trading.

    Lastly, if you are a newbie, remember to only trade what you can afford to lose. Have fun trading!

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    FAQs

    Are Vietnamese forex brokers safe?

    Yes. Vietnam forex brokers such as the ones described above provide trustworthy and secure trading platforms for Vietnamese traders. They are also regulated top-tier financial authorities all over the world, which means they are completely legitimate.

    What leverage limits do Vietnamese forex brokers offer?

    Vietnamese traders can apply a leverage up to 10000:1.

    Should I join a commission-free Vietnamese forex broker?

    Yes. If you find a forex broker with a completely reliable and safe trading platform offering commission-free trading, then you should definitely sign up on such brokerage firm.

    What is the minimum deposit amount available at Vietnamese forex brokers?

    Forex.com only requires a minimum deposit of $50. Other Vietnam forex brokers require either $100 or $200 minimum deposit.

    What payment methods do Vietnamese forex brokers support?

    The most common payment methods they accept include debit/credit cards, bank transfer and PayPal.

    Forex brokers by country

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.