The Best Forex Brokers in Vietnam of 2020
Searching for the best forex brokers in Vietnam is slightly more difficult than in other places in Asia. This is because, unfortunately, the State Bank of Vietnam (SBV) banned floor foreign exchange trading in 2014. This doesn’t mean, however, that there isn’t a wealth of great FX brokers to choose from.
Although the SBV’s ruling means that there are no forex brokers registered in Vietnam, the country is yet to regulate forex trading with international brokers. As such, many of the best globally-recognized forex brokers welcome Vietnamese traders.
To find the very best forex brokers in Vietnam, our experts have reviewed hundreds out sites looking out for specific features. This includes regulation from other top Asian authorities, such as ASIC and MAS, Vietnamese language options and localized customer support.
Use the table below to pick from the best forex brokers accepting traders in Vietnam, or read on to learn more about:
- The legal situation surrounding forex trading in Vietnam
- Choosing the best Vietnamese forex broker for you
Trusted Forex Brokers for Vietnamese Traders 2020
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Is forex trading in Vietnam illegal?
Although it is illegal for a forex broker to offer their services from Vietnam, there is currently little regulation around using offshore brokers. This means that forex traders in Vietnam can trade safely by using a major global brokerage brand.
At one point, there was a large network of forex brokers in Vietnam. However, as many of these forex firms were moving into the country from overseas, the SBV (State Bank of Vietnam) decided to ban FX trading floors.
We would always recommend that, as a Vietnamese forex trader, you should keep up to date with current laws and regulations. We’d also advise you to always contact your chosen forex broker before depositing in an account, to ensure they do offer their services to traders from your jurisdiction.
Who is the regulatory body for Forex trading in Vietnam?
The State Bank of Vietnam (SBV) is the central bank of Vietnam, and is responsible for:
- Promoting monetary stability and formulating monetary policies
- Promoting the stability of financial institutions and their supervision
- Providing banking facilities for the country’s financial institutions
- Managing the country’s financial reserves
- Printing and issuing banknotes
- Supervising the commercial activities of banks in Vietnam
- Issuing government bonds, and organizing bond auctions
- Being in charge of other roles in money management and foreign exchange rates
If you want to know the latest rules and regulations regarding trading Forex in Vietnam, and using a Forex broker in Vietnam, we would advise you to contact this regulatory body. As they will have all the latest information at their fingertips, and be able to offer the most trustworthy and reliable details.
Choosing the best Forex brokers in Vietnam
In order to participate in the Forex trading market, investors will need to find the right Forex broker in Vietnam to do business with. Having a trading account with an online Forex broker gives a certain amount of freedom, and means trades can be placed any time of the night or day, provided there is a reliable internet connection. There are, however, a number of considerations to bear in mind.
- Is the Forex broker licensed and regulated to operate in Vietnam? – When trading with a licensed Forex broker in Vietnam, the protection offered by the rules and regulations is unbeatable. Trade with a broker who has no license and one that doesn’t abide to relevant rules and regulations, means you’re leaving yourself open to big risks. On no account would we recommend you do any kind of business with an unlicensed Forex broker, whatever country you reside in.
- The Forex brokers reputation – This is the next consideration, and you’ll be able to find heaps of information by doing some online research. There are a number of Forex forums where you can check whether a Vietnamese Forex broker has a good reputation, as well as a number of comparison sites like this one.
- Think about the cost of Forex trading – Forex traders usually don’t charge any fees or commission, choosing instead to make a charge through the ‘spread’. Basically, this is the difference between the bid and ask price. The spread is added onto the price of the trade and the brokers keep this as their fee. Different brokers charge different spreads, and they can vary considerably.
- Consider trading with a demo account in the first instance – Before signing up for a real money forex trading account we’d advise everyone to try a demo account. This is because it allows you to see how the spreads are calculated, how the platform works, and the type of information available to help make trading decisions
While Forex trading is currently illegal in Vietnam, it may not be long before the market is open for the ordinary investor. Before you start trading with Forex brokers in Vietnam be sure to investigate the legal position of such an investment.