Other brokers might require additional information, such as the name and address of your employer, what your net worth is, how much money you earn, and so on.
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You might also have to answer a series of questions that will allow the broker to determine your level of experience and expertise with forex trading. Cham Muslims and Vietnamese Muslims for other minority groups may be concerned about whether or not their trading activity is Sharia-compliant. When looking for an Islamic account to trade forex in Vietnam, however, you need to be extra cautious.
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For example, some brokers only offer the swap-free condition for a limited time, such as up to 14 business days. Others claim not to charge swaps but then work them in as commissions or hide them among other fees, which is not in line with Shariah law. We at Topratedforexbrokers. We will only process your personal data in accordance with applicable data protection legislation.
For more information on how we treat your personal data, please review our Privacy Policy. Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. Home Forex Brokers in Vietnam. Last update: 9 November The Best Forex Brokers in Vietnam of Finding the best forex brokers in Vietnam is slightly more challenging than in other Asian countries.
Use the table below to pick the best brokers for Vietnam forex traders, or continue reading to learn more about: The legal situation surrounding forex trading in Vietnam The benefits of using an offshore broker How to open a forex account as a Vietnamese trader Our list of the best forex brokers in Vietnam are: FXCM Alpari XTB 24Option.
Top Vietnamese forex brokers March All the brokers below have been ranked using our tested methodology and are available in: Vietnam Advertiser disclosure X. Used by. Trading Instruments. Trading Platforms. MT4 Platform for trading Forex, analysing financial markets and using expert advisors. Mobile App. WebTrader Trade online without downloading any software.
Deposit Methods. No Information. Load more brokers. Is forex trading legal in Vietnam? Why did Vietnam ban forex trading? How is forex trading regulated in Vietnam? Some other benefits of working with offshore forex brokers include: Safety — Offshore brokers are bolstered by globally respected licenses. Many offshore brokers have also been operating for decades, serving millions of clients across the world. Competitive spreads — Large offshore forex brokers must offer fair fees and attractive spreads to compete effectively.
Attractive bonuses — To stand out in the global marketplace, many offshore brokers offer great bonuses to new and loyal customers. How we find the best forex brokers for Vietnamese traders As a trader in Vietnam, finding a forex broker can be a challenge.
Foreign Exchange Management in Vietnam: Circular 6
When looking for the best Vietnam forex brokers, our forex broker review team also considers various features important to you as a Vietnamese trader, such as: Regulation — We only recommend brokers to Vietnam forex traders that are regulated by highly reputable authorities. This ensures that you are safe at all times when trading forex in Vietnam. Localized payment methods — We understand that you may be hesitant to fund your trading account from your Vietnamese bank, given the murky legal situation in Vietnam.
For this reason, we recommend forex brokers that offer alternative payment methods, such as Neteller, Skrill, and even Bitcoin. These payment methods will allow you to keep your forex trading earnings separate from your regular bank account.
Good spreads on important currency pairs for Vietnamese traders — As the Vietnamese dong is a non-deliverable forward NDF currency that cannot be traded on the forex market, many Vietnamese traders turn to USD-based currency pairs. Customer service and websites in Vietnamese — All of our best Vietnam Forex brokers offer Vietnamese language websites and customer support in Vietnamese too. What you will need to trade forex in Vietnam Opening a forex account as a Vietnamese trader will differ based on the offshore broker you decide to work with.
Islamic accounts for Vietnamese forex traders Cham Muslims and Vietnamese Muslims for other minority groups may be concerned about whether or not their trading activity is Sharia-compliant. Islamic accounts do not: Charge swap or rollover fees, or payout interest on your margin deposit Hold transactions. All currencies are transferred immediately, and all costs are paid off at the same time When looking for an Islamic account to trade forex in Vietnam, however, you need to be extra cautious.
Whilst these are all offshore forex brokers, due to local regulations, you can confidently pick any of these brokers as they are all reputable and trustworthy. Forex trading is illegal in Vietnam, as it was banned by the SBV in This means you can trade forex with international brokers.
Forex Trading in Vietnam Using an Offshore Broker – License to Blog
Since there is a variety of Forex brokers offering their services in Vietnam, it is no surprise that the variety of trading software that each of them uses might seem a bit overwhelming. Some brokerages prefer the platforms that were custom-made for them, and available exclusively to their clients, while others prefer some of the more popular trading software pieces, such as cTrader, MetaTrader 4 or MetaTrader 5.
MT4 was created in Russia in — a company called MetaQuotes has made it its goal to develop a reliable and user-friendly platform that can be used by the beginners and the experienced traders alike. The reason why we can easily cite MT4 and MT5 as the best trading platform in Vietnam is that it can both ensure the timely and efficient execution of your orders, and offer an easy-to-use interface at the same time.
Moreover, the community of MetaTrader users is so extensive that you will have no trouble finding useful information and resources. Payment methods available are an important components of your trading success. If your preferred payement method is not available with a certain brokerage, you may en up loosing a lot of money on commissions or high exchange rates.
Top Forex brokers in Vietnam usually offer a lot of options to choose from. Since most of the brokers in Vietnam are based elsewhere in the world, only a handful of them use local payment solutions. Morevoer, the Vietnamese payement solution called Ijako Internationa has been on the market for 16 years and is currently accepted in more then countries. As mentioned earlier, in recent years, the Vietnamese national economy has not only managed to overcome some of the major challenges such as inflation and widespread poverty , but also became one of the strongest economies in the region, and one of the most promising economies in the world.
Ever since Vietnam started to implement trade liberalization, as well as applying a two-track approach to opening some sectors of the economy to the international markets, the economy started to recover and develop at a rapid speed. Today, despite being a relatively new member of the global oil market, Vietnam is currently the third-largest producer of oil in the region and the eighth-largest producer of crude petroleum in the region of Asia and the Pacific.
The largest purchaser of the Vietnamese exported goods is the United States, closely followed by the neighboring Southeast Asian countries. Other Vietnamese exports include black pepper, rice, tea, coffee, cashew nuts, rubber, and fishery products. The national currency of Vietnam is the Vietnamese dong, however, as mentioned above, it is prohibited to trade it. However, this notion is not so bad, since most of the professional Forex traders insist that beginners should only trade the Major currency pairs as they are less subject to market volatility and can offer a good way to build up your skills and knowledge.
Another factor that you should keep in mind is that you should try and find a Forex broker that accepts payments in the Vietnamese dong, although there are not too many of them. Should you choose a brokerage that does not accept payments in the Vietnamese national currency, you should be prepared to pay additional commissions on the exchange rates. In turn, the provision of bonuses can allow the broker to expand its customer base and preserve the existing one.
In many countries, the provision of bonuses is prohibited as a form of aggressive marketing of the potentially risky enterprise, thus, if you wish to access them, you should always check if the best online trading platforms in Vietnam can offer them.. There are two main types of bonuses available: welcome and refill bonuses.
Welcome bonuses are available to the traders, who are first signing up with a broker, either upon making the first deposit or immediately after the registration and verification of the account is completed. Such bonuses are usually announced in advance by the broker itself, and their size depends on the amount that the trader deposits. Both the welcome and refill bonuses cannot be withdrawn, although you will be able to withdraw the profit that you will make using them. Deciding whether or not to join the field of Forex trading is not easy.
Below you will find a breakdown of the main advantages and disadvantages of joining the Vietnamese Forex brokers in Unfortunately, the downside of that is the fact that FX trading in Vietnam is not yet legalized completely. Nevertheless, it does not mean that you cannot access the FX market altogether.
If you are currently based in Vietnam and wish to try yourself in Forex trading, you can do so by joining one of the best Forex platforms in Vietnam based on and regulated by authorities elsewhere in the world.
Find top brokers in Vietnam easily with our guide Contents 1 A full list of best Forex brokers in Vietnam 2 How can you start trading Forex in Vietnam? XM Group. Minimum deposit 5 USD. US Clients No. Sign Up Read Review. Minimum deposit 0 USD. Maximum leverage Minimum deposit 1 USD. Maximum leverage 1:Unlimited. IQ Option. Minimum deposit 10 USD. Licences CySEC.