Best Forex Brokers in Vietnam in 2024 – Top Broker Revealed

If you’re based in Vietnam and you wish to trade currencies online, you will need to use a forex broker. Fortunately, there are lots of regulated forex trading sites that accept Vietnam residents – many of which offer zero-commission, tight spreads, and lots of local payment methods. But how do you know which Vietnam forex brokers are right for you?

In this guide, we explore the best Vietnam forex brokers for 2024. We also give you some handy tips on what you need to look out for prior to opening a brokerage account, and the steps you need to take to get started today!

Our Recommended Vietnam Forex Broker

Don’t have time to read our guide all of the way through? Below you will find our top Vietnam forex brokers!

The Best Forex Brokers in Vietnam

There are many Vietnam forex brokers that allow you to buy and sell currencies at the click of a button. With that said, knowing which trading platform to sign up with can be challenging. For example, you need to ensure the broker is regulated by a tier-one licensing body, and that it accepts your preferred payment method. Similarly, you also need to check what the broker charges in fees, commissions, and spreads.

To help you along the way, below you will find a selection of the best forex brokers in Vietnam.

How to Choose a Forex Broker in Vietnam?

Although we have already discussed some of the most popular Vietnam forex brokers active in the market, it is important for you to do your own research prior to signing up. This can be a time-consuming process, so we’ve listed some tips below to point you in the right direction.

Regulation and Safety of Funds

The main financial regulatory agency in Vietnam is The State Bank of Vietnam, which is the country’s central bank. In 2014, the State Bank of Vietnam, also known as SBV, banned forex trading in order to control the Vietnamese Dong.

However, SBV allows residents to trade with offshore online brokers that are regulated by well-known authorities (in particular in Asia) such as the Australian Securities and Investment Commission (ASIC), the Monetary Authority of Singapore (MAS), the Financial Service Agency (FSA), the UK Financial Conduct Authority (FCA), or the Cyprus Securities and Exchange Commission (CySEC).

Note that all of the brokers on our list of best Vietnam forex brokers are highly regulated and well-reputed.

Language – Brokers that Support Vietnamese

Some online brokers offer customer support in a particular language. This ensures that all traders from Vietnam can access the platform and fully understand the terms and conditions, the account details, and all the relevant information. Moreover, few of the brokers offer an online chat or a phone number in Vietnamese.

Selection of Accounts – Islamic Accounts for Vietnamese Traders

Another important factor to consider is the selection of accounts provided by the broker. Some brokers offer one Standard account for all levels of traders, while others offer a selection of accounts suitable for all types and levels of traders.

Currency Pairs

First and foremost, you need to check what currency pairs the forex broker supports. In the vast majority of cases, the broker will host all majors and minors.

However, if you are looking to trade an exotic currency pair like USD/ZAR, you need to check whether or not this can be traded at the platform. You can check this out before opening an account by browsing through the broker’s website.

Website and Trading Platform

You then need to assess what trading platform the forex broker offers. In some cases, the broker will offer its own proprietary trading platform that you can only access via its website.

In other cases, the broker will partner with third-party platforms like MetaTrader 4/5. It’s always useful when your chosen broker gives you the option of both a proprietary and third-party platform. You should also check whether the broker supports a forex trading app.

Leverage

Although the vast majority of Vietnam CFD trading sites offer leverage, you might need to check what limits are in place if you have a higher appetite for risk. Some brokers offer up to 1:200. Just make sure you understand the risks of applying leverage before risking your money.

Fees

Fees and commissions are a crucial component to consider when choosing a forex broker. At the forefront of this is the amount of commission the broker charges when you trade forex. Most of the trading platforms that we discussed earlier in this guide offer 0% commissions, so it’s just the spread that you need to pay.

You do, however, need to assess how competitive the spread is, too. If you can get the spread below 1 pip on major pairs, you’ve found yourself a well-priced forex broker.

Trading Tools

All seasoned forex traders utilize research tools to help them evaluate which way a particular currency pair will move. Without them, you are essentially ‘guessing’.

As such, be sure to check what trading tools the broker offers. This should include an in-depth selection of technical indicators and drawing tools, and the ability to customize your screen.

Educational Resources & News

If you are just starting out in the world of online forex trading, you should choose a broker that offers a wealth of educational resources. This might include how-to guides, webinars, and video explainers.

Irrespective of your skill-set, you should also stick with platforms that offer real-time financial news. This will arm you with the required fundamental knowledge to determine how a currency pair might react to a new development.

Customer Service

Customer service is also important, as there might come a time when you need assistance on your brokerage account. As most Vietnamese traders use forex brokers located overseas, it’s best to use a platform that offers customer support via live chat. This will avoid the need to make an expensive phone call to an international toll-number.

Step 4: Open a Forex Trade

If you have read our guide up to this point, then you should now have the required tools to start trading forex in a fully-informed manner.

Select one of our recommendations above to begin the account opening process.

After this has been done, placing a Forex trade should be relatively straightforward.

Conclusion

With forex trading becoming more and more popular in Vietnam, it makes sense that there are now dozens of brokers to choose from. No two brokers are the same though – which is why you need to do your homework before signing up. For example, while some specialize in 0% commissions and low spreads, others appeal because they offer MT4/5. Either way, you need to ensure that your chosen broker is regulated by a reputable body like the FCA or ASIC.

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