The 5 best Forex Brokers and platforms in Taiwan – Comparison and reviews
Table of Contents
Taiwan is a country located in the Eastern part of Asia; Taiwan has about 23.78 million active Forex traders. Taiwan experienced rapid growth in the 20th century. This growth resulted in a vibrant, capitalist economy, which made the economy export-driven, amounting to $276.64 billion.
Taiwan uses the Taiwanese dollar as its currency, and this currency was reissued in 1949, immediately after the Republic of China took over the colony of Taiwan from the Japanese Empire.
See the list of the best Forex Brokers in Taiwan:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 6,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Leverage up to 1:500 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: 78.1% of retail CFD accounts lose money) | |
4. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
5. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)The forex market in Taiwan has some strict restrictions, but Taiwanese traders can freely trade with the best five brokers in Taiwan. These trading platforms are internationally recognized and regulated by reputable bodies, which makes them safe to trade on.
The list of the 5 best trading platforms in Taiwan includes the following:
- Capital.com
- Blackbull Markets
- Roboforex
- Pepperstone
- IQ Option
1. Capital.com
Capital.com is a forex broker that offers trading services in more than a dozen different currency pairs and CFDs on stocks, indices, and commodities. The broker has been in business since 2017 and is licensed and regulated by the CySEC situated in Cyprus. Capital.com is also a member of the Investor Compensation Fund (ICF), which protects customer deposits in case of bankruptcy or insolvency.
The platform offers a user-friendly platform with various features that cater to both beginner and experienced traders. Capital.com is regulated and provides a secure trading environment. They offer competitive spreads and 24/5 customer support in multiple languages. The company operates a state-of-the-art trading platform that is available as a web-based platform and a mobile app.
Capital.com is a forex broker that offers a variety of features to its clients. In this article, we looked at the advantages and disadvantages of Capital.com. We found that Capital.com has several strengths, including its wide range of products and services, user-friendly platform, and excellent customer service for traders.
Pros of Capital.com
- Uniquely low commission charges
- Easy account setup
- Quick technical support for customers
- The top variety of options to trade with
- Suitable educational materials for new beginners
Cons of Capital.com
- Spread betting is only available for customers from the UK
- High minimum deposits
(Risk warning: 78.1% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets is located in New Zealand-based Forex, CFDs, and Crypto broker. Recently, they have come up with an innovation in the industry by becoming the first to offer commission-free trading. In this BlackBull Markets broker Forex review, we will look at all aspects of the company and analyze how their offering compares to others in the market.
BlackBull Markets is a well-known and respected Forex broker that has been in business since 2014. The company is headquartered in Auckland, New Zealand, and is set up by the Financial Services Provider Register (FSPR) and the Financial Conduct Authority (FCA) in the United Kingdom.
BlackBull Markets offers a wide range of products and services for traders of all experience levels, including Forex, CFDs, and commodities. The company also provides various educational resources to help traders learn about the markets and improve their trading skills.
This is a brief review of the BlackBull Markets Broker Forex. The platform is easy to use and offers a wide range of features. You can try out the platform for free by opening a demo account.
Advantages of BlackBull Markets
- Regulated by top agencies
- Very safe and effective for users
- ECN style options for customers
- Learning materials for new and existing users
Disadvantages of BlackBull Markets
- Not many varieties of assets are available
- You only get access to the MetaTrader platform
(Risk Warning: Your capital can be at risk)
3. RoboForex
With years of experience, this company offers top-notch services and caters to traders of all experience levels. From novices to experienced professionals, RoboForex has something to offer everyone. This article will give you a brief overview of what this broker has to offer and some background on how it works.
This brokerage firm has been providing trading services since 2010. The company is based in Cyprus and is regulated by the IFSC. RoboForex offers its clients a choice of two trading platforms, MetaTrader4 and RoboForex WebTrader. The company also provides a wide range of account types, including a demo account, to suit the needs of all traders, regardless of their experience level.
This review is designed to help you decide if this is the right platform for you. RoboForex offers various services, including a Trading Academy, a demo account, and a wide range of trading products.
Merits of RoboForex
- The platform offers the customers faster order execution
- There is room for affiliate sharing which you can benefit from up to 70%
- The platform allows you to carry out multipurpose trading
- IFSC regulates Robo Forex
Demerits of RoboForex
- Cryptocurrency trading isn’t available
- There is a limited number of cryptocurrency pairs you can trade with
(Risk Warning: Your capital can be at risk)
4. Pepperstone
PepperStone has been known for a long time. The company has been in operation since 2010 and offers a comprehensive range of tradable instruments to retail and institutional traders around the world. In this Pepperstone broker review, we will look at the company’s products and services and its overall reputation in the industry.
The broker is registered with the Australian Securities and Investments Commission (ASIC) and is also a Financial Ombudsman Service (FOS) member. Pepperstone offers a web-based platform and mobile apps for Android and iOS devices. The company also provides a wide range of trading products, including forex, indices, commodities, and shares.
Pros of using Pepperstone
- Fast and efficient forex account opening process
- Excellent customer services
- Easy deposits and withdrawal process
- It is accessible to US citizens
Cons of using Pepperstone
- The meta trader section of the platform is very basics
- The CFD financing is relatively high
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option is a broker that offers online trading in forex, stocks, indices, and commodities. The company was founded in 2013 and is a fast-growing online broker. IQ Option offers its clients a wide range of tradable assets and an intuitive trading platform with a user-friendly design. The broker also provides a variety of educational materials to its clients and 24/7 customer support.
IQ Option offers a wide range of trading products and services, including Forex, CFDs, stocks, indices, and commodities.
The company has a positive reputation in the online trading community and has been awarded several times for its outstanding customer service and innovative trading products. IQ Option also offers a free demo account with no deposit required.
IQ Option is a popular Forex broker in the world. The company has over 20 million customers.
IQ Option is a regulated broker which is licensed by the CySEC and the FCA. The company is also registered with the Financial Services Authority (FSA) in the United Kingdom. IQ Option offers a variety of account types, including a demo account, to meet the needs of traders of all levels of experience.
Merits Of IQ Option
- Very low deposit option
- Access to a wide variety of trading tools from the broker
- Very easy to familiarize with and operate
- Ease of income and payment from the platform
Demerits of IQ Option
- Slow web app and high cost of transactions
- There are very few binary options to trade with (only for professional traders and those outside of EAA countries)
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Taiwan?
Taiwan is ranked the 12th country for global competitiveness and first equal for macroeconomic stability, according to The Global Competitiveness Report of 2019. Taiwan is also recognized as a country that has a financial system that was strong enough to combat the COVID-19 pandemic. Taiwan has a total net Financial asset of €110,706. They are ranked second in Financial wealth in the continent of Asia, just right behind Singapore.
The Financial Supervisory Commission regulates Taiwan banks. They are responsible for crafting Financial policies and making rules and regulations concerning the financial market. They are also leading financial examinations and supervision of institutions in the financial industry.
The Central Bank of China regulates the credit and monetary policies in Taiwan. In Taiwan, they have 36 local banks and 29 foreign banks. The top 5 banks in Taiwan include Taiwan Cooperative Bank and Cathay United Bank, Mega International Commercial Bank, the Bank of Taiwan, and CTBC Bank Co, Ltd. These banks are rated as the top five based on their assets and equities.
Currently, Taiwan’s banking industry was approved by FSC to LINE, Rakuten Bank, to establish an online bank, thereby granting an online banking license to Rakuten Bank.
The Bank Act does not regulate only local commercial banks. It also governs the business banks (examples of such banks include the import-export banks, agricultural banks, and industrial banks)
(Risk warning: 78.1% of retail CFD accounts lose money)
Security for traders in Taiwan – Good to know
Forex trading has increased rapidly in Taiwan, and the volume of forex traders has significantly risen in the last half-decade. As a trader in Taiwan, the best brokers you can trade with has been listed above and discussed extensively, giving you all the information you need to know about all the brokers.
The brokers in Taiwan offer the following trading assets on their trading platform; you can trade in forex, indices, ETFs, CFDs, cryptocurrencies, or commodity markets.
As a new trader, before you trade on any trading platform, ensure that you trade with a regulated platform regulated by a reputable body. It is essential to note the broker’s visibility outside Taiwan. First, find out if the broker is recognized outside Taiwan. If your research shows you that the broker is not identified outside Taiwan, you shouldn’t trade with such a broker to avoid getting scammed of your hard-earned money.
It is also essential that you check the reviews traders drop about the trading platform you intend to trade with and look out for the reviews about their customer service. Also, check the broker’s historical trading spread and their commission rates. Doing all that has been listed above will help you make an informative decision in selecting the trading platform you will trade on.
Is it legal to trade Forex in Taiwan?
Contrary to the popular option, Forex trading is considered legal in Taiwan. Trading of forex in Taiwan is very much active at the moment. The Taiwan government accepts forex trading mainly because it is a means to conduct business, which boosts Taiwan’s financial economy.
Trading the forest is an essential aspect of export, import, and international investment. It is crucial that you select a trading platform regulated by a reputable body. The trading of forex hasn’t been banned in Taiwan. Many internationally recognized brokers are providing their services to Taiwan traders online.
As a forex trader in Taiwan, the moment you profit to a certain extent, using in the space of one year, make sure that you pay your tax to the appropriate government agency. If you don’t make a profit but instead make a loss, you are still expected to file your taxes for that year. If you do not understand the Taiwan tax filing system, ask for help from a tax professional. There are no added restrictions on Islamic accounts in Taiwan.
How to trade Forex in Taiwan – Overview
The Taiwan government gives a firm law for their citizens who trade forex. The New Taiwan dollar has now become recognized as a stable currency. Presently, traders trade forex with about $24 billion Taiwanese dollars daily. As a forex trader in Taiwan, the following steps are involved in trading forex.
Before you can start trading, you must have a good internet network and personal computer, after which you can begin to trade.
Open an account for Forex traders
The first thing you need to do after you decide which broker you want to trade with is to open an account on the trading platform.
To open an account on any trading platform, you must provide proof of residency and a valid identity card. Your proof of residence can be your utility bill or your bank statement. When you provide these documents, then the process of opening an account is straightforward.
Start with a demo account or real account
A demo account is an account that looks just like a real account, but with a demo account, you don’t use real money to trade. When you are new to a trading platform, it is best to trade with a demo account first to avoid losing money.
Many forex trading platforms offer their traders a demo account immediately when the trader opens a report on the platform.
When you use a demo account to trade, it helps you familiarize yourself with the trading environment on the trading platform. You can also use the demo account to practice the strategy you would like to trade with on your real account, mastering the best method.
Deposit money
All forex trading platforms have a minimum account. They expect you to deposit into your account once you open the account before starting trading. You can make deposits into your account with various methods, but the technique you use significantly depends on the broker you are trading with.
You can deposit into your account through the following method. These three methods are the most used: bank transfers, debit cards, and electronic payment systems such as PayPal or Skrill.
Notice:
The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.
Use analysis and strategies
As a beginner in trading forex, ensure you get used to the trading environment first and learn the strategies that work best for you to know when you should sell or buy.
The strategies you use can use in trading forex include:
Position trading
This strategy involves the trader maintaining a position for an extended period, usually between a few weeks to a couple of years. Traders that use the position trading strategy are required to withstand the minor changes that may occur in the forex to keep their position.
Scalping
Scalping is a trading strategy that is popular among forex traders. A trader using this strategy aims to make little profit on many trades.
Traders get more profit when they use the scalping strategy; it helps them earn small profits on large numbers of trades.
Day trading
Day trading strategy involves a trader opening and closing a trade within 24 hours. Day trading is well known in the forex market. Day trading helps traders reduce the risk of losing their money.
Make profit
It is essential that you make a profit when you trade forex. To ensure that you make a profit, trade with a demo account first to get used to the trading environment. Then you also market the trading strategy that works best for you and start trading with real money. When you do this, the probability of making a profit is very high.
(Risk warning: 78.1% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Taiwan
There are many forex trading platforms around the world. It is best to trade with brokers registered with a reputable body as a Taiwan trader.
As a forex trader in Taiwan, it is advisable to trade on trading platforms regulated by the FSCA, which was known as FSB before.
FAQ – The most asked questions about Forex Broker Taiwan:
Is forex trading permissible for traders in Taiwan?
Yes, traders in Taiwan can trade forex without much struggle. They can enjoy trading forex to earn profit as they do not have any rules and regulations barring them from that. So, trading forex in Taiwan is completely legal for forex traders. There is unfathomable scope for forex traders in Taiwan.
How small a minimum amount does a Taiwan trader need to sign up for a trading account?
You need a trading account if you hope to initiate forex trading in Taiwan. The best brokers, as mentioned, allow you to trade forex with top features. However, when you sign up for a forex trading accounts with these brokers, they ask you to deposit a minimum amount in your trading account. Usually, this amount starts from $10. Forex brokers such as IQ Option allow you to trade forex by making an initial deposit of only $10.
Which forex brokers in Taiwan offer the best spreads?
If you want a forex broker with the best spreads, you can sign up with one of the following. These forex brokers offer undisputable services to traders. You can choose forex brokers in Taiwan from this list.
RoboForex
Capital.com
Last Updated on January 27, 2023 by Arkady Müller
