5 best Forex Brokers & platforms in Vietnam – Comparisons and reviews
Table of Contents
If you are in Vietnam and seeking to avoid high trading fees in forex, you have come to the right page.
See the list of the best Forex Brokers in Vietnam:
Forex Broker: | Review: | Regulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. 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) | |
2. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 3,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. 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) | |
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  | Not regulated | Starting 0.1 pips variable & low commission | 300+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Low 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)Investing in exotic pairs, such as the Vietnamese dong, normally attracts higher spreads than majors. But we have reviewed several brokers and compiled a short list of trusted ones with low fees below.
They include:
We summarize their offerings below:
1. RoboForex
Overview:
- Minimum deposit – $2p
- License – IFSC
- Leverage – 1:500
- Spreads – start from 0.6 pips
- Support – 24-5 Multilingual service
- Year established – 2009
- Headquarters – Belize
RoboForex is an online Forex broker and an official partner of BMW Motorsport. The broker is regulated by the International Financial Service Commission of Belize.
Vietnamese traders can access more than 12000 markets with this brokerage firm. Its assets include forex, indices, stocks, commodities, metals, and energies.
Trading is provided on the MetaTrader 4, MetaTrader 5, cTrader, and its own Trader.
The broker offers five account types that let you choose the best option for your level and trading style.
These accounts include:
- Pro Standard
- Pro Cent
- Prime
- ECN
- RStocksTrader.
The trading costs on these accounts are highly competitive, and traders enjoy bonuses and rebates with this broker. New customers get a welcome bonus of $30 and can enjoy rebates if they trade the required volume.
Popular payment methods are available here for easy funding. These include Neteller, Skrill, AdvCash, PerfectMoney, etc.
The broker provides rich educational content that beginners and advanced traders can use to grow their skills and market knowledge.
The demerits of using RoboForex broker
- A withdrawal fee may apply
The broker sometimes charges a withdrawal fee. However, this depends on the payment method used.
(Risk Warning: Your capital can be at risk)
2. Capital.com
At a glance:
- Minimum deposit – $20
- License – FCA, CYSEC, ASIC.
- Leverage – 30:1
- Spreads – starting from 0.6pip on majors.
- Support – 24-hour Multilingual support
- Year established – 2016
- Headquarters – London
Capital.com is an internationally known broker based in the United Kingdom. Vietnamese traders can access over 4000 market instruments through the broker. These include currency pairs, indices, cryptocurrencies, shares, and stocks.
The broker operates under the regulations of the following authorities:
Financial Conduct Authority FCA regulations, the Australian Securities and Investments Commission ASIC, and the Cyprus Securities and Exchange Commission CySEC. All are top-tier regulatory bodies, making the broker a safe choice for any trader.
User experience is essential to this broker. Its platforms are easy to use and available for smartphone downloads. The company has won awards for its unique trading platforms and excellent trading conditions.
Traders can enjoy zero commission accounts on low spreads, averaging 0.7 pips during high liquidity hours. There are no unnecessary non-trading fees here, such as inactivity or withdrawal charges.
Cons of trading with Capital.com
1. There is no option to trade on the MetaTrader 5. Only MT4 and the broker’s proprietary app are available.
(Risk warning: 78.1% of retail CFD accounts lose money)
3. BlackBull Markets
Overview:
- Minimum deposit – $200
- License – FMA, FSA.
- Leverage – 30:1
- Spreads – starting from 0.0 pip on the ECN account.
- Support – 24-hour Multilingual support
- Year established – 2014
- Headquarters – New Zealand
BlackBull Markets is a trusted ECN broker established in 2014. The broker boasts of genuine ECN trade executions, offering the lowest spreads.
It is a safe broker holding a license from a top-tier body in its home country, the Financial Markets Authority. The company also operates under the license from the Financial Service Authority of Seychelles, FSA.
The broker is known for low fees, speedy order executions, and user-friendly trading platforms. Its platforms offer enriching educational materials that include video tutorials, text guides, and a free demo for practice.
The account opening process is fast and easy, processed within the same day.
The broker offers a raw spread account with no markup on currency pairs. Although, the minimum deposit for this account is $2000.
An interest-free Islamic account is available for those who wish to comply with Sharia rules.
The drawback of trading with BlackBull Markets
- High minimum deposits
BlackBull Markets require a $200 minimum deposit for its standard account. This amount is high compared to other brokers. $2000 is the minimum deposit for its Prime account.
(Risk Warning: Your capital can be at risk)
4. Pepperstone
Summary:
- Minimum deposit – $20
- License – FCA, ASIC, CYSEC, DFSA, FSA, FSCA.
- Leverage – 30:1
- Spreads – starting from 0.0 pips on the Razor account.
- Support – Multilingual 24-hours service. Mon – Fri.
- Year established – 2010
- Headquarters – Australia
Pepperstone is among the best and most reliable forex and CFD brokers. The company was founded in 2010 in Melbourne, Australia.
Pepperstone operates under licenses from multiple top-tier regulatory organizations, including ASIC, FCA, CySEC, and FSCA.
The broker offers multiple accounts that are either commission-free or commission-based. A swap-free Islamic account is also offered.
Traders can use the MetaTrader 4 or cTrader. Autochartist is provided, and automated trading is supported here.
Vietnamese traders can access over 60 forex pairs and thousands of CFDs, and the trading costs are among the most competitive.
Popular funding methods and a flexible minimum deposit make it easy to start forex trading with this broker. The payment methods are PayPal, Visa, MasterCard, bank wire, Neteller, Skrill, etc.
The disadvantage of trading with Pepperstone
- 30-days Free demo
Pepperstone offers a free demo account that has ONLY 30 days of access. Other competitors may offer extended time lengths for demo accounts. Some provide lifetime access to their demo account.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
Overview:
- Minimum deposit – $10
- Spreads – 0.6 pips average on forex majors.
- Support – 24/7 multiple language support.
- Year established – 2013.
IQ Option joined the global financial market in 2013 as a service provider for forex and binary options trading.
The broker accepts traders from many parts of the world, including Vietnam.
Traders from this region can access various instruments, such as forex, binary options (Only for professional traders and outside EAA countries), stocks, shares, and ETFs.
IQ Option offers its proprietary app to trade with. It is easy to use and supports various indicators that help traders succeed in the business.
There is an app version for mobile phones which lets traders access accounts and trade on the go. The mobile app allows traders to place orders and stay up to date on market news as they go about their day.
The broker requires a $10 minimum deposit to trade on its Standard account. A $2000 deposit elevates the trader to VIP status, with exciting benefits, such as lower fees and an account manager.
Its website is accessible in different languages, including Vietnamese.
The drawback of trading with IQ Option
- No MetaTrader app
The broker does not provide the MetaTrader platforms. Traders have to use only the IQ Option trading platform, available on mobile phones and desktops.
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Vietnam?
Vietnam remains among the fast-growing economies in Asia. There is a huge potential for the forex market here, and several conferences have been held here.
But the forex sector is still unregulated in Vietnam. The State Bank of Vietnam, the country’s head financial body, has not approved forex trading activities.
Brokers cannot obtain licenses from this organization. And the ones who are caught operating within the country are penalized.
The Central bank seeks to stabilize the Vietnamese dong and believes that forex trading can be one of the hindrances to this goal. That is why, in 2014, the SBV declared forex trading illegal.
Though the body permits some international forex brokers to trade with Vietnamese citizens, brokers are not allowed to operate within the country.
Vietnamese traders have to seek international brokers outside Vietnam to participate in forex trading.
Many brokers do not provide trading opportunities for the Vietnamese dong, and deposits are hardly allowed in this currency. The reason is to avoid the costs of currency conversions.
Security for Vietnamese traders
The State bank of Vietnam does not provide any protective measures for traders, since it does not regulate forex activities.
Vietnamese customers have to seek out international brokers to trade forex.
We recommend trading with world-renowned brokers who are internationally known. These brokers should be registered with well-known and trusted financial bodies.
Popular financial bodies include:
- Cyprus Securities and Exchange Commission, CySEC.
- Financial Conduct Authority, FCA.
- Australia Securities and Investments Commission, ASIC.
- Financial Markets Authority, FMA.
- Dubai Financial Service Authority, DFSA.
- Federal Financial Supervisory Authority of Germany, BaFin
- Financial Service Conduct Authority, FSCA
- Financial Service Authority of Seychelles, FSA.
Traders who trade on high leverage should look for brokers offering negative balance protection.
Is it legal to trade forex in Vietnam?
It is legal to trade forex with an international broker outside Vietnam. But it is illegal to signup and trade with any broker inside the country. Traders must search only for brokers that accept Vietnamese traders. They must confirm that these brokers do not have an office inside the country before trading.
(Risk warning: 78.1% of retail CFD accounts lose money)
How to trade forex in Vietnam – A tutorial for Vietnamese traders
Since forex brokers cannot operate within the country, many lure Vietnamese traders using attractive ads online.
Traders must beware and conduct thorough research on a broker before making a choice.
Finding a good broker is the first and most important step to trading.
Remember that trading with any broker inside your country is illegal. So, a good broker must be international, situated outside Vietnam, and hold a recognizable license. Trader must always research their trading conditions and fees before signing up.
We have recommended a few of the above.
Choose a good broker, then follow these steps to trade:
1. Open account for Vietnamese traders
Many brokers make special provisions for Vietnamese traders on their websites. The websites may come in Vietnamese languages for an easy signup process.
Follow the broker’s instructions to open an account in Vietnam.
You may need to upload a copy of an ID and utility bill that carries your house address.
After completing the broker’s request, your account will be ready for financial market trading.
2. Start with a demo or real account
If you choose any of the above brokers, you will have access to a free demo.
The demo allows you to practice before trading.
The account will come with virtual funds in the wallet for you to trade with.
Before starting the venture, new traders can use the free demo to become familiar with the forex trading environment.
Customers who are already familiar with trading can practice different techniques with the broker before real trading.
Once you have tested and are comfortable with the platform, it is time to trade on a real account.
3. Deposit money
The broker will provide several common methods to ease the account funding process.
Some provide funding via Vietnamese bank transfer or a local PSP (Payment Service Provider).
Payment via bank transfers can sometimes attract huge fees from the bank. Most traders prefer to use online payment methods.
These can include Skrill, PayPal, Neteller, Union pay, etc.
Notice:
The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.
4. Use analysis and strategies
Success in forex trading requires the correct analysis and applying one or more effective trading strategies.
Analysis helps you understand the asset and its price moves in the forex market.
With the appropriate analysis, you can devise the best strategies for making a profit from your chosen forex pair.
It would help if you also researched different strategies to find the one that suits the instrument. It is also essential that you use approaches that you fully understand. That way, you can apply them correctly in your trading.
The crucial analysis you may need to carry out are:
- Fundamental analysis
- Technical analysis
- Sentiments analysis
Fundamental analysis refers to the currency’s interest rates and the exchange rates’ factors. These factors can include the gross domestic product (GDP), inflation rates, trade surplus or deficits, politics, etc.
Technical analysis means looking at the price chart to find patterns in the price movements. These patterns contain trading opportunities that the trader has to identify. The trader must learn to spot the BUY and SELL opportunities in these patterns.
Sentiment analysis studies market participants’ behaviors to see where their feelings lie. If many participants are placing BUY trades, the market expects the price to rise.
These analyses are essential for successful forex trading. And the trader must combine them with the most effective strategies to make a profit.
Common forex trading strategies:
Breakout trading
Some traders use technical indicators to find points where the price is expected to change direction suddenly. This breakout may be temporary or long-term. But the point presents a great chance to enter the market. Breakout trading is a common strategy used by technical trading. It requires knowledge of some indicators, including MACD and RSI.
Range trading strategy
Range trading is another common strategy that also requires technical indicators.
In a ranging market, the forex pair’s price does not follow a particular trend. Sometimes it’s up, other times it’s down. The trader must use indicators to identify the support and resistance zones. These points provide strong signals to either go LONG or SHORT in the market.
Carry trade strategy
A carry trade strategy involves profiting from the differences in both currencies’ interest rates.
When you carry trade a currency pair, you BUY one currency and borrow the other. The goal is to hold the position to earn on the interest rate differential.
The lower interest rate is subtracted from, the higher, and the differences are part of your profit for that trade.
There is a positive carry trade strategy and a negative. Both involve BUYING one currency while borrowing the other. That way, the interests can accrue to your account as you hold the trade open.
Positive carry involves borrowing the low-interest currency while placing a BUY on the high-interest pair. The trader expects the interest rate to stay the same. They profit from the difference.
Negative carry trading means to borrow the high-interest currency while placing a BUY on its low-interest pair. Here, traders expect the low-interest rate to increase.
Many Vietnamese people who like to speculate on their national currency can profit from this approach. But traders should fully understand the strategy to speculate in the right direction.
5. Make a profit
With the proper analysis and a working trading strategy, you should soon realize a profit from trading.
You can choose to withdraw your earnings or reinvest to place bigger trades.
For smooth withdrawals, ensure you complete your registration with the broker by uploading all required documents. We also recommend using the same payment method for withdrawal that you used for depositing.
The broker’s platform should provide an easy means to transfer your funds from their platform.
Usually, the FUNDS MANAGER tab on the trading platform contains the withdrawal request forms to move your profits.
The money may not reach your accounts immediately. Depending on the broker, complete withdrawal processing can take up to 48 hours sometimes.
(Risk warning: 78.1% of retail CFD accounts lose money)
Final remark: The best Forex Brokers are available in Vietnam
Many online forex brokers accept Vietnamese traders.
Not all of them are regulated in any jurisdiction. Some do not hold recognizable licenses.
Vietnamese traders should choose ONLY brokers holding globally recognized licenses from well-known bodies to be safe.
We have listed some of these brokers and bodies in this guide.
1. Capital.com
2. BlackBull Markets
3. RoboForex
4. Pepperstone
5. IQ Option
FAQ – The most asked questions about Forex Broker Vietnam :
Are there any low-fees forex brokers in Vietnam?
Many forex brokers might offer you to trade with a very low fee. However, it is not the best decision for a forex trader to choose a random broker. It should be regulated even if you are looking for a low-fee forex broker. So, you can choose BlackBulls Markets, Pepperstone, IQ Option, RoboForex, and Capital.com, as they charge low-fee and are also regulated.
Which forex brokers in Vietnam offer the best spreads?
If we consider spreads, these five brokers offer the best to forex traders. Not only in Vietnam, but these five brokers excel in offering the best services to traders in terms of costs. The spreads on these trading platforms start from 0.0 pips. Apart from this, you can also access thousands of underlying assets on these trading platforms.
Which forex broker in Vietnam offers the best bonuses?
If you want a broker that offers the best bonuses, you can sign up with RoboForex. RoboForex has lucrative bonuses that traders can use while trading forex. However, a forex trader in Vietnam will only be able to use this bonus once he completes a certain volume of trades. Besides, this bonus is not withdrawable; you can only use it to place more trades.
Last Updated on March 3, 2023 by Arkady Müller
