9 Best Forex Brokers in Vietnam for 2024

How to Choose the Best Forex Broker in Vietnam?

Here are some key points to take into consideration when choosing a forex broker in Vietnam.

Why is it important to choose a regulated broker in Vietnam?

Based on my experience, selecting a regulated broker holds significant importance. When a broker lacks supervision from a financial regulator, there can be risks associated with your funds. On top of this, your trade execution may not adhere to best practices for you, and there may be no available recourse if the broker mishandles your money.

Choosing a broker regulated by a government financial body offers enhanced safety and peace of mind. However, it is essential to recognize that not all financial regulators hold the same level of credibility. To aid in assessing regulators, we classify them into three tiers in our broker rating reviews:

• Tier-1: These encompass well-established financial centers like the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
• Tier-2: This category comprises lesser-known but still reputable regulators such as the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Markets Authority (FMA) in New Zealand.
• Tier-3: Regulators from offshore jurisdictions fall into this tier, such as the International Financial Services Commission (IFSC) in Belize and the Vanuatu Financial Services Commission (VFSC).

In the case of Vietnam, it is the State Bank of Vietnam (SBV) that regulates the trading of the Vietnamese Dong to ensure proper market liquidity. As such, the country’s central bank does not regulate forex trading brokers.

This is why Vietnamese traders may opt for brokers regulated in other jurisdictions which do regulate and license forex brokers. Based on my experience, it is advisable to steer clear of unregulated brokers as there is no recourse if they run away with your money.

What fees should you be aware of when choosing a broker?

A broker’s fees can be categorized into trading and non-trading fees. Trading fees encompass the costs associated with opening, closing, and holding positions, including the spread, commission, and swap fees.

What are spreads?

The spread refers to the difference between the buy and sell price. A lower spread is generally more favorable. In our broker rating reviews, we consider a spread of 1.0 pip on the EUR/USD currency pair for a commission-free trading account to be the industry average. You can check out our guide on the best forex brokers with lowest spreads.

What are commissions?

Some brokers may charge a commission for executing trades – especially if they advertise low spreads. But a broker may also offer a commission-free trading account but with a higher spread.

Beginner traders may prefer a commission-free trading account as all the costs are included in the spread. However, advanced high-frequency traders may prefer to have tighter spreads and pay a commission.

In our broker rating reviews, we consider the industry average for forex trading commission to be $3.50 per 100,000 units of currency traded on MetaTrader and $3.00 for the cTrader platforms.

What are swap fees?

Swap fees are overnight fees applied to leveraged or margin-based positions, such as CFD products. These fees vary based on the current interest rates of the currencies you are trading on and any additional markup implemented by the broker.

Typically, closing trades before the end of the trading day, around 10 pm London time, helps avoid swap fees. However, long-term traders should exercise caution in this regard.

What are non-trading fees?

Non-trading fees encompass charges related to dormant accounts or periods of inactivity, as well as fees associated with deposits and withdrawals.

To assess your trading fees in Vietnam, you can open a demo trading account with a broker. This allows you to test their services in a risk-free environment and determine their suitability for your needs.

What is the best type of account to trade from?

Brokers offer a range of trading accounts to meet the diverse needs of traders in the financial markets. These accounts typically differ based on the execution model or minimum deposit requirements.

Different execution account types include:

• STP (Straight Through Processing): In this model, orders are directly sent to the broker’s liquidity provider.
• ECN (Electronic Communications Network): Orders are matched with prices from multiple liquidity sources, such as investment banks.
• DMA (Direct Market Access): With DMA accounts, clients trade directly with participants in the interbank market.

ECN accounts often feature the most competitive spreads, but they usually involve trading commissions as well. It is important to check the commission rates and ensure they are either in line with or better than the industry average. Regulated brokers are obligated to provide transparency regarding their execution types, and you can find this information in their legal documents and terms and conditions. You should stay clear of the broker if the fees are not transparent.

Additionally, brokers may offer account types based on minimum deposit requirements. For example, a standard account might have a minimum deposit requirement of $50, while an advanced account could require a minimum deposit of $1,000. Higher account balances often come with benefits such as lower spreads, reduced commissions, and access to additional trading tools so it is worthwhile comparing all the options a broker provides.

What leverage is available for traders in Vietnam?

CFD brokers primarily cater to the purpose of leveraged trading which allows traders to control larger positions with a smaller capital amount by borrowing funds from their brokers.

Leverage-based trading, also referred to as margin-based trading, involves the broker providing capital to trade larger positions. The borrowed funds incur interest charges, commonly known as swap fees. This approach offers the potential for increased profits, but it also carries the risk of larger losses.

The margin required to open a trade varies depending on the regulatory body overseeing the broker and the instrument being traded. Retail CFD brokers regulated by tier-1 regulators such as CySEC or the UK FCA often offer a maximum leverage of 1:30. This means traders can open positions that are 30 times larger than their invested capital.

However, since Vietnam’s financial authorities do not directly regulate forex brokers, some brokers operate from offshore locations in tier-3 jurisdictions that may provide much higher leverage, such as 1:500 or even 1:1000.

While this can be advantageous for experienced traders, beginner traders should exercise caution when utilizing high leverage as it magnifies both profits and losses.

Which trading platform is the best to use?

Many trading brokers tend to offer well-known trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. These are usually accessible through desktop, web, or mobile devices.

A desktop platform will typically provide the most number of features such as an in-built economic calendar or algorithmic trading capabilities. However, a broker may also offer their own proprietary – usually web-based – trading platform.

It is important to assess your individual trading requirements and select the platform that best suits your needs. While there is a wealth of helpful information available online about MT4, MT5, and cTrader, there is a steeper learning curve. It is worth noting that a broker’s proprietary platform may offer a more user-friendly experience.

Based on my personal experience, I would recommend having access to multiple platforms or devices for managing your trading account. This way, if one platform experiences technical issues or downtime, you can still access and manage your open positions using an alternative platform or device. See our guides on the best MT4 brokers, best MT5 brokers, and best cTrader brokers.

What to avoid when choosing a forex broker in Vietnam?

In my experience, I highly recommend avoiding brokers that lack regulation from a recognized financial authority. Regulation plays a vital role in determining a broker’s credibility and the safety of your investments.

In Vietnam, there are no specific forex regulations. Vietnamese traders tend to trade with international brokers who accept clients from Vietnam, as discussed on this page. When trading with an international broker it is crucial to ensure that the regulatory body that oversees the broker’s business activities is highly reputable.

Another aspect to be cautious about is brokers with unclear fee structures or the promise of large financial gains. Brokers regulated by a tier 1 regulator tend to offer the highest level of safety as it is a regulatory requirement to offer a high level of transparency and not entice users to trade through outlandish marketing campaigns.

Additionally, poor customer service should raise concerns. A reliable broker should have prompt and easily accessible customer support. Having responsive customer service is crucial for addressing any issues or concerns that may develop throughout your trading journey.

If you see any of these red flags, it is best to avoid the broker. There are many reputable brokers out there, so there is no need to take a risk with a scam.

How to avoid forex and CFD scams?

Forex and CFD trading can be a great way to make money, but it’s important to be aware of the risks involved. One of the biggest risks is falling victim to a scam. Scammers are constantly seeking new ways to take advantage of people, and forex and CFD trading presents a prime target.

Here are three simple steps you can take to avoid forex and CFD scams:

• Do your research. Before you start trading, take some time to research the different brokers available. Read reviews, compare fees, and look for a broker that has a good reputation.
• Beware of promises of easy money. If a broker promises you easy money, it’s probably a scam. Forex and CFD trading is a risky investment, and there is no such thing as a guaranteed profit.
• Read the fine print. Before you sign up with a broker, be sure to read the fine print. This includes the terms and conditions, as well as the fees that the broker charges.
• Be suspicious of unsolicited offers. If you receive an unsolicited offer to trade forex or CFDs, it’s probably a scam. Legitimate brokers don’t cold call people.

By following these simple steps, you can help to protect yourself from forex and CFD scams.

Our Methodology

FXEmpire has been a pioneering source for broker reviews, continuously enhancing the evaluation methodology to keep pace with industry changes.

Our rating system encompasses nine core categories: trust, fees, platforms and tools, tradable instruments, customer service, deposit and withdrawals, account types, research, and education.

Within each category, we analyze over 250 data points, comparing brokers to determine how their offerings measure up against the industry average. This comprehensive evaluation process empowers our readers with the confidence to choose the right broker.

For selecting the best forex brokers in Vietnam, I have leveraged the insights from our research team and further refined the brokers based on the following factors and my own personal trading experience:

• Top-tier regulation from well-known, globally established regulators
• Deposits and withdrawals in Thai Baht (THB) allowed
• Bonuses and promotions for Thai clients
• Low trading fees, including spreads and commissions
• Easy-to-use and feature-rich trading platforms
• Thai customer support available during local business hours
• Easy to access Thai payment methods
• Localized Thai website where possible

After conducting extensive research and in-depth analysis, based on the above factors, I have compiled a selection of top-rated brokers that welcome traders from Vietnam. I encourage you to explore this list further and dive into the details of each broker.

To ensure that your choice aligns with your specific trading requirements, I strongly suggest testing a broker’s features through a demo trading account. This invaluable tool allows you to gain first-hand experience with the platform, enabling you to evaluate its functionality, user-friendliness, and suitability for your trading style.

By utilizing a demo account, you can make an informed and confident decision before committing to a particular broker.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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