Forex Legal Inspection Guide (Forex)Legal Review Criteria of Forex Exchange in Vietnam
The Forex market is the largest financial market in the world, allowing participants to be able to access from anywhere – as long as the internet is available. This is also a market with high liquidity, hundreds of transactions and trillions of dollars are traded daily.
Why should we choose a reputable Forex Exchange?
To make a Forex transaction, it must be done through an intermediary channel, which is the Forex Exchanges (Forex).
However, nowadays, in our country, Forex has not been legally recognized by law. Therefore, if there are any complaints during and after the transaction, it will be difficult to ask the competent authorities to intervene.
Forex is the largest financial market in the world nowadays.
Therefore, in order to open an account without unfortunate risks, as well as to protect yourself from future troubles, you need to find a reputable Forex Exchange.
Because it is a potential and growing market, the number of exchanges in Vietnam is also diversified and that it is not easy to choose a reputable exchange in the Vietnamese market.
So what are the necessary criteria to evaluate a quality and reputable exchange? Which exchange should you choose in Vietnam? Let’s find out through the Legal Review Criteria Of Forex Exchange below!
Criteria to evaluate a quality Forex Exchange platform
In fact, it is very difficult to provide specific criteria to evaluate the quality of an exchange because it not only depends on the exchange, but also depends on the trading purpose of each investor (Trader).
Specifically, there are many investors who prefer trading platforms with low spreads for surfing while some others prefer ECN (commission only). In addition, there are also some traders who prefer exchanges with high leverage, or as quickly as possible to withdraw money.
Choosing a reputable exchange also helps you feel more secure when investing.
So, depending on the purpose of investors, they can choose the appropriate exchange. If there is a strong capital, investors can participate in many exchanges parallelly to evaluate and choose the right one for themselves.
Although the forms of trading, depositing and withdrawing money are different, reputable exchanges have some certain common points. Here are some criteria to help you identify those reputable exchanges:
- Legal standards of reputable financial institutions (NFA, ASIC, FCA, CySEC, FSC …).
- Have a transaction history for a given period.
- Website interface of the floor is beautiful and professional with full functionality.
- Reasonable Commission and Spread.
- Good customer service.
- Convenient deposit and withdrawal process, diversified payment gateway.
- Spread and low slippage at news.
- Diverse, popular and easy to use trading platform.
The world’s leading legal organizations oversee the operations of exchanges
Legal factor is one of the most important criteria to evaluate a reputable Forex platform. As a rule, when Forex exchanges are established, there must be a place in charge of protection and legal responsibility.
The purpose of this liability is to prevent any dispute between the exchange and the trader. At that time, these agencies will be responsible for settling. That is the reason why Forex exchanges are licensed by reputable organizations to ensure credibility and safety.
Here are some links to help you look up legal standards of Forex Exchange platforms:
- NFA (National Futures Association) of America
- ASIC (Australian Securities and Investments Commission) of Australia
- FCA (Finance Conduct Authority) of England
- CySEC (Cyprus Securities and Exchange Commission)of Cyprus island
- FSC (Financial Services) British Virgin Islands
Furthermore, considered a reputable exchange with professional investors, ASX Markets is an exchange that you should not ignore. You can open a demo account for reference at the link:https://www.asxmarkets.com/VN/Register/OpenAccount#DemoAccount
ASX Markets trading account types:
ASX markets currently offer four types of trading accounts: ASX Classic, ASX Fixed, ASX Raw and ASX Vip.
ASX Classic: is an account for new customers with low capital, traded for all currently available products on the exchange. This account has floating spread, ranging from 1.1 pips and no commission.
ASX Fixed: Customers using this account are similar to ASX Classic accounts but the spread is fixed. The minimum spread setted by ASX Markets is 1.8 pips and there is no commission to trade.
ASX Raw: This is the same account type as the ECN account. Order processing speed is fast, orders are pushed directly out of the market without re-quotes. The spread on this account is the lowest, from just 0.0 pips
ASX Vip: This is the type of account for customers with more capital who want to experience a good trading platform. Spread is around 0.6 pips. Investors who register for this account will receive direct support from the exchange’s experts and can access the best trading tools.