Best Forex and multi-asset brokers operating in Vietnam

Vietnam is a Southeast Asian country located in the Indochinese Peninsula. The overall territory of the Socialist Republic of Vietnam reaches 331,212 square kilometers and the population is estimated at approximately a 100 million people, which makes Vietnam one of the most populated country in the world.  Vietnam is sharing borders with Laos, Cambodia, China, Thailand, Philipines, and Indonesia, as well as a marine border with Malaysia.

Vietnam is currently cited as one of the fastest-growing economies in the region. Ever since the USA has lifted an embargo in 1994, the Vietnamese national economy began to grow at a rapid speed. As of today, Vietnam is enjoying a strong trading partnership with its once rivals – the USA and China.

One might argue that the economic conditions that the country currently has are ideal for the field of Forex trading to flourish. Unfortunately, it is not fully legal to trade Forex in Vietnam and that is the single most important factor that impedes the local FX market from fully growing into what might have been one of the largest Forex markets in the region.

The main regulatory authority that oversees the entire financial sector of Vietnam is the State Bank of Vietnam (SBV), which is the central bank of the country. The SBV is responsible for issuing national currency, managing monetary policy and banking activities within the country  ( including the FX market).

As we have already mentioned, it is not fully legal to trade Forex in Vietnam. However, it does not mean that there is no way you can trade Forex in Vietnam. In this guide, you will learn how to find the best Forex broker in Vietnam, how to access the market, and how to start a career in financial trading.

A full list of best Forex brokers in Vietnam

Finding a Forex broker that best suits your needs can be a stressful and time-consuming process, as there are so many international brokers offering financial services to Vietnamese traders. In a country like Vietnam, where Forex trading is basically illegal for most of its part, you will not be able to find great local brokers. When searching for an international broker to open an account with, there are a couple of things to consider:

• Regulations: make sure that your broker is regulated by reputable regulatory bodies. Regulations guarantee that your interests as a trader are protected, and your funds are safe from fraudulant behavior.
• Trading assets: most Forex brokers started by offering currency pairs to their clients and gradually expanded their portfolio to offering CFDs (Contracts for Difference) on stocks, indicies, commodities, and cryptocurrencies. Before you open an account, make sure that your broker provides access to the instruments of your interest.
• Trading fees and trading platforms: it’s critical for success to find a broker with low fees. There are typically two types of fees: commissions, and spread markups. daytraders prefer low spreads, while swing traders prefer low commissions. In addition, make sure your broker offers the type of trading platforms that you’re looking for.

We have reviewed lots of Forex and CFD brokers and created a list of top brokers that you can access in Vietnam. Each broker has it’s own pros and cons, and it’s best to first make a list of your priorities, read each review below, and pick the one that best suits your needs.

How to start a trading career in Vietnam

While local financial trading is not fully developed in Vietnam, it should be mentioned that trading Forex, stocks, cryptocurencies, and CFDs has become a global activity. You can learn how to trade using your own funds and become a retail trader, and you can also start a trading career. There are many career paths to choose from, including:

• Financial analyst jobs: traders conduct technical and fundamental analysis to predict future market movements. Good analysis is highly valued by retail traders, and trading institutions.
• Risk manager: successful financial trading requires great asseeement and management of risks. Financial institutions such as hedge funds, wealth management companies, mutual funds, and propriatory trading firms are on constant headhunt for successful risk managers.
• Institutional traders: institutional traders work for comercial banks, trading and investment firms and have access to advanced tools and trading platforms.
• Signal provider and educator: if you learn how to trade successfully, you can sell your trading courses and trading signals to other traders.

The first requirement that you will have to meet to be able to sign up with a brokerage is to be aged 18 or older. In adition, you will be required to provide digital photo or scanned version of your personal documents during registration. Due to Anti-money Laundering and Counter-terrorism Financing acts, most brokers require proof of identity and proof of residence documents.

The most popular trading platforms in Vietnam

Trading platforms play a crucial role in successful trading. Most trading platforms provide tools for technical analysis and integrated economic calendars to make fundamental analysis easier. The most popular trading platforms in Vietnam are:

• MetaTrader 4 (MT4): MT4 is a widely used trading software among Forex traders worldwide, including in Vietnam. The platform was created for trading currencies and it doesn’t support trading stocks, bonds, and futures. MT4 is highly reliable software that enables backtesting, and trading automation using Expert Advisors (EAs).
• MetaTrader 5 (MT5): MT5 is the most popular multi-asset platform that supports not only trading currency pairs, indicies and commodities, but also stocks, bonds, futures, and crypto derivatives. The platform is a bit more complex than MT4 and offers more timeframes, and charting options. In addition, MT5 offers level 2 market data, that helps traders analyse the bid and ask prices.
• cTrader: cTrader is a modern looking trading platform that is offered by many brokers, however, this software is not as popular as MetaTrader platforms. cTrader enables traders to automate their trades using cBots, offers multiple timeframes, various charting options, and pre-installed indicators for market analysis.

It should be mentioned that some traders use various trading platforms simultaneusly when trading. For instance, it’s common practice traders to use TradingView for charting and MT4 for order placement as TradingView offers modern tools for analysis and slick design, while MT4 offers unmatched reliability in execution.

Available payment methods in Vietnam

In Vietnam, there are various payment methods available for traders to conduct transactions. Some of the most commonly used payment methods in Vietnam include:

• Bank Wire Transfers: bank transfers are a common method for making transactions in Vietnam. However, it should be mentioned that when making deposits and withdrawals on your trading account, bank transfers typically take a couple of working days, while online banking and credit/debit card options are instant.
• Debit and Credit Cards: the most popular card options in Vietnam are Visa, Mastercard, and JCB.
• E-wallets: E-wallets offer convenience and security when making payments online. The most popular online wallet options in Vietnam include: MoMo, ZaloPay, and ViettelPay.

According to the recent findings, 34% of the payments in Vietnam are made using a debit/credit card, 22% are carried out via the bank transfers and eWallet payments make up for 19%.

National currency of Vietnam

The national currency of Vietnam is the Vietnamese dong, however, it is prohibited to trade in Forex markets. Vietnamese Dong is considered to be an exotic currency, and exotic currencies do not make great investment options for traders. Exotic currency pairs are less liquid and come with large spreads. Most beginner and profesional traders stick to trading major currency pairs such as: EUR/USD, USD/JPY, GBP/USD, etc.

Pros and cons of trading Forex in Vietnam

Trading currency pairs and CFDs can be highly beneficial for many individuals, however, many will lose money trading. Below, you will find a breakdown of the main advantages and disadvantages of starting a trading journey in Vietnam.

Pros: 

• The country’s economy is developing fast, and financial trading can offer many career opportunities in the future
• Forex and CFD traders can create a source of income that does not rely on the economic conditions of Vietnam
• Forex trading is easily accessible in the country when opening an account with international brokers. Most brokers have very low deposit requirements for account opening and registration usually takes less than a day

Cons: 

• Forex trading is not yet fully legal in Vietnam
• In the absence of proper regulatory mechanisms, there is a high chance of coming across a scam broker. To avoid this, make sure to open a trading account with regulated brokers
• Forex and CFD trading can be costly for individuals that trade without a profitable strategy and cannot manage their emotions

Summary

While Forex and CFD trading is not fully legal in Vietnam, residents of the country can register and open accounts with globally regulated brokers. All the brokers that we have recommended in our top brokers list are operating globally and accept clients from Vietnam.

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