Find top brokers in Vietnam easily with our guide

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 96, 208, 984 people, which makes Vietnam the 15th 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.

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 benefit from the country’s national economy.

A full list of best Forex brokers in Vietnam

If you know anything about becoming a Forex trader, you have probably heard the testimonies about how hard it is to find a brokerage that will best suit your needs. The process is stressful and time-consuming and requires extensive research and careful fact-checking.

In a country like Vietnam, where Forex trading is basically illegal for most of its part, you will probably find it even harder to search for the brokerage. In order to make the task a little easier for you, we decided to do all the hard job ourselves.

Our team of renowned experts has spent hours upon hours studying all the brokerages that you, as a Vietnamese FX trader can access. What we came up with is the list of best Forex brokers in Vietnam that you can find below. It contains all the useful information, such as the broker’s licensing and the minimum deposit requirement, and with the list in hand, you can find yourself a trustworthy broker in no time.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

0 USD

Licences

CySEC, IFSC

Maximum leverage

1:2000

US Clients

No

How can you start trading Forex in Vietnam?

As we have already mentioned, trading Forex is illegal in Vietnam, however, there are certain loopholes in the country’s regulations that you can use to become a trader without breaking the law. For example, in the absence of the Forex brokers based in Vietnam, you can start trading with the various international platforms that offer their services in the country.

So, which requirements will you have to meet to become a Forex trader?

Forex trading can be a source of great profits – so much so, that for many people it becomes a complete substitute for a full-time job. However, this form of financial investment can also result in significant financial losses or even a lifetime of debt.

Thus, it is no surprise that brokerages do not allow minors to sign up as an FX trader with them. 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. Having met that, you will also need to demonstrate your employment status and monthly income.

Is it free to start trading Forex?

As we have already mentioned, Forex trading is a form of a financial enterprise, which means that you cannot do it completely free of charge. What you can do for free is to sign up with a brokerage, and, if it offers a demo account option, you can probably use it free of charge to practice your trading skills.

However, if you wish to access the actual market, you should be prepared to make a deposit. The size of the minimum deposit requirement varies from broker to broker. On the top Forex brokers list, you will find a variety, but it would usually stay within the range of 5-500 USD or equivalent.

You should remember that the requirement for the zie of the minimum deposit is in no way an indicator of the broker’s reliability or the qualities of the services that it provides. However, you most certainly should take your time to find the deposit that suits you best, and only deposit what you will be comfortable losing.

Final thoughts on becoming a Forex trader in Vietnam

Once you determine whether or not you are eligible to become a Forex trader in Vietnam, you will still be faced with the task of finding a brokerage to join. In doing that, you should keep in mind some of the points that could ultimately help you to keep yourself and your hard-earned funds safe in the future.

We recommend that in choosing the best Forex brokers in Vietnam in 2021 you only choose the brokerages with an official license from a reputable regulatory authority. By choosing a licensed broker you can be sure that in case of any difficulties or illicit activities, the relevant body will step in on your behalf.

However, you should also remember that even if the broker discloses a piece of licensing information on its website, it is not necessarily accurate. This, you should always take your time to contact the relevant regulatory authority directly and make an inquiry about each individual brokerage you are interested in. Finally, if possible, you should try and find a broker that both operates in your language and offers customer support services in it too.

How is the Vietnamese FX market regulated?

The main regulatory authority that oversees the entire financial sector of Vietnam is the State Bank of Vietnam. This body responsible for issuing the money, managing the monetary and banking activities in the country  ( including the FX market), as well as acting as a bank of credit institutions, and the provision of services for the government.

As we have already mentioned, it is illegal to trade Forex in Vietnam. The main reason for it is the governments’ attempt to control the exchange rate of the country’s national currency. Since the latter was subjected to various challenges in recent years, including high inflation rates, the Vietnamese government decided to ban trading with it altogether.

Nevertheless, to this day, there are no explicit laws or regulations that prohibit trading with the internationally regulated Forex brokers in Vietnam. On top of being able to overcome the country’s laws, by choosing the international brokers licensed by the reputable bodies, such as Cypriot CySEC, German BaFIN or UK’s FCA, you can be sure that you will be getting the service of the highest quality.

What are the most popular trading platforms in Vietnam?

Since there is a variety of Forex brokers offering their services in Vietnam, it is no surprise that the variety of trading software that each of them uses might seem a bit overwhelming. Some brokerages prefer the platforms that were custom-made for them, and available exclusively to their clients, while others prefer some of the more popular trading software pieces, such as cTrader, MetaTrader 4 or MetaTrader 5.

The latter two are so popular, that almost 90% of the brokers all over the world offerit to their clients. MT4 was created in Russia in 2005 – a company called MetaQuotes has made it its goal to develop a reliable and user-friendly platform that can be used by the beginners and the experienced traders alike.

The reason why we can easily cite MT4 and MT5 as the best trading platform in Vietnam is that it can both ensure the timely and efficient execution of your orders, and offer an easy-to-use interface at the same time. Moreover, the community of MetaTrader users is so extensive that you will have no trouble finding useful information and resources.

Which payment methods can you use in Vietnam?

Payment methods available are an important components of your trading success. If your preferred payement method is not available with a certain brokerage, you may en up loosing a lot of money on commissions or high exchange rates.

Top Forex brokers in Vietnam usually offer a lot of options to choose from.  Since most of the brokers in Vietnam are based elsewhere in the world, only a handful of them use local payment solutions. However,  you will still be able to access payments via credit/debit cards., since they are accepted by almost every single broker.

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%. Morevoer, the Vietnamese payement solution called Ijako Internationa has been on the market for 16 years and is currently accepted in more then 130 countries.

What is the Vietnamese national economy like?

As mentioned earlier, in recent years, the Vietnamese national economy has not only managed to overcome some of the major challenges (such as inflation and widespread poverty), but also became one of the strongest economies in the region, and one of the most promising economies in the world.

As of right now, the country’s GDP is estimated at 340, 602 billion USD, and the GPD per capita is standing at 3,498 USD. Ever since Vietnam started to implement trade liberalization, as well as applying a two-track approach to opening some sectors of the economy to the international markets, the economy started to recover and develop at a rapid speed.

According to the forecast of Goldman Sachs, Vietnam is to become the world’s 21st largest economy in 2025. Today, despite being a relatively new member of the global oil market, Vietnam is currently the third-largest producer of oil in the region and the eighth-largest producer of crude petroleum in the region of  Asia and the Pacific.

The largest purchaser of the Vietnamese exported goods is the United States, closely followed by the neighboring Southeast Asian countries. Other Vietnamese exports include black pepper, rice, tea, coffee, cashew nuts, rubber, and fishery products.

What is the national currency of Vietnam?

The national currency of Vietnam is the Vietnamese dong, however, as mentioned above, it is prohibited to trade it. Thus, Forex trading brokers in Vietnam will be more likely to offer you to trade Major currency pairs, such as USD/EUR or USD/GBP. However, this notion is not so bad, since most of the professional Forex traders insist that beginners should only trade the Major currency pairs as they are less subject to market volatility and can offer a good way to build up your skills and knowledge.

Another factor that you should keep in mind is that you should try and find a Forex broker that accepts payments in the Vietnamese dong, although there are not too many of them.  Should you choose a brokerage that does not accept payments in the Vietnamese national currency, you should be prepared to pay additional commissions on the exchange rates.

Are there any bonuses and promotions available in Vietnam?

Bonuses and promotions are often sought by the Forex traders, as they can ultimately kickstart one’s trading sessions. In turn, the provision of bonuses can allow the broker to expand its customer base and preserve the existing one.

In many countries, the provision of bonuses is prohibited as a form of aggressive marketing of the potentially risky enterprise, thus,  if you wish to access them, you should always check if the best online trading platforms in Vietnam can offer them..

There are two main types of bonuses available: welcome and refill bonuses.  Welcome bonuses are available to the traders, who are first signing up with a broker, either upon making the first deposit or immediately after the registration and verification of the account is completed.

Refill bonuses are issued periodically to the returning clients as a sign of appreciation for the trader’s decision to stick around a certain brokerage. Such bonuses are usually announced in advance by the broker itself, and their size depends on the amount that the trader deposits. Both the welcome and refill bonuses cannot be withdrawn, although you will be able to withdraw the profit that you will make using them.

Pros and cons of trading Forex in Vietnam

Deciding whether or not to join the field of Forex trading is not easy. Below you will find a breakdown of the main advantages and disadvantages of joining the Vietnamese Forex brokers in 2021.

Pros: 

  • The country’s economy is developing fast, and can potentially offer a favorable environment for the Forex market if the existing laws and regulations are lifted
  • By choosing an international broker licensed by a reputable regulatory authority you can be sure that you and your finds will be secured at all times

Cons: 

  • Forex trading is not yet legal in Vietnam
  • In the absence of proper regulatory mechanisms, there is a high chance of coming across a scam broker

FX trading in Vietnam: The final verdict

Vietnam is a shining example of how a good policy can help the country overcome various hardships and, only in a few years’ time, rise to the rank of the region’s strongest economies. Unfortunately, the downside of that is the fact that FX trading in Vietnam is not yet legalized completely.

Nevertheless, it does not mean that you cannot access the FX market altogether. If you are currently based in Vietnam and wish to try yourself in Forex trading, you can do so by joining one of the best Forex platforms in Vietnam based on and regulated by authorities elsewhere in the world.