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This is called “over the counter” or OTC trading, which means there is no physical exchange of the actual currency. The legal situation regarding Forex trading in Vietnam is a bit more complicated. The State Bank of Vietnam is the financial regulator, and it made Forex floor trading illegal. There are no licensed Forex brokers in Vietnam, and the SBV stresses that only authorized entities may provide Forex and derivatives trading.

  • As of December 2020, local authorities have not issued a single license for it.
  • Before you take a leap of faith with any online broker, it’s important to get informed about the potential risks and benefits that come with trading foreign exchange.
  • With its highly competitive pricing, the average spreads for EUR/USD go as low as 0.7 pips and typical spreads out to 0.81 pips.
  • The platform is available through WebTrader, MetaTrader 4, as well as native mobile apps for Android, iPhone, and HarmonyOS .
  • One type may be the best forex broker for beginners while others are better for advanced users.

Deposit and trading in the Vietnamese dong are generally not available. It would be counterproductive, as traders would face currency conversion costs at most brokers on each trade. Regrettably, Vietnam struggles with many pyramid schemes What is an TRX coin and multi-level marketing scams and frauds. The SBV warned Vietnamese Forex traders against them and confirmed that Vietnamese law does not protect against losses, as it deems the entire sector illegal if operated from inside Vietnam.

Forex Pros and Cons

While many “top-reviewed” Forex platforms are sketchy; hundreds of trustworthy broker platforms exist. If you’re looking for a virtual safety seal, you’ll want to check a few factors before getting started.

Best forex broker

The providers shown above all have no obligation to make additional contributions . With the providers in the upper table, you are therefore protected against such a scenario. In our experience, this can only happen if the account is too heavily leveraged. This means you will find several links to third-party websites or financial service providers on this website.

These forex brokers offer the best platforms for all types of traders

Click here for a full list of our partners and an in-depth explanation on how we get paid. This article aims to help you differentiate between a scammer and a forex broker that can actually help you profit. Low fees – A low-fee brokerage helps you keep more of your profits for yourself. Different Forex companies charge you through commissions and/or spread markups. Obviously, if you choose a non-reliable, mainly non-regulated or offshore firm without a proper license you may easily fall into a scam and lose money.

Best forex broker

Given their ultra-low FX spread costs, US retail investors can score profit leverages worth up to 10x their investment. For CFD trades; this profit margin can expand to meet 500x your original stake. Our top 9 Forex brokers are compliant Forex with government regulations that protect investors from fraudulent trading. They also list minimal fees, low account funding limits, automated trading strategies, competitive pricing, and thousands of currency markets to browse through.