Contents
- 1 What are the top Forex brokers in Laos and how to find them?
- 2 What is the main regulatory body of Laos?
- 3 What is the national currency of Laos and what payment methods are available for FX traders in Laos?
- 4 What are the pros and cons of trading in Laos?
- 5 Should you start FX trading in Laos after all?
Forex trading is getting more and more popular around the world and it is reaching places that have never had access to such a huge market. The accessibility makes Forex trading even more popular around the world, in today’s guide, we will discuss ways of finding the best Forex trading platforms in Laos and everything that you can get from there.
Laos is a Southeast Asian country, with over 7 million population. It is considered to be a developing economy, with its economy heavily dependent on investment and trade with its neighbors, countries like Thailand, Vietnam, and China. Over the last few years, the economy of the country has seen a massive growth, which creates a great base for Forex trading.
However, because of the fact that the regulations that are in place are not enough to create a safe and secure environment, many people decide not to trade Forex in Laos. Follow our guide and read through the tips to be able to find the best fit for your Forex trading experience.
What are the top Forex brokers in Laos and how to find them?
Looking for the best Forex broker, especially in countries like Laos where the field is full of scams, can get very tiring. To make your job easier, we decided to do research on our own and finally, came up with a list of the best Forex brokers you can start trading with right now.
While looking for these brokers, we decided to take into consideration everything from payment methods to available currency pairs, to regulations, authorizations, etc. Our list includes some of the best local and international Forex brokers that are available for Laos Forex traders.
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Min. depo
$100
Leverage
1:30
Platform
WebTrader, Windows 10 Trader
Plus500
What is the main regulatory body of Laos?
The main regulatory body of the country is the central bank of the country, the Bank of the Lao. The national bank of the country is located in Vientiane, it is a bank of last resort, controlling the money supply, managing the country’s reserves, and supervising commercial banks operating in Laos.
The bank was established 51 years ago, in 1968 and since then, it has been controlling the whole financial sector of the country. According to the local regulations, people and investors in the country have to use national currency according to law, the payments for goods and services should also be conducted in Lao kip, however, companies that deal internationally have some chances to do business in foreign currency as well.
If you want to stay as safe as possible while trading Forex in Laos, our biggest advice would be for you to trade with internationally authorized Forex brokers. There are many of them that offer their services to the citizens of Laos, and most of them are licensed by companies such as FCA in the UK, CySEC of Cyprus, and many others.
How to make sure that you are trading with authorized FX broker in Laos?
To make sure that your FX broker owns some type of a license and is safe to trade with, the greatest thing that you can do is to contact a regulatory body directly. In most cases, these bodies have special pages dedicated to the FX brokers that they have authorized over the years. This can be a great sign that you can stay safe and secure. In case there is not such a list, you can always ask them questions directly about a Forex broker and you will be able to receive the information in no time.
Why are regulations important?
When it comes to FX trading in Laos, you need to be sure that your funds can stay safe. The regulations are getting more important in countries such as Laos, that are still in their developing steps, regulations would make sure that the scam companies did not have such an easy task of lying to people.
We have all heard about the horror stories about people who lost their money because they trusted the wrong companies, so to make sure that you are not one of them, you should always trade with an FX broker that owns official authorization from regulatory bodies. To make sure that you are staying as safe as possible, you should trade with companies that have a history of success. We found some of them after very detailed research, and here are our favorites.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
What is the national currency of Laos and what payment methods are available for FX traders in Laos?
Laos kip is the national currency of the country and has been so since 1955, the main regulator of the money is the National bank of the country. The official code of the currency is LAK. Generally, it is not that actively used for Forex trading, however, because of the local law, most of the international FX brokers will have to offer you the chance to make payments in the national currency.
There are many payment methods available in Laos, a huge part of them being local companies. Many people in Laos use wire transfers, which are local companies and because of that, the fees are much lower than it would be in other cases.
Also, you can use anything between credit/debit cards, bank transfers, online payments, and mobile payments in Laos. Mobile payments have become particularly popular among the people of Laos in recent years since it offers them the opportunity to make transactions in a very speedy manner with very low costs.
What are the pros and cons of trading in Laos?
There are many different sides to trading in Laos, and with this guide, we want to talk a little about all of them.
Pros:
- Because of the lack of regulations, Forex brokers in Laos have the ability to trade with very high leverage, which is something that many FX brokers are looking for
- There are many local payment methods available, that will help you to make very fast and cheap transactions
Cons:
- Sadly, the regulations are not enough to make the field safe
- The market is full of scams, so you have to be very careful
Should you start FX trading in Laos after all?
Considering everything that we have talked about, many people might decide not to start FX trading in the country. However, we believe that if you make sure that you do your research, focus on details, and do everything to not fall a victim of scams, your trading experience in Laos can be very safe.