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Vietnam is a county in Southeast Asia with a little over 95 million population. The country stands to be one of the fastest-growing economies on the market, and its economy has emerged since the lift of embargo from the USA in 1994. As the country started active trading with its once rivals, the US and China, the economy skyrocketed and created a perfect environment for fields such as Forex trading.
However, as of today, the filed is considered to be not very legal in the country. At the same time, Forex traders in Vietnam still have a number of opportunities in the country, and in today’s guide, we will discuss everything about this very interesting market. So, follow our perfectly detailed guide and find everything that you need to know about Forex trading in Vietnam!
What are the best Forex brokers in Vietnam?
Because of the strict regulations that are in place, there are little to no local Forex brokers in the country. However, this does not mean that you will not be able to find a platform where you will be able to trade. In Vietnam, most of the traders are using international Forex brokers, a number of these companies offer Vietnamese versions of their websites.
To make you job easier, we have done very hard research and came up with a list of Forex brokers that offer their services to the citizens of Vietnam, most of the brokers that you can access from the list below, are offering Vietnamese version of their website and they also have a customer support team that will be able to help you any time in your national language.
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 regulator of Vietnam?
The main regulatory body of the country that oversees the whole financial sector in the country is the State Bank of Vietnam. There are several functions that the institution has, here are some of them:
- SBV manages the monetary and banking activities in the country, which also includes the FX industry
- The national bank of the country is also responsible for issuing money
- SBV acts as a bank of credit institutions and also provides monetary services for the government
How is the Vietnamese Forex trading is regulated?
In Vietnam, it is basically illegal to set up a Forex trading platform. However, as of today, there are no laws or regulations on traders using offshore trading platforms. Because of these, there are a number of Forex traders in Vietnam that are trading with internationally well-known Forex brokers.
The main reason why the ban was put in place by the government of the country was that they wanted to find a way to control the exchange rate of the national currency of the country. Historically, the national currency had some problems with inflation, and to make sure to overcome those challenges, the leaders of the country decided to ban trading with the national currency altogether.
What is the national currency of Vietnam?
The national currency of the country is the Vietnamese dong, as we have already said earlier, it is prohibited to trade with the currency. Because of that, most of the Forex brokers in Vietnam choose to trade with one of the major currency pairs, such as USD/EUR, USD/GBP, etc.
A great thing while looking for the best FX trader in Vietnam would be to make sure that the broker that you are trading with accepts the local currency. There actually are not so many of them, which means that you will have to pay a huge amount of fees on currency exchanges, etc. While working on this guide, we went through many different FX brokers and found some of the best ones that you can use right now, see our list below and check these brokers out.
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
How can you start Forex trading in Vietnam?
Since it is illegal to establish a Forex trading platform in the country, it seems to be very hard to understand how to trade here for many. The easiest and most useful thing that you could do is to start Forex trading with international Forex brokers. To make sure that you can trust the broker, you can check out the regulations that the company has, in most cases, these brokers are authorized by some of the most trustworthy regulatory bodies in the world.
Among the regulatory bodies that authorize the best Forex brokers in Vietnam are those like FCA in the UK, Cyprus Securities and Exchange Commission, CySEC, and many others. By trading with one of the Forex brokers owning licenses from these regulatory bodies, you make sure that you and your funds can stay safe.
However, there are some things that you should consider before you start Forex trading in Vietnam. First and foremost, you need to make sure that the Forex broker you are trading with is officially authorized by some of the regulatory bodies; to be sure, you need to contact the regulator directly, in most cases, they have special pages dedicated to the Forex brokers that own their licenses. If not, ask them for information about certain Forex broker directly.
Also, to make your job a lot easier, you need to start trading with a platform that offers a version of their website in your national language, also, it would be a great thing to find a broker that has a customer service team which can help you in Vietnamese.
Is Vietnamese Forex trading safe?
When it comes to Forex trading in countries like Vietnam, everything largely depends on the choices that you make. Something to always keep in mind is that you should never trust a Forex broker that is not authorized by the official regulatory body since there are a lot of scams on the market.
Also, try to always trade with reputable Forex brokers, in the era of technology, it is very easy to find people who are using a certain Forex broker, so you can always get accurate information.
What payment methods are available in Vietnam?
Among many other things, payment methods are something that you really need to consider. To make sure that you do not pay a huge amount of money in fees, you need to do your research well. When it comes to Vietnam, there are many payment solutions available, both local and international.
Since most of the Forex brokers in Vietnam are internationally based, there are very few of them that offer local payment methods. However, you will most probably be able to use credit/debit cards with most of the Forex brokers. Most of the payments, 34% of it, are made using credit/debit cards in Vietnam, followed by Bank Transfers, 22%, and digital wallet payments, with 19%.
One of the most popular payment methods in the country is the Ijako Internationa, that has more than 16 years of experience in payments, and it also is accepted in more than 130 countries. Because of its popularity, you could find a number of Forex brokers that accept this payment method.
What trading software is the most popular in Vietnam?
A lot depends on the trading software. It can largely influence the number of available trading currencies and it gives you access to the world of Forex. There are a number of Softwares available on the market, but perhaps the most popular versions of them are MetaTrader 4 and MetaTrader 5.
MT4 was released for Forex traders in 2005, and for already 15 years, it has been offering some of the greatest services to people who enjoy trading. Something that makes it so special is that it is very easy to use, it offers traders access to a very huge trading market, with dozens of different available trading currency pairs.
MetaTrader 5 and cTrader are also very popular among Forex brokers in Vietnam, the MT5 is a newer version of MT4, however, MT4 still manages to be more popular. The thing about this platform is that it has been around for so long that it was able to get a huge following, which makes it very easy to find any type of information you might need about it very easily online.
Also, MT4 is available for both PCs and mobile devices, which is very important for many people. By being able to access the market with your mobile phone, you have the ability to always stay connected with it. So, in case there are any movements on the market, you can easily start trading from wherever you are.