Best Broker – Top 10 Broker of 2024 in Vietnam

How to find the best forex broker

The main criteria for finding the Best Forex Broker in Russia 2024 are – we will expand on each of the following areas in the article:

• Trading Conditions / Fees – This is the most important part of your global Forex broker appraisal. There is no way around that. A forex broker may charge you 10 times less for the same trade than for another. Be aware of hidden fees online, like withdrawal or inactivity fees.
• Market Coverage – You need to be able to trade the fx pair or the product of your choice/hobby.
• Accessibility and Affordability – Beginner forex traders and small timers need love too. You are never forced to make a minimum deposit that you cannot afford to lose. Minimum deposit ranges from $10 to $1000 (or £/€ equivalent). It might be worth investing more for a platform that suits you better, so stay open-minded.
• Trading Platform – Platform Forex trading and the tools it has are your main weapon in your personal battle for profit. Choose the one that suits you best. Remember that many platforms are configurable, so they can be tailored to suit you. Personal preference will play a big part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your preference, or a desktop web trading platform?
• Mobile Trading App – Being able to trade on the go can be very important. Some mobile apps are superior to others. Ideally, the mobile platform should behave like the web-based version.
• Deposits and Withdrawals – You have to transfer funds to and from the broker, fast and preferably cheap. The Deposit/Withdrawal methods supported by the forex broker determine whether or not you can do it. Financing an account may also require a specific payment method.
• Reputation – People talk. It’s worth listening to what traders have to say about a forex broker they’ve tried.
  Regulation – When pushing, legal recourse is your first, last and only hope for resolving issues you may have with your forex broker. An appropriate regulatory framework is preventive in nature. It aims to keep such problems from appearing in the first place.
• Customer Support – You need someone to talk to when you have a problem with your deposit, actual transaction or – God forbid – withdrawal. Competent support is a must. From opening an account, to helping with the platform, customer support can be important.
• Company background and history – Knowing your forex broker’s past mining activities can give you a better idea of what’s current. A listed company must disclose many elements of information about their balance sheet, for example. You want peace of mind that your exchange-traded funds are segregated, and kept safe and secure.
• Education – It never hurts to improve your understanding of how the forex market works and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.
• Open/Register an Account – Is it a simple process to open an account? Does the customer need to be verified? These processes are not always the same and may be worth looking into if opening a trading account has been problematic in the past.

Brokerage fees

The services that forex brokers provide are not free. You pay them through spreads, commissions and rollover fees. Low transaction fees are a huge draw.

Fee structures vary from one forex broker to another, and even from another account type. There are two basic setups that are widely used.

• The broker only charges a spread. All other fees – except rollover rate – are included in the spread.
• Besides the spread, a commission is also charged. This commission is based on the amount you trade.

Spread

Of these two forex broker fee arrangements, the latter is arguably more transparent. That said, the commission/spread combination may not be the cheaper choice in all cases.

The spread can be fixed or variable. The fixed amplitude is always constant. ECN brokers can even offer zero spreads. Spread variation varies, depending on the asset being traded, volatility and available liquidity. A currency market and spreads go hand in hand.

Daily spreads may vary only slightly between brokers, but active traders (or even super active traders) are trading so often that small differences can increases and needs to be calculated to compare transaction costs. Lowest spreads suitable for regular traders.

Some brokers focus on fixed spreads. There are really 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly very popular. Even so, get the commission and reinvest/exchange into the account with such brokers.

What is Rollover Ratio?

Các vị trí ngoại hối tiếp tục mở qua đêm phải trả thêm phí. Phí này là kết quả của việc mở rộng vị trí mở vào cuối ngày, mà không giải quyết. Tỷ lệ tái đầu tư là kết quả của sự khác biệt giữa lãi suất của hai loại tiền tệ. Đầu tiên của cặp là tiền tệ cơ sở, trong khi thứ hai là tiền tệ báo giá.

Forex Pairs Traded

While most forex brokers offer an impressive selection of currency pairs, not all of them include minors and outliers. Does the broker offer the market or currency pairs you want to trade? If you are trading major pairs (see below), then all brokers will cater for you. If you want to trade Thai Bahts or Swedish Krone as your base currency, you will need to double check the list of assets and tradable currencies.

The Australian dollar ans Swiss Franc, while considered a ‘small’ pair, is often traded in large volumes. You can read more about these people here: aud / usd  or usd / chf

That said, there are brokers out there that will really go out of their way to cater to the needs of their traders. Some will even add international exotics and currency markets upon request. Such flexibility is clearly a great asset, positively impacting the overall quality of service.

Cryptocurrency pairs are quite popular these days. Crypto/fiat and crypto/cryptocurrency pairs are both popular. The large volatility associated with these products makes scaling a viable strategy for profitable trading.

Some traders are getting into the forex game specifically for trading crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro account

Not everyone trades forex on a large scale. In fact, many forex traders are small business people. Such forex clients appreciate the micro-accounts of forex brokers, some of which have the US Dollar as the base currency.

Some forex accounts don’t even have a minimum deposit requirement set. Such cheap trading options certainly make sense for those who want to dig deeper into real money trading, without risking saving their lives.

Note, however, that spreads/commissions on such micro-accounts tend to be quite unfavorable. However, this is a cheaper introduction to a complex market (similar to a cfd account) – and trades for real demo accounts for the real experience of learning how to trade.

Exchanges

A Forex trading platform is a more or less customized trading environment for online trading. They provide traders with technical analysis tools, live news feed, diverse order types, automation, advanced charting and drawing options, and more. Some may include sentiment indicators or an event calendar.

MetaTrader 4 or 5

Integration with popular software packages like Metatrader 4 or 5 (MT4 or MT5) can be very important for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to be sure.

Transaction

TradingView is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s leading social trading network.

Proprietary solutions are often interesting, although in some cases less than optimal. For traders based on strategies using EAs and VPSs, a proprietary platform that does not support such features is useless.

While we are discussing strategies: not all forex brokers support strategies like hedging, scalping and EA.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want to scale, see if your broker is the forex broker to scale.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers have such apps these days, some mobile platforms are very simple. They lack all the advanced market research and analysis features, and as such, are barely useful.

Tools & Features

From charts to futures prices or bespoke trading robots, brokers offer a wide range of tools to enhance the trading experience. Again, the availability of these as a deciding factor in account opening will be up to the individual. Tier 2 data is one such tool, where preference can be given to a brand that offers it.

Deposits and withdrawals

There is a large disparity between the costs associated with deposits and withdrawals from one broker to another. Such disparities are mainly due to the internal procedures observed by different brokers.

At a given broker, it can take up to 5 times more to fund an account than it does on another. The costs incurred are also slightly different.

On the other hand, the payment process is mainly based on the accepted remittance methods.

It would make sense for brokers to adopt as many such methods as possible, but some are still missing the mark.

Education

Some traders may rely on their broker to help learn to trade. From tutorials, to classes and webinars, educational resources vary by brand. However, a broker is not always the best source for impartial trading advice. Consider checking out other resources as well – such as our Trading Education page !

Payment methods

The most popular methods are bank transfer, VISA and MasterCard. Majority brokers tend to accept  Skrill  and Neteller too.

Forex brokers with Paypal are much rarer. The same goes for forex brokers that accept bitcoin. We are not talking about bitcoin trading, but actual deposits are made in the top cryptocurrency.

The right forex brokers always provide a local specific payment solution for their target countries.

Customer’s feedback

Based on real user feedback, a forex broker’s reputation can best be gathered from various community review sites and forums.

You have to take this kind of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to send feedback. They are not capable of being unbiased.

Second: not all of these responses are really accurate. Furthermore, there is no way to actually check/verify this data. Even sites like TrustPilot are smeared with fake posts or phishing messages. There is no quality control or article verification.

That said, it is still relevant. If there is a forex broker that no one has ever said anything good about, chances are it has a problem. To the trained eye, genuine trader reviews are relatively easy to spot.

The complete lack of community feedback is a red flag. Everyone always has something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in the matter.

Regulations

Regulation should be an important consideration if trading in the forex market. Whether the regulator is inside or outside, Europe will have serious consequences for your trading. The ESMA (European Securities and Markets Authority) has imposed strict rules on regulated forex companies in Europe.

ESMA has jurisdiction over all regulatory bodies in the EEA

The rules include limits or limits on leverage and changes to financial products. Forex leverage is limited to 1:30 (Or x30). Outside of Europe, leverage can reach 1:500 (x500).

Traders in Europe can apply for professional status. This removes their regulatory protection and allows brokers to offer higher leverage (among other things).

These include the majority of countries outside of Europe. Forex brokers that cater to India, Hong Kong, Qatar, etc. may be regulated in one of the above, instead of every country they support. Some brands are regulated globally (one is even regulated in 5 continents). Some licensing bodies, and others have registrations of legal firms.

So, to reiterate, an ASIC forex broker can offer higher leverage to a trader in Europe.

Offshore regulation – such as those offered by Vanuatu, Belize and other island states – does not inspire. Aside from a nominally available dispute resolution system, such regulatory coverage offers you no protection.

Regulatory bodies like the ESMA (European Securities and Markets Authority) often frown upon bonuses. Forex brokers that are not affected by the ESMA can afford to give you potential additional value through promotions. These same ESMA rules are also the reason why some brands are forced to display warnings about CFD trading creating risk of losing all your money .

Protect

Most brands will follow regulatory requirements to separate customer and company funds and provide certain levels of user data security. Some brands can give you more confidence than others, and this is often linked to the governing body or where the brand is licensed. A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Demo account

Try before you buy. Most reliable brokers are willing to show you their platform risk free. Trading on a demo account or a simulator is a great way to test a strategy, backtest or learn the nuances of the platform. Try as many as you want before making a choice – and remember having multiple accounts is good (even recommended).

Forex leverage

For European forex traders, this can have a big impact. Forex leverage is capped at 1:30 by the majority of regulated brokers in Europe. Assets like Gold, Oil or stocks are capped separately.

However, in Australia traders can use 1:500 leverage. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from around the world, so some users will have the choice between regulatory protection or more freedom to trade at will.

Just be aware that higher leverage increases potential loss, just like potential profit.

Company history

A proper regulator would not think twice about issuing stop and cancel orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operating history of sorts, highlighting the past sins of current reputable forex brokers.

What’s interesting about this history is how little exposure it has. You really have to scour the archives of the regulatory authorities to happen when there is such relevant information.

Give ice cream

From cashback, to no deposit bonuses, free trades or deposit matches, brokers are used to offering a multitude of promotions. Regulatory pressure has changed all that. Bonuses now are few and far between. Our directory will list them where they are offered, but they should rarely be the deciding factor in your choice of forex trading. Also, always check the terms and conditions and make sure they won’t cause you to over-trade.

Additional account details

When comparing brokers, there are also other factors that can influence your decision. These will not affect all traders, but can be very important for some.

Types of command execution

When you click the “Open Transaction” button, or enter the application, you begin a rather complicated process. Your broker uses a number of different methods to execute your trades.

The exact method it uses for a particular transaction will be reflected in the price you pay for it. Some brokers only support certain order fulfillment methods. For example, your broker can act as a market maker and not use the ECN to execute trades.

If you are looking for this strategy specifically, you will need to look for an ECN forex broker.

ECNs are great for limit orders, as they automatically match buy and sell orders in the network.

Some other options your forex broker can use are:

• Order on the floor. Mainly used for stocks. This type of execution is handled manually, through the physical exchanges/exchanges in the region. Hence it is extremely slow.
• Order to Third Market Manufacturer. This type of execution involves a third party, which is a market maker. This party is the person who processes the order.
• Place an order for Market Maker. This method is basically the same as the one above. Market Maker handles trade execution. Some market makers pay brokers to send orders to them. As a result, your order may not end up with the best market maker.
• Internalization. When using this method, the broker executes orders from their own stock of assets. This method of execution is therefore extremely quick.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand in hand with regulatory requirements.

Broker report

Both the US ESMA and the SEC require brokers to report the quality of execution their services provide. Regulators aim to ensure that traders get the best execution possible.

MiFID II sets forth clear guidelines in this regard. Online forex brokers are required to submit data regarding the execution method as well as the strike price on a trade transaction basis.

This may seem tedious, but it is the only way to fight fraud. Prices are compared with public quotes. If the broker executes the trade at a better price than the public quote, it has some additional explanations to do.

If it routes a trader’s order through a less than optimal path, it must disclose this fact to the trader.

These examples once again show the importance of a proper regulatory background.

Types of Accounts

From cash, margin or PAMM accounts, to Bronze, Silver, Gold and VIP levels, account types can vary. The difference can be reflected in different costs, spread reduction, Tier II data access, payouts or leverage. Micro accounts may offer lower transaction size limits, for example.

Retail and professional accounts will be treated very differently by both brokers and regulators, for example. The ECN account will give you direct access to the forex contract market. So research what you need, and what you’re getting.

Cheat

Our reviews have filtered out scams, but if you’re considering another brand, avoid getting caught with these checks;

• Are you ‘cold called’? Reputable companies won’t call you out of the blue (This includes email, or facebook or Instagram channels)
• Are they offering unrealistic returns? Just stop and consider for a minute – if they can get the money they’re asking for, why are they cold calling or advertising on social media?
• Do they offer to trade on your behalf or use their own automated or managed trades? Don’t let anyone else control your money.

If you have any doubts, just move. There are many legitimate, legit brokers out there.

With all the comparison factors mentioned in our reviews, you can now list your top forex brokers, try the demo account one by one and choose one. best account for you. We’ve rated the brokers based on our own opinions and given a rating in our tables, but only you can award ‘5 stars’ to your favorites!

Read who won DayTrading.com ‘Best Forex Broker 2024’ on the Awards page.

What is the difference between a broker and a market maker?

A broker is an intermediary. Its main (and often only) goal is to bring together buyers and sellers. By executing, hopefully automatically, without human intervention (STP), a broker fulfills its mission. For this service, it charges due to it.

A market maker, on the other hand, actively creates liquidity in the market. It is always buying and it is always selling, acting as a partner of merchants. If your forex broker acts as a market maker, it will in effect trade against you.

The conflict of interest in this setting is obvious.

Key point

Hopefully, you now understand some of the methods we used to create our ranked list of forex brokers.

Choosing the right broker is no easy task, but it is imperative that you do it right. While we can point you in the exact general direction, only you know your individual needs. Take them into account, along with our recommendations.