Why do we say the best forex brokers in Asia? Aren’t the best forex brokers in the world also the best in Asia? The answer is no. Asian best forex brokers are different from the world. Because the trading conditions and regulations in Asia are different, I feel the need to show my fellow traders who can be the top brokers in Asia. The standards I use to judge are similar to those of the best in the world. However, the level of importance of each standard is different because it’s based on the conditions in Asia.
In this article, I’ll be reviewing some great brokers in Asia based on many different criteria. Here’s my own standards of what I think a good broker must have:
|Trustworthy||Trading costs||Trading conditions||Local services|
|Regulations||Low spread||Good quotes||Payment system|
|Historical activities||Low commission||Trading platforms||Local offices|
Here are 5 forex brokers that I think can meet the standards above:
- Exness >> See more here
- Hotforex >> See more here
- XM >> See more here
- FBS >> See more here
- FxPro >> See more here
- 1 RELIABILITY
- 2 TRADING COST
- 3 TRADING CONDITIONS
Best forex brokers in Asia must have trusted regulations
I have traded forex for many years and have many trader friends. We discussed a lot about brokers’ regulations. At the beginning, most of my friends thought US and UK regulated brokers are better. I asked them why. They chose US brokers because they trust US financial management system. I asked them: “How about UK, AU, Hong Kong, Singapore, and Japan?” They actually didn’t know exactly why, they just have a trust in America.
Yes, US and UK regulations are very good. If a forex broker can acquire one of these regulations, it means their trading platforms, technical, financial health, and management are good. Because it isn’t easy to get these licenses. Brokers have to qualify all of the qualifications of these regulations to get the licenses.
But it doesn’t mean that brokers who don’t have US, UK regulations are unreliable or less reliable. It’s simple because they don’t have business in those regions. Asian is the second biggest forex market in the world. So, many brokers became the large forex brokers just by serving this market such as Exness. Exness is the biggest retail forex broker now. Their forex trading volume last month is nearly $400 billion, and 99% of this volume is from Asia. They don’t have US licenses. It’s okay because they don’t do business in the U.S.
If you are Asian and Africa traders, I don’t encourage you trade at US and UK brokers. Because their spreads and commission are much higher than other continents’ brokers.
Conclusion for regulations. Regulations are very important. If your country have regulations, you should trade with brokers who have your countries regulations. But if your countries don’t have regulation, it means no matter how many licenses that brokers have, they won’t protect you. In this case, you should choose brokers who have 1 trusted regulation, which is enough. This regulation can be US, UK, AU, JP, Hong Kong, Singapore, and CySEC. All of these are trusted regulations.
What regulations do these brokers have?
|2||HotForex||CySEC, FCA, FSCA|
|3||XM||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
Best forex brokers in Asia must have good ratings and no scams reported.
As usual, I choose brokers which are over 10 years old and didn’t have any scam claimed. I think 10 years is enough for brokers to prove themselves. There are many big annual economic news that influence the forex market. We can see how these brokers solve these problems and how they treat their clients.
For example, in 2015, when Swiss Central Bank floats its CHF. The CFH/USD was changed over 3000 pips. Most brokers lost. Some brokers lost hundreds millions Dollars. You can find details about these events and see how these brokers treated their clients’ loss below:
The best forex brokers in Asia must have low spread and commission
As traders, we all want to the trading costs as low as possible because these small costs can add up to quite a lot of money after a long time trading. That’s why it’s also important to pay attention to the trading costs of your broker.
For those of you who are not familiar with the term spread and commission, these two are the main income for brokers. When a broker get its quotes from the liquidity providers, a kind of transaction fee (spread) will be added to those quotes. This process is called Mash up. There are two types of brokers in total: dealing desk and non-dealing desk. Spread is basically the main income for the dealing desk type, whereas non-dealing desk brokers’ main income is mostly commission paid by traders.
Thus obviously, a good broker must always the one who has the low spread and/or commission. Having done several researches of our own, below are the specific spread on the most popular currency pair, EUR/USD, of the top 5 best forex brokers in Asia:
- Exness – 0.8 pip >> Check Exness spread here
- Hotforex – about 1 pip >> Check HotForex spread here
- FBS – 1.1 pip >> Check FBS spread here
- XM – about 1.7 pip >> Check XM spread here
- FxPro – 1.7 pip >> Check FxPro spread here
Bonuses and rebates are a type of discounts.
The US and UK regulations usually prevent their brokers from offering rebates or bonuses. This is one of the main drawbacks of having too many regulations that I’ve mentioned above. Professional or expert traders might not care that much about bonuses since they’ve invested too much money to care about a little increase in their profit. However, for regular traders like we are, a good rebate/bonus program shouldn’t go unnoticed. A $5 rebate per slot means you’re essentially saving on a 0.5 pip spread. These advantages might prove to actually be quite beneficial for small to medium traders in the long run.
Out of the 5 brokers that I’ve mentioned above, only FBS and XM have good bonus programs. You can get as much as $30 welcome bonus when creating account for the first time. What’s more amazing is that you can also get a 100% bonus when depositing for these accounts. FBS offers many types of bonuses like deposit bonus, welcome bonus, or loyalty program. They have a bonus with the highest rate ever, up to $123. Their deposit bonus gives back trader 100% of the deposit amount. Also, there is the cashback program, which rebate you $7 for every lot traded.
Get XM 30$ bonus here
Check FBS bonuses here
The best forex brokers in Asia should have better trading platforms.
As you may know, MT4 and MT5 are among of the most popular trading platforms. But they aren’t perfect since they aren’t compatible with some operation system such as Windows Vista and Windows XP, as well as smart phones. That’s why some brokers have taken the initiative to invest in their own trading platforms which are more compatible with smart phones and older operating systems.
FxPro and XM are currently ahead of everyone else in the developing/improving trading platforms area.
Check XM trading platform here
The best forex brokers in Asia should have offices in your countries.
Needless to say, customer service is one of the most important when doing business since business is all about people, trust and profit. Not to mentioned that the whole forex trading market is a rather vast and complicated place that the beginners/new traders sometimes find themselves lost. They are almost always in need of professional help as well as advices on how to make money safely.
Of course, they should be in the list of the largest forex brokers. If they have an office in your country, they are the more reliable. Each broker has their targeting countries. And they only open office in countries where they are popular. They can only be popular in your country when they offer you the best services and the most competitive conditions compared to other brokers.
It’s very difficult to open offices in most Asian countries. In order to open an office, they have to register the company and licenses. So, they are controlled by law. So, it’s safer to work with legal brokers.
Moreover, when they have office in your country, they will support you faster. If there is any problem, you can get support from their offices. If they scam you, the law will protect you.
But, it doesn’t mean brokers who don’t have office in your country aren’t reliable. As I mentioned above, the brokers in the top biggest forex brokers with the above regulations are trusted enough. If they have offices in your country, they are even better. FBS is leading in this category since they have offices in Indonesia, Malaysia, Thailand, Myanmar, China, Korea, and Egypt.
For countries that don’t have regional offices, they offer support online as well as via phone in English or your native language. The language support is very crucial to traders who want to work with brokers in Asia because those traders may not be very good at English. Here is the brokers list of those who can help you in different languages.
– Exness supports 18 languages 24/7
– XM supports 23 languages 24/7
– HotForex support 27 languages
– FxPro and FBS supports 19 languages
The best forex brokers in Asia should have the best payment systems.
Fast and no-limit payment system is the best. We deserve to get our profit and deposited fund quickly. I knew some brokers try to reject our withdrawal if we withdraw too much. Because they don’t have enough available money for the withdrawal. And if they keep you money too long, you may lost all your fund in trading. So, don’t trade with these brokers.
Good payment system are:
– Fast deposit and withdrawal system.
– High minimum withdrawal limitations.
– Low or zero fee for deposit and withdrawal.
– Local payments.
I have traded with many brokers and Exness has the best payment system. All transactions are instant. You can get your money within seconds. You also can withdraw in the weekends. There are many free-of-charge and local payment systems that all are instant and free. FBS has the second fastest payment system of the 5 brokers I mentioned.
Check Exness Payment system here
Why is Exness Payment system so fast? Exness payment system is truly a step ahead of every other brokers. It’s fully automatic, all the works are done by the machine. Exness payment system is programmed to compare your transfer/withdrawal information with your personal ID to ensure that each transaction is always secured.
And this is 5 brokers that I think they are the best forex brokers for Asian traders.