You may ask why I said “Most reliable retail forex brokers for Asian” but not global. That’s because Asian traders get the most disadvantages in forex trading world. They contribute 30% forex trading volume to that of the world. But trading forex in Asia is illegal in most countries. That’s why if something happens, most Asian traders won’t be protected. Therefore, they really need a reliable forex broker to start trading with. The standards for choosing reliable forex brokers for Asian traders are different from other continents’. So, that why I write this article to help you find out the best forex brokers.
What standards to choose reliable forex brokers in ASIA?
- Regulated brokers.
- Top largest forex brokers.
- Regional offices
- Payment systems.
- Company history – Scam reports.
All these standards are similar to the standards to choose best forex brokers in the world. But let’s see the differences in details now. I’ll also list down the top 5 most reliable forex brokers for Asian traders for your consideration here.
- Exness.com >> See more here
- XM.com >> See more here
- Hotforex.com >> See more here
- Forex.com >> See more here
- FxPro >> See more here
What type of regulations should a reliable forex broker have?
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 that region. 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 largest 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 have business in US.
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. (You can read this article to know why: Disadvantages of US regulation).
Conclusion for regulation. 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 these are trusted regulations.
Reliable forex brokers should be the largest forex brokers.
This is just my own opinion. In my daily life, if I want to find out good food, I just walk along the street in choose the restaurants which are crowded. It must be there are good reasons why people choose them.
It’s the same for choosing forex brokers. There are hundreds forex brokers, why do traders choose a brokers? If a broker is the largest forex broker they must be good. As usual, before investing all my fund to a broker, I will spend 1 – 2 weeks to test that broker. But the problem is all trading problems seldom happen at the beginning. They happens after some months of trading. That’s why besides testing by yourself, you also need to choose in top largest forex brokers. Because hundreds of thousands of traders have tested these brokers for years. So, you can take advantage of those results.
However, largest forex brokers may not be the best forex broker for you! Each brokers have their own advantages. Some are good for you but some not. It depends on your trading strategies.
If you are long term traders. You will keep your positions open for some months. You should choose brokers who are reliable and have low swap.
But if you are scalpers, you should choose brokers who are reliable and have low spread/commission, and high quality executions.
If you are gamblers, you tend to choose high leverage brokers.
If your country have problems with the payment system, you should choose brokers who let you deposit/withdraw by local payment systems.
So, my advices are: Create accounts at 3 largest forex brokers, deposit $100 at each, and do the testing by yourself. Let’s trade for 1 month. After one month, the brokers who give more profit is better for you. And remember, just create accounts in top biggest forex brokers.
Here are 5 largest forex brokers:
|Broker names||Trading volume|
Reliable forex brokers should have offices in your countries.
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.
Reliable forex brokers 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.
Check Exness Payment system here
Reliable forex brokers must have good rating and no scam 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 traders lost hundreds millions Dollars. You can find details about these events and see how these brokers treated their clients’ loss below.
I have traded forex for many years and faced many problems with my brokers. After big forex events, we can know how reliable our forex brokers are!
And this is 5 brokers that I think they are the most reliable for Asian traders.
1. Exness: 8/10. Create an account >> Exness.com
2. XM: 7.5/10. Create an account >> XM.com
3. Forex.com: 6/10. Create an account >> Forex.com
4. Saxo bank: 6/10. Create an account >> home.saxo
5. FxPro 6/10. Create an account >> FxPro.com