BRKV – Since Asian traders have the tendency to come across more obstacles in the forex trading world, this article is aimed to help Asian traders rather than for worldwide traders. Despite contributing an amount of 30% trading volume in the trading market, Asian traders are restricted by their countries from engaging in the forex market. Consequently, it is illegal for brokers to protect their Asian traders if any problems occur, which is extremely unfair. Therefore, an Asian trader should be alert when choosing a most reliable broker when they first joined the forex market. To be honest, the standard for a trustworthy broker in Asia is also different from other countries. This article is aimed to help Asian traders to find an appropriate trader for long term commitment.
You should take into account brokers that have local offices in your country, since they will be more reliable. To explain, each broker has their own list of target countries and they only open offices in countries where they are most popular. In other to gain trust from local traders, large brokers must be able to provide top quality services and the most competitive conditions.
In fact, a lot of standard paperwork is required when it comes to open offices in most Asia countries, as brokers have to register for the company and licenses. This means that they will be constantly supervised by the law control.
Certainly, a broker with local offices comes along with faster support in case their clients encounter an unexpected problem. Moreover, these traders will be protected by the law if they were scammed by their brokers. Yet, it should not be implied that brokers with no local offices are not reliable. From my previous statement, a broker among the top biggest forex brokers with qualified regulations is trustworthy enough. Local offices is just another plus point for a better broker.
Regulated brokers.
Top largest forex brokers.
Regional offices
Payment systems.
Company history – Scam reports.
On the surface, these standards have no difference from the usual standards, yet these Asian criteria are in fact more complicating in details. First of all, here is the list for top 5 reliable brokers for Asian traders:
Exness.com
XM.com
Forex.com
Saxobank
IG Group
Having exchanged many discussions with my colleagues about the best regulations for brokers, I realized most of them rate US and UK regulations as the best since the US financial management system is well known for its reliability. Even when considering among UK, AU, Hong Kong, Singapore and Japan, they still rate America regulations as the best. This is not surprising since US and UK regulations are well qualified and completely ensure a broker’s trading platforms, technical, financial health, and management, etc. status. Receiving good regulations from top agencies is nowhere near simple, therefore brokers that possess regulations are more reliable. Yet this should not be interpreted as all brokers with no US/UK regulations are unreliable since regulation agencies might not have regulating services in some regions. Shifting the focus back to Asia – the second largest forex market region in the world – where many brokers such as Exness became successful by providing first-rate services. In the meantime, Exness is the largest retail broker with a trading volume of approximately $400 billion despite not having any US license. Moreover, it is remarkable that Asia’s investment make up to 99% of Exness’s trading volume.
If you are an Asian/African trader then US and UK brokers are not suitable for you, since their spreads and commission are much higher comparing to other continents’ brokers.
(You can read this article to know why: Disadvantages of US regulation).
You should only trade with brokers that possess regulations since this criteria is the most important when it comes to choosing a broker. However, in case your countries do not offer regulations, a broker with one reliable regulation is enough for you. Traders should avoid trading brokers with licenses in a country that has no regulation at all cost since it might be illegal for brokers to protect you if any problems ever occur. The list of trusted regulations are US, UK, AU, JP, Hong Kong, Singapore, and CySEC, etc.
Find out more about best forex brokers in 2018.
Only brokers with ten years of operation and no scam reports can gain my trust. From my perspective, ten years is long enough for brokers to illustrate their transparency. During the operating time, several annual economic news that have a huge impact on the whole forex market might occur. Traders can search for reports discussing these problems and find out how brokers solved these problems as well as how they treated their clients.
Find out more about Exness scam report here.
For instance, one of the biggest events in the forex market was when Swiss Central Bank floated its CHF in 2015. Consequently, the CFH/USD was changed over 3000 pips and led to the failure of several brokers. Some trader’s loss of as much as hundreds of millions of dollars. You can search for details about these events and see how brokers treated their clients’ loss below.
As a professional trader, I have traded in the forex market for many years and also confronted many problems with my brokers. In the end, I realized that only after a big forex event that we can find out how reliable our brokers are.
And this is 5 brokers that I think they are the most reliable for Asian traders.
Exness.com
XM.com
Forex.com
Saxo bank
IG Group
If a broker is known as the largest forex broker, they must provide high quality services that can attract traders from all over the world. Personally, I usually spend the first few weeks to test a broker’s service before deciding to invest all my fund to them. Nevertheless, most trading problems occur as the trading process goes on for a long time rather than during the initial trading stage. This is why large brokers are more secured since there has been hundreds of thousands of traders who have experimented with these brokers for years.
Nevertheless, since each broker has its own pros and cons, it is necessary to find a broker that matches your trading strategies.
Example:
For long term traders, who are more likely keep their positions open for some months, they should find a reliable broker that provides low swap rate.
For scalpers, they are appropriate with trustworthy brokers with low spread / commission and high quality executions.
For gamblers, they will be most compatible with high leverage brokers.
For those who live in countries with problematic payment systems, brokers that provide the deposit/withdraw process by local payment system will be tremendously helpful for them.
In short, here is my advice for beginners: Choose 3 largest forex brokers to create new accounts, deposit $100 at each, and test these brokers in one month. Then, comparing the profits you gained from each of these brokers and commit to the one that is most beneficial. And above all, only create accounts in the top forex brokers.
Here are 5 largest forex brokers:
Exness.com: $400 Billions/month
Forex.com: $300 Billions/Month
XM.com $290 Billions/Month.
Saxobank: $265 Billion/Month
Hotforex.com $209 Billions/month.
A high quality payment system comes with the fast and no-limit feature. Traders should have the right to get their profit and deposit fund as quick as possible. Yet, there are even brokers that declined clients’ withdrawal requests when they withdraw too much simply because these brokers do not have enough available money. Not to mention, the longer these brokers keep your money, the higher chance you may lose all your trading fund. Therefore, you are advised to stay away from these kind of brokers as far as possible.
Qualifications for a good payment system:
– Fast deposit and withdrawal system.
– High minimum withdrawal limitations.
– Low or zero fee for deposit and withdrawal.
– Local payments.
As a professional trader who has been traded for many years, I recognized that Exness has the best payment system ever. All of their transaction process are finished within second and you can always get your money and withdraw even during weekends. Exness provides a large number of free local payment systems that help to maintain the flow of transaction smoothly.
Hey there, this is Fanara Filippo. I’m the author of this article and i’m currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.
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