Forex Trading in Vietnam

Vietnam is now one of the fastest-growing economies in the world. The shift in working from agriculture to services and manufacturing has helped its citizens to have more disposable income than ever before.

As individuals seek out opportunities to grow their income, the demand for forex trading has also risen. While trading forex in Vietnam is legal, the State Bank of Vietnam (SBV) only regulates the flows of the Vietnamese Dong to ensure proper market liquidity.

Since Vietnamese legislation does not have any specific regulation for forex trading, Vietnamese traders may opt to choose a forex broker authorized and regulated by a recognized, well-established international regulator of brokerage firms.

How Did Forex News Asia Select the Best Brokers in Vietnam?

To identify the best forex brokers accepting Vietnamese traders, I employed the data from our 250-point broker rating review checklist which is used when reviewing brokers by opening a live account and testing their services. I have also focused on the following key features:

  • I ensured each broker has a high level of trustworthiness, provided by top-tier global regulations from established regulators.
  • I prioritized brokers that provide Vietnamese payment methods for deposits and withdrawals.
  • I checked for any bonuses or promotions for Vietnamese clients.
  • I explored brokers’ spreads and commissions to ensure that they are low.
  • I analyzed trading platforms to make sure they are user-friendly and feature-rich.
  • I focused on brokers that provide a Vietnamese version of their website.
  • I checked if brokers offer customer support in Vietnamese and during local business hours.

Now let’s take a closer look at the selected brokers.

What is Easy Trading Online？

Easy Trading Online is a regulated online trading platform based in Australia, with oversight from the Australian Securities and Investments Commission (ASIC). Being regulated means that the firm adheres to strict regulatory standards, offering a reliable and secure trading environment for its users.

Pros:

  • Very High Leverage: Easy Trading Online offers a very high leverage of 1:500, providing traders with the potential to amplify their positions. This can be advantageous for those seeking increased exposure to the market.
  • Demo Account Available: A demo account allows users to practice and familiarize themselves with the platform and trading strategies without risking real capital.
  • Low Spreads: Easy Trading Online provides low spreads, starting from as low as 0.1 pips. Low spreads can contribute to reduced trading costs for users.
  • Regulated by ASIC: The brokerage is regulated by the Australian Securities and Investments Commission (ASIC), adding a layer of oversight and potentially increasing user trust.
  • MT5 Supported: Easy Trading Online supports the MetaTrader 5 (MT5) trading platform, offering users an advanced and feature-rich trading environment.
  • 24/7 Customer Support: The availability of round-the-clock customer support ensures that users can seek assistance or resolve issues anytime, enhancing the overall customer experience.

Cons:

  • Regional Restrictions on Many Countries: Easy Trading Online imposes regional restrictions on several countries, including the United States (USA), Ontario Province in Canada, North Korea, Iran, and New Zealand. This limits access for potential users residing in these regions.

Is Easy Trading Online Safe or Scam？

  • Regulatory Sight: Easy Trading Online operates as an Appointed Representative (AR) under the regulatory oversight of the Australia Securities & Investment Commission (ASIC). This regulatory status, indicated as “Regulated,” ensures that the broker complies with the regulatory standards established by ASIC. With license number 001304951, Easy Trading Online’s regulatory affiliation with ASIC provides traders and investors with the assurance of a regulated environment, fostering trust and adherence to financial regulations.
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