Most reliable brokers for Asian traders
BRKV - Based on the fact that Asian traders come across more disadvantages in the forex trading world, this article is written to help Asian traders rather than for worldwide traders. Despite the fact that Asian traders contribute a remarkable amount of 30% trading volume in the trading market, some Asia countries still forbid their citizens 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 careful when choosing a best forex 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 find an appropriate trader for long term commitment.
Reliable broker - Asia standards
Regulated brokers.
Top largest forex brokers.
Regional offices
Payment systems.
Company history - Scam reports.
On the surface, these standards are the same as the usual standards, these Asian criteria are in fact more complicating when it comes to details. I will further explain the analysis of Asia standards in this article. First of all, here is the list for top 5 reliable brokers for Asian traders:
Exness.com >> Check more here
XM.com >> Check more here
Forex.com
Saxobank
IG Group
Reliable forex brokers must have good rating and no scam reported.
It is brokers that has been operating for over ten years with no scam reports that can gain my trust. In my opinion, I believe ten years is quite an amount of time for brokers to prove their transparency. During the operating time, multiple annual economic news might come up that have a huge impact on the whole forex market. Traders can search for articles discussing these problems and compare 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 traders’ 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.
From the point of view of a professional trader, I have traded in the forex market for many years and also confronted many problems with my brokers. The philosophy I realized is, 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
What type of regulations should a reliable forex broker have?
As a professional trader, I have exchanged many discussions with my trading friends throughout my career about the best regulations for brokers. 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. Since receiving good regulations from top agencies is complicating, brokers that possess regulations are more reliable. Nevertheless, this does not mean that all brokers with no US/UK regulations are all traps. Sometimes regulation agencies do not have regulating services in some regions. Shifting the focus back to Asia - the second largest forex market region in the world - this is where many brokers became successful by providing first-rate services such as Exness. Apparently, Exness is the largest retail broker possessing a trading volume of $400 billion despite not having any US license. Moreover, it should be noted that Asia’s investment make up to 99% of Exness’s trading volume.
US and UK brokers are not suitable for you if you are an Asian/African trader, since their spreads and commission are much higher than other continents’ brokers.
(You can read this article to know why: Disadvantages of US regulation).
Regulation standards.
You should trade with brokers that possess regulations if your country has regulation since this criteria is extremely important. However, in case your countries do not offer regulations, you can choose brokers with one reliable regulation, which is enough. It is advised that traders should avoid trading brokers with licenses in a country that has no regulation providing since it might be illegal for them 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 reliable regulations here.
Reliable forex brokers should be the largest forex brokers.
Whenever I want to find some high quality food, I will walk along the streets and try out restaurants which are crowded. Because obviously, there must be a good reason why people choose like it.
In fact, this scenario is quite the same as choosing a forex broker. Provided that a broker is that is known as the largest forex broker, they must provide top-rated services that can attract global traders. 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 reliable in terms of security since there has been hundreds of thousands of traders who have experimented with these brokers for years.
Nevertheless, it should not be understood that all the largest forex brokers are good for you. Each broker has its own pros and cons, therefore 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, tips for newcomers are: 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.
Reliable forex brokers should have offices in your countries.
Obviously, brokers that have local offices in your country will be more reliable. Further explain, each broker has their own list of target countries and they only operate in countries where they are popular. So as to gain trust from local traders, top quality services and the most competitive conditions are required for large brokers.
Indeed, a lot of paperwork is required 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 will be able to provide their local traders faster support in case their clients encounter an unexpected problem. Additionally, these traders will be protected by the law if the broker tries to scam them. Yet, it does not mean that brokers with no local offices are not reliable. According to 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.
Reliable forex brokers have the best payment systems.
One of the most fascinating feature of a reliable broker would be the fast and no-limit payment system. Traders should have the right to get their profit and deposited fund as quick as possible. Yet, there exists 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.
