Forex trading in Vietnam: market review and top online brokers
Vietnam is an ambitious country with great potential for economic development, demonstrating one of the highest economic growths in Southeast Asia in recent decades.
The country is home to about 90 million people, making it roughly the 14th most populous state on Earth. The country is also surrounded by other economic centers in the region, including China to the north, Cambodia to the southwest, and Malaysia to the southeast. Although the country was divided into North and South, in 1975 it was reunited with its capital in Hanoi.
Decades of wars in the 20th century greatly harmed the country, literally and figuratively. However, socialism survived, but the approach to the economy changed due to the inefficiency of exclusively planned economic management. Elements of a market economy came to the country, meaning that the government began to develop its private sector. Since 1992, enterprises began to be taken out of state control, which attracted the first investments in the country.
Large investments are being made in the textile industry and other labor-intensive industries. Vietnam is becoming a major manufacturing center like China. But in addition, there are more IT and business start-ups in Vietnam, and these start-ups are also attracting significant investment from abroad.
It is easier for investors to put money into Vietnam as the stock market moved into the ranks of developing and is not yet fed up with private investors. But besides markets, there are numerous financial instruments where a trader or investor can work quite effectively.
All in all, the developing market, increasing access to information and technology as well as the desire to get away from manual labor motivated people of Vietnam to get to online trading of various financial instruments and the Forex market. International brokers, in turn, are always ready to cooperate and provide the best trading conditions and Forex bonuses for local traders.
Forex market of Vietnam
Vietnam – a country with great potential – in recent years has attracted the interest of experienced traders and inspired newcomers to explore new markets. Forex trading conferences have been held in places like Thailand, Malaysia, the Philippines, and Singapore, and recently Vietnam was added to the list. However, many potential traders are hesitating, wondering if Forex trading in Vietnam is legal or not.
No hesitation is needed. In Vietnam, there is no specific legislation governing Forex trading. In this regard, it provides an opportunity and encourages Vietnamese traders to use the services of international Forex brokers.
Brokers mentioned in this article for decades provide trading services worldwide and are regulated by the most reputable regulatory organizations such as CySEC, IFSC, ASIC, and several others. Besides, each of them has millions of registered users, which means that they can be successfully partnered with.
Popular online trading instruments in Vietnam
No matter what kind of trader you are, in Vietnam you can make a profit using a variety of financial instruments.
Currency pairs trading in Vietnam
The Vietnamese dong (VND) exchange rate is set by the Vietnamese central bank on a daily basis, which means it is fixed without fluctuation. However, the VND is pegged to the US dollar and therefore traders in Vietnam watch the US dollar move against other major currencies as well as East Asian currencies. In fact, international brokers offer traders from Vietnam over 50 currency pairs to choose from.
XM Group provides some of the most favorable trading conditions for more than 55 currency pairs that include major pairs like USD/EUR or EUR/YEN, crosses, and exotics. Besides, XM Group offers different trading instruments including commodities, stocks, indices, metals, and Cryptocurrencies.
Together with it, the broker provides a multi-layer bonus system, offering new traders an automatic bonus equal to 100% of their deposit, up to $5000.
Online commodities trading in Vietnam
One of the significant successes of the Vietnamese “Doi Moi” model was the steady growth of market infrastructure. The main trading commodities are oil, steel, and iron.
HF Markets – before rebranding known as HotForex – is authorized by the CySEC and the FCA (Europe), the FSCA (South Africa), the DIFC (Dubai), and the FSA broker that has one of the best conditions for commodity deals. In particular, it offers low transaction costs and flexible leverage on Forex Gold trading. You can find more information about this trading instrument in our article.
HF Markets maintains safe trading capabilities and delivers various solutions including Zero Spread trading, Islamic Accounts, Forex bonuses on your first deposit of up to $5000, cash rebates of up to $8000 with cumulative total amount of Forex bonuses you can earn up to $50,000. Traders can expect a wide range of tradable instruments, minimal trading fees, user-friendly trading platforms, educational content and advanced trading tools. It is truly a well-known reliable Forex broker offering services in Vietnam.
Vietnamese equities trading
Trading in stocks and shares has quadrupled over the past year in Vietnam. Reliable international Forex brokers give local traders the opportunity to use this trading instrument. The main recommendation is to find a trusted broker with suitable conditions that work with Vietnamese traders.
CFDs trading in Vietnam
The retail Forex and CFD industry has grown exponentially over the last decade since CFD allows speculating on the price of an asset without actually owning it. The industry is rapidly expanding in emerging markets such as Southeast Asia and Africa, particularly Vietnam, where demand for investment products in global markets, Forex, and commodities are constantly growing.
OANDA‘s list of financial instruments consists of CFDs on indices, commodities, and bonds. The broker gives access to two types of trading platforms: fxTrode (Oanda’s personal development) and MetaTrader 4. Both of these platforms are available in three types: desktop, mobile, and Web.
In addition to CFDs, traders can choose from a variety of instruments such as Forex: more than 70 currency pairs; metals: Gold and Silver; commodities: Oil, Natural Gas, Copper, and Wheat; indices – 16 in total and Bonds.
Globally, OANDA offers three account types: demo, Standard, and Advanced Trader, which makes the broker a fine fit for both new and seasoned trades. Moreover, it requires no minimum deposit to open an account with OANDA, but new traders who’ll top up their accounts get a welcome bonus of up to $1000.
Cryptocurrency trading in Vietnam
Over the past few years, Vietnam has seen a surge in Cryptocurrency trading. This may be an exciting new playground for traders and brokers. The possession of Cryptocurrency is not prohibited, so it’s gaining more and more popularity among Vietnamese traders, who choose Bitcoin, Ethereum or Dogecoin over more traditional assets. In addition to “standard” Cryptocurrencies such as Bitcoin and Ethereum, other rarer Pi-coin is gaining popularity in Vietnam.
Analyzing the Cryptocurrency market in Vietnam, it can be seen that more than 5.9 million people, or 6.1% of the total population of Vietnam, currently own Cryptocurrency. And the number is constantly growing since more and more people want to grab opportunities provided by the new growing market.
Can Vietnam become a global Crypto hub? This is possible in many ways. Vietnam ranked second in the world in terms of the cost of retail and all Cryptocurrency transactions on the network, ahead of the likes of the United States, China, and Russia. In addition, access to Cryptocurrency websites and trading platforms ranked among the top five in the world.
But what about Crypto trading in Vietnam? More than half of Vietnamese expressed interest in investing in Cryptocurrencies in the future, and 31% said they would use Cryptocurrencies for online payments.
AvaTrade will be one of the perfect choices for you, as it is a one of the most trusted brokers. You will have access to more than 1250 assets, including Cryptocurrencies and 24/7 multilingual support all over the globe.
In addition to the traditional trading instruments such as Forex, AvaTrade offers Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, Bitcoin Gold, and EOS. While most brokers prefer to avoid Cryptocurrencies and others normally offer Bitcoin and Ethereum, AvaTrade goes the extra mile and provides you with the entire range of these digital assets.
AvaTrade has a very formidable regulatory base and is licensed by such institutions as IIROC, BVIFSC, FSCA, ASIC, ADGM, FSA and FFAJ. It also offers such useful platforms and features as AvaSocial and AvaTrade Protection. The first platform is the Copy Trading platform that enables you to copy the performance of successful traders you choose and gain with them the way they trade. Second one provides reimbursement for losing trades at the end of the month in exchange for a hedging cost you pay to access this tool.
Forex trading with Islamic accounts in Vietnam
According to the most recent census, there are 66,000 Muslims in Vietnam. Although the Muslim community is only 1% of Vietnam’s population, the Vietnamese respect the Muslim community with a positive opinions due to the tolerant approach. All of the above makes it important to consider Islamic accounts.
AvaTrade is a reputable broker on our list that fully tailors their Islamic Forex accounts to individual client. As an Islamic account holder, you can expect zero rollover fees (overnight fees) or daily swaps. Instead, you will be charged administration fees when trading Forex. This means that you can still stay true to the laws of Islamic finance.
AvaTrade provides its clients with detailed educational materials and product knowledge. Its portfolio of assets currently exceeds 1250, including currency pairs, Cryptocurrencies, stocks, indices, and commodities. AvaTrade offers beginners a demo account that will allow trading up to $100,000.
How to start Forex trading in Vietnam?
If you use international, you will probably search for the best choice and the right trading methods. Here are some tips to start Forex trading in Vietnam:
- Speedy Internet connection
Nowadays, it is possible to trade Forex from almost any device with a stable Internet connection, whether it is a mobile phone or a computer.
- A reliable online broker
You need to find a reliable, regulated broker for your trading: the right one will oversee all trading processes to run smoothly.
- Top-up your account balance
Once you have a fully functional account, you’re good to deposit your trading funds. You can do it through a variety of methods, including bank cards, transfers, electronic wallets, etc.
- Practice and place your first deal
When your deposit clears, you can officially begin trading by placing your first order through your broker. By doing so, you can also manage risk by expanding your approach.
With some brokers, you can trade on your own, while with others you can use the Copy Trading feature, which gives you the opportunity to earn some passive income. It is ideal for beginners as you can follow professional traders and simply mirror their movements. This will completely cover your experience gap and save you a lot of time if you don’t want to trade 24/7.
NAGA Markets, a trustful broker that originated from Germany, is in the market to introduce users to all possible benefits of Copy Trading. NAGA Autocopy is an innovative feature that lets you automatically copy leading traders on the platform and learn from their experience.
Moreover, it offers a wide choice of trade instruments and educational materials to make trading more effective and secure. The last point is guaranteed by several reputable regulative bodies, those rules NAGA has to follow such as FCA and CySEC.
Top Forex Brokers in Vietnam
The financial market in Vietnam has been operating since the beginning of the new millennium. For many decades, it has gone through stages of crisis and recovery, but in recent years it has shown steady growth.
The entry of the largest international brokers into the Vietnamese market is another proof that Forex trading is becoming more and more popular. Moreover, experts recommend investing in both short and long positions. We will help you choose a qualified broker that has millions of users around the world.
OANDA in Vietnam
OANDA – a reputable US-originated broker with millions of clients around the world and long history of operations – for more than 2 decades of work earned itself a stellar reputation among users, compiling with a slew of global regulators at the same time.
The broker is an excellent choice for new traders, since there are demo accounts available together with detailed educational materials and market insights, and no minimum deposit requirement. With minimal commissions and spreads, a variety of trading instruments including Forex, Indices, Commodities and Crypto including Bitcoin and Ether, advanced trading platforms and mobile apps, there are also Forex bonuses of up to $1000 on your first deposit.
The XM Group in Vietnam
XM Group is a popular Forex broker in Vietnam. XM comes as an ‘all-inclusive’ broker that combines the vastness of trading instruments and platform choice with attractive trading conditions. XM Group has been providing remote trading services on global financial markets since 2009.
The XM brand is one of the most secure and protected among brokerage companies. It holds most of the world’s most prestigious financial licenses, including CySEC; IFSC; ASIC and FCA.
It also offers a multi-level Forex bonus program: mainly, there are three bonus types complementing each with free VPS and zero-fee deposits and withdrawals. The broker offers a 100% automatic entry bonus of up to $5000 and a transparent referral program: you get $35 for each friend that joins XM as your referral.
AvaTrade in Vietnam
AvaTrade is one of the most well-known Forex brokers in the world. For more than 11 years, AvaTrade has become one of the leading online trading platforms, as evidenced by a growing number of positive customer reviews. The main goal of AvaTrade is to provide the highest quality services to all traders without exception.
With AvaTrade, clients can enjoy access to more than 1250 assets including currency pairs, Cryptocurrencies, stocks, indices, and commodities, the ability to trade on a computer, smartphone, or tablet, and the security of their funds since it’s stored in segregated accounts.
NAGA Markets in Vietnam
NAGA is one of the top-rated brokers and one of the leading social investing platforms in Vietnam. Naga is a fully licensed and regulated broker with over 950 trading instruments and assets.
It also allows every user to trade like a pro, even if they are new to the trade. NAGA has made this possible with a special automatic copying feature. NAGA AutoCopy is an innovative feature that allows you to automatically follow top traders on the platform and learn from their experiences.
All in all, NAGA shows us a company that is based on strong technology and advanced trade innovation. Thus, when trading with NAGA, you will find huge investment opportunities, whether you are a beginner or a professional trader, and social trading will help you succeed.
HF Markets in Vietnam
HF Markets is an award-winning Straight-Through Commodity and Forex Broker (STP Broker) that provides trading services and facilities to both retail and institutional clients. HF Markets is preferred by traders from all over the world as it has a policy of providing the best trading conditions to its clients.
HF Markets offers a powerful solution to trade CFDs and Forex, also with costs built into the tight spread. Being a fully regulated broker in various jurisdictions, HF Markets maintains safe trading capabilities and delivers various solutions including Zero Spread trading, Islamic Accounts, and cumulative Forex bonuses up to $8000.
HF Markets also offers Gold trading with low transaction costs and flexible leverage. You can open a live trading account and start trading gold with this broker.
By registering and confirming an account with several of the TOP brokers in Vietnam, you can not only compare trading platforms to find the most fitting one but also maximize the Forex bonuses you receive. It will allow you to conduct more tests of various trading strategies and set the way to become a real pro-trader.
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Top Forex brokers in Vietnam - FAQ