CRITERIA FOR CHOOSING THE MOST RELIABLE BROKERS FOR ASIANS
BRKV - As we all know, the forex trading market is a complicated field with many different laws involving the trader’s financial safety. However, most of those laws are only valid and applied to western traders while the Asian traders are left unprotected and opened for potential exploits from shady brokers. This is why today I’m writing this article to offer my fellow Asian traders my experiences over my years of trading as an Asian, as well as to provide the names of a few most reliable brokers that I find trustworthy and reliable.
To start this article off, I’ll be reviewing some of the brokers that I’ve traded with based on my own standards as follow:
The following brokers will be included in the article:
Company histories – Scam reports
Obviously, you wouldn’t want to do business with a company that’s known for scamming their customers. That’s why I kind of value the company history a little bit more than the others. The company history includes scam reports, how long has the company been in the business, … As for myself, I always trade with brokers that have over 10 years in the market and no official scam reports.
A reliable broker should also be in the top largest broker
I’ve done my fair share of brokers testing and I must admit that, best forex brokers aren’t famous solely due to good marketing, some of them are actually pretty good and offer excellent services and trading conditions. The majority of people choose top brokers because they’re more trustworthy and most of all, offer better trading conditions and security than other brokers.
My personal advice for you would be that you should always test a broker by yourself, preferably the large and popular ones, and see for yourself if it’s suitable for you. I personally spend at least one to two weeks to test a broker. Most smaller brokers always prove to have bad services and many problems unresolved. The larger and more popular brokers, on the other hand, rarely have any problem in the beginning, and only a few problems in the later months that could be easily resolved by contacting their customer service.
Nonetheless, large forex brokers might not always be the best for you. For the best trading efficiency, you should also take your trading styles into account when it comes to choosing your broker.
If you are a long term trader, obviously you’d want to have your order positions opened for months at time. For this trading tactic, a broker that is reliable and has low swap would be the way to go.
If you style is more of a scalper, however, you’d want to have a broker that’s reliable and offer relatively good trading conditions such as low spreads, low commissions and high execution quality.
For people who like to gamble, brokers that offer high leverages are always more preferred.
And if your country, by any chance, has limited payment supports, you’d want a broker that offers local payment support.
Whichever broker that you want to choose, you should always take extra cautions to test them first to see if they’re truly reliable. My best advice to you is that you’d want to create different accounts at any 3 brokers that you want to trade with, deposit $100 into each one of them and see for yourself which one profits you the most.
Here are the current 5 largest forex brokers:
For us Asian traders, regulated brokers might not that different that than the other one since there doesn’t seem to be any known and trusted regulator agency that would protect our Asian trader’s rights. However, it would always be wiser to choose a broker that has one or two trusted regulation. After all, the processes of getting a trading license is often long and costly that’s why most shady brokers won’t bother to apply for one. Most Asian traders are under the misconception that US brokers are the best because they of their service and trading conditions. While that might be true to some cases, but the US brokers also charge their fees a lot higher than the other brokers to the point it might just not be worth it to be doing business with them, especially for Asian traders who benefit very little from most US brokers.
Asia has always been the hidden gem for the forex trading market but only very few brokers have taken the initiative to start their business in Asia. Exness, the current largest retail forex broker in 2018, started out as a broker who served almost exclusively traders in Asia and still is. Their forex trading volume last month is nearly $400 billion dollars, 99% of which came from Asian traders. Up till now, Exness still doesn’t have a US forex trading license or regulated by any US regulator simply because they don’t need to. (Click here for our Exness review)
For Asian or African traders, my advice to you would be to avoid US and UK brokers since their trading fees such as spreads and commissions are much higher than any other broker from another continent. (To furthermore learn about this, we have our own article about Disadvantages of US regulation).
A convenient and quick payment system is always preferred in any business, and forex trading is no different or might even be more important than most.
A good payment system must have:
- Quick depositing/withdrawing processing time.
- No withdrawal limit
- Small depositing/withdrawing fees.
- Supports for local payments.
Throughout my years of forex trading, I find Exness to be the leading company in term of payment system efficiency. Thanks to the computer doing most of the works, the processing time for each transaction is reduced to the matter of milliseconds. Exness also offer many more free-of-charge services and supports for local payment.
Check out Exness Payment system here
Needless to say, a local office located in our area or our country to represent the broker as well as help us with our needs and problems is always appreciated. Some big brokers such as Exness has their branches almost all over the world, but some other big brokers might not. Especially for Asian traders, most of them probably won’t have a supporting local office near their area or in their country because there’s simply too many countries and traders to cover. However, Asian traders should be rest assured because all the brokers that I’ve mentioned above have their own respectable amounts of branches opened in many Asian countries such as Malaysia, Hongkong, Thailand, Philippines, Vietnam, …To quote it again, the best brokers for Asian traders in my professional are:
Blog Forex News