There is a truth that traders from the US or UK have more advantages than those who are in Asia. This is because those Asian brokers have fewer protections from authority. So, they want their trading to be secured they have to pay more for brokers that are not from Asian countries. Therefore, it is problematic for Asian traders to find the best brokers that are suitable for their trading plans. However, from many review and suggestions and discussions also, I can summarize for traders some standards to consider when they want to trade safely and beneficially. With a lot of trading experiences, I can tell that traders can base on regulation, the brokers’ size, the local offices… to judge if the brokers are reliable or not.
All these standards are similar to the standards to choose best forex brokers in the words. But let’s see the differences in details now. I’ll also list down the top 5 most reliable forex brokers for Asian traders for your consideration here.
The size of the trading volume
The big brokers can have the amount of trading volume reached billions of dollars every month. The top five include:
- Exness.com: $400 Billions/month
- Forex.com: $300 Billions/Month
- XM.com $290 Billions/Month.
- Saxobank: $265 Billion/Month
- Hotforex.com $209 Billions/month.
These brokers are big and reliable because they work with a great number of clients every month. So you can know how reliable one broker is base on their trading volume. From month this number reported every month you can see that the reliable brokers can maintain the average trading volume every month. From reviewing these numbers you can decide for yourself what are the biggest brokers so you do not have to trade with them before knowing they are trustful or not. After checking the size of the brokers’ traders should be careful with their plan because not all the biggest trading volume brokers are the most perfect for them. There are some other factors like if they are gamblers, scalpers, and long-term accounts, to be thought before trading. Usually, the spread, commission, leverage, or swap should be reviewed carefully. To check if brokers suit your trading strategies, I think you can register for three accounts from three brokers then work with them for one month and see how satisfying they are.
What does local support mean? That is when brokers have their office in the target countries. When they have an office in this country that means they are popular and are trustful. And their service could be more perfect than other brokers that do not have a local agency so that they can make their name popular and reputable. Also, with local offices, brokers can help their traders with a lot of problems like scams or payment faster and more directly. So, it is more secure when you trader with brokers that have local payments but remember they are liable not only because they have local service but they have licenses too. And I will come to this matter right after this.
Suitable licenses of brokers
The point is US and UK brokers are considered more reputable because of their licenses that are issued by trusted organizations. I have discussed this matter with many traders and most of them believe that UK and US brokers with their reputable licenses have the stable financial condition, better technical, or trading platform…That is obvious that they do not know why they think so and they ignore how reliable brokers from the UK, AU, Hong Kong, Singapore, and Japan could be when they do not even have these licenses from US or UK. The reason that they do not have licenses from these countries is that they do not work in the US and UK market so they do not need these kinds of licenses. Their majority of the market is in Asia and this market contributes 30% to the forex world take the second place in the whole world. That means they can totally gain benefit by working with the Asian market only and do not need licenses from the US or UK. Moreover, more licenses mean more fees for commission or spread because with these licenses in hands brokers need to pay for the agencies or organizations. So, it is perfect if brokers have just one or two trustful licenses.
Exness is a typical example of these problems. They have just one or two licenses that are not from US or UK and they are reliable licenses and Exness is still the largest trading volume with 400 billion dollars per month, 90% of this number is thanking to just Asian market. So it is better when trading with brokers have regulation from traders’ country so that it can protect you. If they do not have licenses from your country then you have to pay more for brokers that have licenses from other countries, not your country. Or, you can also choose the brokers that have one or two trusted licenses. This license can be from US, UK, AU, JP, Hong Kong, Singapore, and CySEC. They are all reputable and credible.
Top brokers provide convenient payment systems for clients
How is convenient here? Best payment services are quick, with low withdrawal limitation, low fee and tooled with local payment. Because there are some problems when traders work in the payment parts such as some brokers limit the amount that traders could withdraw or traders can lose their money if brokers do not process the payment quickly but hold it for a long time. As I have traded a lot with many brokers, I am sure that Exness is an expert on this matter. They supply an automatic processing system that handles the withdrawal in seconds so traders do not need to wait for hours to have their money. Besides, Exness also places the local payment service in most of the countries that they transact with. And even more perfectly, Exness charges their traders no fee at all.
So scams or frauds have been reported
Their economic problems that affect the world economy and even forex market is not exceptional. As in 2015, Swiss Central Bank floated their currency CHF and that results in the increase in the spread of CHF/USD to 3000 pip. That huge number totally hit strongly on traders that they lost hundreds of dollars. Brokers, in this case, are responsible for not protecting their clients and help them limit the loss as least as possible.
From these circumstances, traders know how brokers treat them and if they scam you or not. I suggest that 10-year-old brokers are more trustworthy in these situations because these long-term working brokers are sure not claimed for any scams or cheats. They do not take advantages of difficult circumstances to trick traders.
From all elements that I have just considered, I hope traders from Asia will be able to decide on the best suitable for their trading plans. And here are the top five forex brokers that are quite satisfying for these standards:
- Saxo Bank
- IG Group