Best Forex Brokers in Vietnam

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Vietnam continuously ranks among the fastest-growing economies this millennium, after receiving a significant boost following the July 13th, 2000 bilateral trade agreement with the US. We have compiled a list of the best Forex brokers in Vietnam, which will offer traders a competitive edge.

Top Forex Brokers in Vietnam

1
FXTM
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
2
AvaTrade
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
3
Forex4You
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Excellent research tools including AutoChartist and Trading Central
Generous bonuses available
Quality trading tools, no minimum deposit, and high leverage.
4
Capital.com
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Commission-free trading on 3000+ assets
User-friendly proprietary platform with top-level analysis
5
eToro
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best social trading platform on the market
Excellent choice of options for crypto traders

FXTM, Best all-around: high floating leverage + fast execution.
AvaTrade, Highly regulated, choice of fixed or floating spreads.
Forex4You, Quality trading tools, no minimum deposit, and high leverage.
Capital.com, Award-winning proprietary trading platform alongside MT4.
eToro, Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money.

FXTM

5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, FSC, CMA

Year Founded

2011

Type of Broker

Instant/Market Execution

Minimum Deposit

$50

Maximum Leverage

Flexible

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

AvaTrade

5.0/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

Forex4You

4.5/5 in this category
In Summary
Quality trading tools, no minimum deposit, and high leverage

Forex4you has been serving clients since 2007 and established itself as a reliable and trustworthy broker. Traders may choose from four account types, two commission-free and two commission-based ones, including micro accounts. There is no minimum deposit at Forex4you, ensuring all clients have access to its trading environment. Overall transparency is excellent. Forex4you detail 150+ trading instruments. The maximum leverage is 1:1000, and the 100% deposit bonus, together with the 50% cashback program, offers attractive incentives to active traders. The trading costs remain average for the industry, but active traders can lower them via the volume-based cashback program.

Unique Features

Headquarters

British Virgin Islands

Regulation

FSC

Year Founded

2007

Type of Broker

35,38,139

Maximum Leverage

1:1000

Type of Platform

MetaTrader 4, Proprietary platform

While Forex4you caters to traders globally, it has a focus on Asia. Indian clients may find the proprietary copy-trading service, Share4you, appealing, where more than 1,000 signal providers are available. Trading tools from FXStreet and Trading Central provide quality content. New traders will benefit from the educational section at Forex4you, where the well-structured trading school and video tutorials await. Besides the core MT4 trading platform, Forex4you also deploys its proprietary Forex4you Desktop and Forex4you WebTrader. A mobile app is also available for both trading platforms.

Forex4you Pros & Cons

Advantages

  • Quality trading tools and access to deep liquidity plus generous promotions

  • A secure and overall transparent trading environment

  • Excellent education, no minimum deposit, and maximum leverage up to 1:1000

  • Proprietary trading platform and copy trading service alongside MT4

Disadvantages

  • $10 monthly inactivity fee

Capital.com

4.5/5 in this category
In Summary
Award-winning proprietary trading platform alongside MT4

Capital.com presents clients with a secure and trustworthy trading environment regulated in the UK, Belarus, and Cyprus. The MT4 trading platform caters to automated trading solutions, where it maintains a leadership position. Capital.com also offers traders its award-winning proprietary trading platform, an excellent choice for manual trading strategies. Forex traders get 138 currency pairs, making it one of the best choices based on available assets. Overall, Capital.com presents more than 3,000 trading instruments and is also home to one of the largest cryptocurrency selections with 200. Capital.com ranks among the top five brokers in both categories compared against all competitors.

Unique Features

Headquarters

Cyprus

Year Founded

2017

Type of Broker

Market Maker

Minimum Deposit

$20 or a currency equivalent

Maximum Leverage

1:30 retail, 1:500 professional

Type of Platform

MetaTrader 4, Proprietary platform, Web-based

Another notable benefit at Capital.com is the commission-free pricing environment. The minimum spread commences from 0.6 pips for Forex traders, which is $6 per 1.0 standard lot. Equity traders also get minimal mark-ups on 2,400 CFDs free of commissions. Beginner traders will find the high-quality educational section beneficial. It features Investmate, a mobile app that guides new traders through their learning process. Capital.com TV and the market commentary add value to the excellent core trading environment. The retail loss rate of 71.2% also places Capital.com at or near the top, a statement reflecting its educational efforts and competitive trading conditions.

Capital.com Pros & Cons

Advantages

  • Excellent Forex and cryptocurrency selection

  • A competitive commission-free pricing environment

  • Award-winning proprietary trading platform alongside MT4

  • High-quality educational section built around Investmate

Disadvantages

  • Leverage for FCA/CySEC clients restricted to 1:30

eToro

4.5/5 in this category
In Summary
Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money

eToro was founded in the early days of the online retail Forex era, in 2007 – this broker occupies a unique space as the king of social and copy trading. eToro has a long track record and unique reputation to protect, although this image is more focused on its copy trading model than on any other individual feature, except maybe its special relationship with cryptocurrencies. 

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, ASIC

Year Founded

2007

Type of Broker

Market Maker

Minimum Deposit

$200

Maximum Leverage

1:30

Type of Platform

Proprietary platform

eToro is regulated in Cyprus, the U.K., Australia, and the United States although its U.S. offering is firmly differentiated from its offering to the rest of the world.  

eToro guarantees several benefits to anyone opening an Islamic account: no rollover interest or commissions on any trade contracts lasting for longer than 24 hours will be charged, and no commissions or fees are charged to Islamic accounts for account management. Notably, interest-free leverage is also offered to Islamic account holders. 

eToro is a leading cryptocurrencies CFD broker. Following its 2019 acquisition of Danish blockchain company Firmo and Belgian crypto portfolio tracker application Delta, it released its cryptocurrency wallet for mobile devices. The proprietary sentiment indicator for digital assets based on Twitter activity presents a social trading tool millennials favor.

eToro Pros & Cons

Advantages

  • Excellent equity asset selection and broad cryptocurrency choices

  • Cryptocurrency wallet for Android and iOS

  • Twitter-based digital asset sentiment indicator

  • Simple social trading procedure

Disadvantages

  • Below average educational resources

  • Internal withdrawal fees plus higher core trading costs

  • MT4 trading platform not supported

  • Low leverage and higher minimum deposit

Is Forex Trading Legal in Vietnam?

The government continues to privatize or partially privatize thousands of state-owned enterprises, including all five commercial banks. The most defining Vietnamese membership is with the Association of Southeast Asian Nations (ASEAN), a Shanghai Cooperation Organisation (SCO) participant. The ASEAN member plus five additional countries in the region created the world's largest trade bloc on November 15th, 2020, with the signing of the Regional Comprehensive Economic Partnership (RCEP) in Hanoi, Vietnam, which was the virtual host of the ceremony.

Despite the economic success story, the Vietnamese financial sector is lagging while trying to cover ground swiftly. The primary stock exchange, the Ho Chi Minh City Stock Exchange, was not founded until July 2000. A faster-growing sector is Forex trading, but the State Bank of Vietnam (SBV) labeled Forex floor trading as illegal in 2014. As of December 2020, local authorities have not issued a single license for it. Therefore, Vietnamese Forex traders rely on international Forex brokers to satisfy the growing demand for it in a nation approaching 100 million citizens. There are no restrictions from international brokers in accepting Forex traders from Vietnam. Many maintain a website in Vietnamese to ease the entry of new traders.

The legal situation regarding Forex trading in Vietnam is a bit more complicated. The State Bank of Vietnam (SBV) is the financial regulator, and it made Forex floor trading illegal. There are no licensed Forex brokers in Vietnam, and the SBV stresses that only authorized entities may provide Forex and derivatives trading. Since the SBV has not granted a license to date, there is no legal entity domestically. Vietnam has no domestic Forex trading infrastructure, as the SBV currently prevents it, to protect the national currency, the Vietnamese dong. On the other hand, there are no restrictions or laws prohibiting Vietnamese Forex traders from trading with international Forex brokers.

Most international brokers accept Forex traders from Vietnam without restrictions, and many maintain a Vietnamese website. Deposit and trading in the Vietnamese dong are generally not available. It would be counterproductive, as traders would face currency conversion costs at most brokers on each trade. Regrettably, Vietnam struggles with many pyramid schemes and multi-level marketing (MLM) scams and frauds. The SBV warned Vietnamese Forex traders against them and confirmed that Vietnamese law does not protect against losses, as it deems the entire sector illegal if operated from inside Vietnam. Forex trading in Vietnam is legal if traders use their capital and international Forex brokers. Our list of the best Forex brokers in Vietnam offers an excellent starting position.

Forex Trading in Vietnam: Pros & Cons

Before new traders consider Forex trading in Vietnam, we recommend evaluating the pros and cons listed below. It will help make an informed decision, especially with the wealth of misleading and wrong information available.

The Pros of Forex Trading in Vietnam

  • The Forex market is operational 24/5, and some brokers introduced weekend currency pairs to enable 24/7 trading. It allows traders to implement Forex trading into their regular schedule.
  • Low capital requirements make Forex trading accessible to all types of traders. I recommend creating a monthly deposit plan after learning how to trade. Treat Forex trading as a profession, and you can expect professional income.
  • Leverage offers small portfolios to generate above-average income. I urge all traders to implement proper risk management before using leveraging accounts to avoid unnecessary losses.
  • Vietnam has an abundance of high-quality coffee shops that allow work, and co-working spaces provide a cost-effective alternative for more demanding and professional traders.
  • The availability and stability of high-speed internet across Vietnam ensure Forex traders always remain connected. Advanced traders can rely on VPS hosting to allow their automated trading solutions uninterrupted market access, even when their device is off-line. It does come at an extra cost, but many brokers offer it for free for high-volume traders.
  • Forex trading in Vietnam offers previously unavailable opportunities together with direct and indirect revenue streams. It presents a means to supplement income or displace it entirely, creating an independent and tech-savvy consumer-base.

The Cons of Forex Trading in Vietnam

  • The SBV, the central bank and financial regulator of Vietnam, does not allow a domestic Forex infrastructure to develop. Therefore, Vietnamese Forex traders rely entirely on international providers without local representation.
  • Many pyramid schemes and multi-level-marketing scams and Forex frauds target Vietnamese Forex traders.
  • New traders skip the educational process and chase high returns from leveraged accounts without risk management. It requires discipline and patience, which many fail to provide.
  • Many ignore the less obvious aspects of Forex trading, like psychology, physical fitness for improved mental strength, time management, and a quiet trading environment.
  • Most new traders underestimate the required time to earn sufficient income. They fail to respect trading is a demanding profession and suffer the consequences.
  • Unrealistic profit expectations lead to counterproductive trading practices, discouragement, and financial loss.

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How is Forex Trading Regulated in Vietnam?

Forex trading in Vietnam is not legal, but the financial regulator is the State Bank of Vietnam (SBV). The SBV is a ministerial agency of the government. One of its responsibilities is the stability of the Vietnamese dong. It is one reason it declared Forex floor trading illegal. The SBV manages fiscal and banking activities, remains the sole authority to issue money, and is the lender of last resort for commercial banks and credit institutions. It also advises the government on financial issues. Since Forex trading in Vietnam with Vietnamese entities is illegal, local Forex traders rely on international brokers, which the SBV permits. There is no domestic safety net for Vietnamese traders, and the SBV cautions against Forex trading. The SBV aims to maintain a stable currency, a secure and trustworthy Vietnamese financial system, and the national payment system. It seeks to contribute positively to the social and economic development of Vietnam.

Trading with an Offshore Forex Broker in Vietnam

Vietnamese Forex traders rely entirely on international Forex brokers. It grants them access to over 1,000 brokers, and the choices may overwhelm many new traders. We recommend narrowing the list down to multi-national Forex brokers with an operating license from one of the most trusted regulators. They include the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities & Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).

Vietnamese Forex traders will likely trade with one of the broker's subsidiaries, usually authorized in a more business-friendly jurisdiction. Among the favorites are the British Virgin Islands Financial Services Commission (BVIFSC), the Seychelles Financial Services Authority (FSA), Belize International Financial Services Commission (IFSC), and the Belize Financial Services Board (FSB). The South African Financial Sector Conduct Authority (FSCA) and the Dubai Financial Services Authority (DFSA) emerged as excellent choices, and both continue to gain the trust of brokers and traders. Many subsidiaries operate out of St. Vincent & the Grenadines, where they remain registered as an international business company (IBC) with the financial regulator, the Financial Services Authority (FSA), which does not regulate Forex brokers. One way to ensure greater security is to select a Forex broker with operating entities in a well-regulated environment and a trader-friendly jurisdiction. I recommend the brokers outlined above, which have established themselves as a trustworthy, secure, and reliable choice for millions of traders.

Trading with well-established international Forex brokers will grant Vietnamese traders access to superior technology and order execution, a wide choice of assets, a trader-friendly cost structure, and competitive trading tools. Quality research and education support new traders. Generous bonus campaigns will provide a boost to all traders. I urge that everyone interested reads and understand the terms and conditions. Like high leverage, bonuses can represent an excellent trading tool if used properly.

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Finding the Best Broker for Vietnamese Forex Trading

Finding the best Forex brokers in Vietnam is challenging, which is why we compiled our list of top choices. They offer a different mix of products and services to accommodate all types of traders and trading strategies. Our review evaluated hundreds of Forex brokers based on eleven criteria over 1,000 hours and 200,000 words of dedicated research. We identified the best Forex brokers in Vietnam so you can spend less time searching and more time learning how to trade Forex.

We recommend that Forex traders in Vietnam who wish to conduct their due diligence consider the following seven aspects:

  1. Regulation - Never trade with an unregulated broker, regardless of what type of offer you receive. Always decide on a regulated broker with a clean track record, a minimum of five years of operational experience, and a trustworthy reputation.
  2. Localized payment methods, commissions & fees - While all brokers support bank wires and credit/debit cards, we recommend keeping your Forex account transaction separate from your Vietnamese bank account. The reason is the legal situation concerning Forex trading in Vietnam. It is impossible to gauge developments. It is best to use third-party payment processors, and cryptocurrencies are another viable option. Some Forex brokers offer localized payment methods. Forex traders must also consider commissions and fees, as they will directly impact your profitability. The commission-based trading accounts from our list of the best Forex brokers in Vietnam offer a competitive and trader-friendly cost structure.
  3. Customer support - Trading with a Forex broker that offers 24/5 or 24/7 customer support ensures that clients have swift access in case of unexpected issues. Most traders never require customer support, and the best Forex brokers in Vietnam maintain a Vietnamese website, where they explain all products and services.
  4. Funding and withdrawal methods - We recommend that traders find a broker that supports funding and withdrawal methods suitable to their requirements. The most efficient and low-cost solutions remain online payment processors.
  5. Comprehensive trader resources - The best Forex brokers in Vietnam will offer excellent trading resources to provide a competitive edge to their clients. It also shows that brokers invest in their business to grant traders a platform for success.
  6. Demo account options - They are essential for the testing of automated trading Traders should ask for an unlimited demo account without restrictions to test strategies and debug their automated trading strategies.
  7. Mobile trading - It remains popular among millennial traders, and all brokers offer a mobile trading platform. We recommend that Forex traders only use it to check their portfolio. The computing power on smartphones is more than sufficient, but the screen size is not, which is why professional traders never engage in mobile trading.

Islamic Accounts for Vietnamese Forex Traders

The best Forex brokers in Vietnam on our list provide traders with swap-free Islamic accounts compliant with Sharia law. While there are no swap rates on leveraged overnight positions, Forex brokers implement additional daily costs, labeled “commissions”, rather than interest fees. Many brokers advertise 100% compliance but provide time-limited exemptions, and many do not fully comply with Sharia law. Traders must read the terms and conditions carefully.

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Is Forex Trading Taxable in Vietnam?

Forex traders pay tax in Vietnam, and we recommend consulting a legal professional in Vietnam to gain clarity on how to file taxes. Forex traders should file their trading related profits and losses each year. Accountants and tax lawyers can advise on the most efficient form of filing taxes. Forex traders who earn a substantial amount of profits or use Forex trading as their primary income source may want to consider opening a corporation in a low-tax country or tax-free jurisdiction. Once again, we urge you to consult a legal professional in Vietnam. Traders can inquire about the laws, regulations, and options for an efficient tax structure with full legal compliance suitable for their needs.

Trading Cryptocurrencies in Vietnam

The young and tech-savvy population of Vietnam embraces cryptocurrency trading. Many view it as the future of currency and an attractive alternative to transacting in the Vietnamese dong, plagued by high inflation. The best Forex brokers in Vietnam offer cryptocurrency CFDs, and many prefer to trade them from their mobile devices based on social media activity. Cryptocurrencies will increase their market share unless global regulators crackdown and displace them with government-backed digital currencies. Both will likely coexist, but volatility will dominate trading until more clarity emerges. Trading cryptocurrencies in Vietnam is for traders with a high degree of risk appetite.

Commodity Trading in Vietnam

Commodity trading in Vietnam offers Forex traders an excellent cross-asset diversification opportunity. Demand for commodities will continue to soar, with China, India, Latin America, and Africa driving consumption. Massive infrastructure projects and modernization efforts require hard commodities and industrial metals. The growing population needs soft and agricultural commodities to feed the masses. Vietnam is in an ideal geographical location to cater to China and India, and commodity trading in Vietnam remains an attractive sector with rising potential. Our list of the best Forex brokers in Vietnam includes brokers with a competitive selection of commodity CFDs.

FAQs

Which Forex broker is the best in Vietnam?

Our list of the best Forex brokers in Vietnam has the most competitive choices. They offer Vietnamese traders broad asset choices, high leverage, competitive trading tools, a low-cost structure, and a secure trading environment.

Is Forex trading legal in Vietnam?

Forex floor trading and trading with local Forex providers is illegal but trading with an international Forex broker is legal.

How do I open a Forex account in Vietnam?

An online application processes new accounts at Forex brokers, and many offer a Vietnamese website.

Do you pay taxes on Forex trading in Vietnam?

Yes, Forex trading is taxable in Vietnam. We urge all Vietnamese Forex traders to consult a legal professional for tax advice and full compliance.

Can I trade VND (Vietnamese dong) with a Forex broker?

International Forex brokers do not offer trading in the Vietnamese dong.

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Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.