In this day and age, we Asian traders are desperately in need of a reliable broker. Statistically, Asian traders contribute 30% to the world-wide forex trading volume while having little to no protection in forex trading. If something were to happen to the Asian traders, they had no choice but to accept it as it is and move on since forex trading is considered illegal in most countries. That’s why in this article, I’ll be listing some of my personal best brokers as well as my own criteria for choosing them.
CRITERIA FOR CHOOSING A BROKER
- Regulated by trusted government regulators.
- Belong to the top largest forex brokers.
- Local/regional office
- Payment systems.
- Company history – Scam reports.
TOP 5 RELIABLE BROKERS FOR ASIAN TRADERS
- IG Group
REGULATIONS AND BROKERS
As we all know, regional regulators grant licenses for brokers to ensure the general security, financial health and reliability of those brokers. Most people choose the US and UK brokers because they are known for their good regulator services and overall great reliability, however it doesn’t make any other regulator less reliable.
For a great and overflowing market such as Asia, it’d be a waste for brokers to ignore the vast potential that it possesses. And that’s why some brokers climbed to the top simply by serving this market’s needs, namely Exness. Exness last month’s trading volume is nearly $400 billion, 99% of which came from Asia market. What’s interesting is that Exness doesn’t even have an US license, simply because they don’t need one. This leads me to wonder, why are we so eager to do business with other US and UK brokers? Their trading conditions such as spreads and commissions are much higher than any other continent’s brokers, while we have reliable brokers such as Exness right here next to us who offers the same amount of security while charging way less money.
With everything considered, I think it’s best that we should all choose for ourselves brokers that offer protection in your own country. If your country by any how doesn’t have any trusted regulator then it doesn’t really matter how many licenses a broker own, nothing will protect you. In this case, you should choose brokers who have 1 trusted regulation, which should be enough. Their regulators can be from either US, UK, AU, JP, Hong Kong, Singapore or CySEC, all of them are verified and trusted regulators.
TOP LARGEST BROKERS
This criterion right here is just my personal preference, you can just ignore this section entirely if you don’t like blindly follow the crowd. As for me, in my daily life, if I want to eat something good, I’d just book a table at one of those top-rated restaurants in the area. Everything that is famous and popular, in my opinion, either that it was marketed extremely good or it’s just, well, better than everything else.
The same story goes for choosing forex brokers. A broker that millions of forex traders trade with is often proven to be somewhat trustworthy and reliable. However, do bear in mind that not all largest brokers are the best brokers for you. It all depends on your trading strategies and personal conditions.
Read more about best forex brokers in 2018.
If you are a long-term trader, you’d want to keep your trading positions open for a few months. For this strategy, a broker that has low swap and reliable is preferable.
However, if you are a scalper, a broker that is reliable and has low spread/commission and high executions quality is more preferable.
But if you are a gambler, you’d want to choose a broker with relatively high leverage.
If your country has problems with the payment system, you’d want to choose a broker who offer local payment supports.
There are lots of thing to consider when it comes to choosing a broker, so my best advice to you’d be that you should create 3 accounts at 3 largest forex brokers, deposit $100 in each one of those account and do the testing yourself. After a month, the broker that helped you earn the most profit is the best for you. And remember, you should create accounts only at the top largest brokers.
Learn more about Best ECN brokers now.
HERE ARE THE 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.
Obviously, you’d want to choose a broker that has local offices in your area or your country. Having local/regional offices means that that broker cares for you and you’re their targeted customer. After all, we traders all want to have our rights and security ensured. However, this doesn’t mean that brokers that don’t have branches in your country aren’t reliable, it just means that you’d have more local support this way.
Read more about the best forex brokers for Asian traders.
Payment systems surely contribute in our efficiency in forex trading. Most large brokers nowadays aim for the best payment systems such as unlimited transfer/withdrawal and instant transfer/withdrawal processing time.
Qualities of a good payment system:
• Quick deposition/withdrawal processing time.
• High minimum withdrawal limitations.
• Low to zero fee for depositing and withdrawing.
• Local payment support.
Having personally traded with many top brokers, I find Exness to be the best in this area simply because of their cutting-edge payment system. All of their transactions are processed by efficient machine works which made the processing time to be almost instant. They also offer weekend withdrawals and free-of-charge payment services.
COMPANY HISTORIES / SCAM REPORTS
My own personal rule of thumb is that I always choose brokers that have over 10 years in business and have no history or claims of scams. Of course, there’s always news that involves some of the top brokers but we should always take the way that they handle that news and the way that they treat their clients into considerations.
For example, in 2015, when Swiss Central Bank floats its CHF. The CFH/USD was changed over 3000 pips. Some traders lost hundreds of millions of dollars. You can find the details about these events and the way that they treated their clients’ losses below:
All in all, I hope that I’ve given you enough information so that you could choose a broker of your own. As for my personal top 5 brokers, it’s listed as below:
- Saxo bank
- IG Group
Learn more about the best 5 forex brokers in 2018 today.