Over the past few years, Vietnam has been a popular destination for both seasoned and rookie entrepreneurs looking to enter new markets. There is clearly a market for forex trading conferences, as evidenced by the fact that they have been conducted in Thailand, Malaysia, the Philippines, Singapore, and most recently, Vietnam.
In Vietnam, the legality of Forex trading is a little murky. The SBV （ State Bank of Vietnam）ruled in 2014 that forex trading in foreign currency markets was prohibited. Because of this, there are no legal forex brokers in the country. However, this does not preclude traders from Vietnam from engaging in foreign exchange trading. Trading forex is still permitted in Vietnam, but you must do so through a broker located outside the country. Forex traders from Vietnam can deal freely with international brokers because they face no barriers. To make it easier for new traders to get started, many businesses include a Vietnamese-language website.
As a Vietnamese, it can be tough to locate the ideal brokerage firm. It's also important to find Vietnamese-friendly brokers that allow you to invest in your own currency, the Vietnamese dong. As a Vietnamese trader, you'll appreciate our selection of the top trading platforms. Traders in Vietnam can use these brokers' payment alternatives to deposit funds and quickly withdraw their winnings.
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Trading foreign currency in Vietnam is against the law. Since the Vietnamese authorities have not granted any licenses to traders or brokers, the entire sector is illegal, and individuals who are caught engaging in trading will be subject to fines. Although foreign exchange trading is illegal in Vietnam, the State Bank of Vietnam serves in the role of financial regulator. The State Bank of Vietnam (SBV) is a ministerial institution within the government, and maintaining the value of the Vietnamese dong as a stable currency is one of its tasks. However, forex traders from Vietnam are accepted by brokers operating in other countries, providing traders the ability to trade despite Vietnam's restrictions.
Forex trading is becoming more popular in Vietnam, despite the fact that it is illegal and commonly exploited by scam brokers to defraud new investors. According to Google Trends statistics, the number of Vietnamese people searching for the term "forex" has steadily increased over the past five years, culminating in March of this year.
Forex trading in Vietnam is booming on Facebook, with thousands of traders and brokers claiming profits of 30-60 percent per month.
Despite the lack of a regulatory structure, industry insiders say that large leverage is what attracts many Vietnamese to forex. A forex investor can trade up to $2,000 with a leverage of 20 times, which means they can invest $100 and trade up to $2,000.
This is in contrast to the 2:1 ratio in the stock market, which helps to explain why many people are lured to the forex market.
Regulation - Any Vietnamese trader who is considering signing up with a new broker is required to first determine whether or not the broker is regulated. A broker that is regulated is one that abides by the stringent standards set forth by the forex authorities in order to protect retail investors like you and me from being taken advantage of. There are various regulators in the field, including CySEC, FCA, FSB, MiFID, ASIC, IFSC, DFSA, SCB, BaFin.
Extensive range of trading assets. Trading instruments from commodities like gold and silver to cryptocurrencies, stock CFDs, ETFs, indices, and currency pairs, there is a wide range of options available. Most brokers offer a wide variety of assets, while a few specialize in just a few.
Easy deposit & withdrawal. Choosing a broker that accepts a payment method that is accepted in Vietnam is essential if you are a Vietnamese forex trader. There should be no fees or long wait times associated with the payment method. Skrill, Neteller, Master Card, Visa Card, and WebMoney are the finest payment methods for Vietnamese.
Dedicated customer support. Customer satisfaction is ensured by the need that, prior to joining up with a broker, you must first go to the broker's website and ask as many questions as you possibly can. This enables you to acquire confidence in the platform and assists you in resolving any issues that may arise while you are trading.
You can make money with foreign trading in Vietnam using a variety of different financial vehicles tools.
Ѕhort Ѕellіng: The term "selling the yen" refers to the practice of selling the currency at a high price and buying it again at at a lower price at a later date. You will make a profit from the decline in the value of the currency.
Contract for Differences (CFDѕ): When you engage in this type of trading, you do not own the securities but rather invest in them. Now іѕ іt done? You only invest in the risk of the situation, not the actual surrendered goods. When you trade using this method, your broker can provide you with a greater amount of leverage than in traditional foreign exchange trading.
Foreign trading in Vietnam is expanding at an extremely rapid rate, especially now that almost everyone is interested in participating in the trade. You only need to locate the best broker, acquire the appropriate trading platform, begin investing, and then start trading. If you execute the plan well, it can be a lucrative business endeavor that helps you realize many of your goals and ambitions.
In Vietnam, forex traders are taxed. Traders in the forex market should keep track of their trading gains and losses on a yearly basis. Accountants and tax attorneys can help you file your taxes in the most effective manner possible. A tax-free or low-tax country may be a better option for Forex traders who make significant gains or who rely on Forex trading as their primary source of income. We'll say it again: get legal counsel in Vietnam. There is a wealth of information available to traders regarding the rules, regulations, and possibilities for a tax structure that is both efficient and legal.
Forex trading is available 24 hours a day, 5 days a week, and some brokers have established weekend currency pairs to facilitate this. Allows Forex traders to include the activity into their daily routines.
Forex trading is open to a wide range of investors, due the low starting capital requirements. After learning how to trade, we recommend setting up a monthly deposit plan. As a professional trader, you can expect a professional income from Forex trading.
Small portfolios can yield above-average returns using leverage. To avoid unwarranted losses, we strongly advise all traders to practice good risk management before employing leveraging accounts. More demanding and professional traders can save money by using co-working spaces instead of high-quality coffee shops in Vietnam.
Traders can always stay connected thanks to the widespread availability and stability of high-speed internet in Vietnam. Traders with advanced strategies can rely on VPS hosting to keep their trading robots connected to the market even if their devices go down for maintenance or upgrades. However, many brokers will waive the fee if you are a high-volume trader.
Direct and indirect revenue streams, as well as previously untapped potential, are all part of the package that comes with trading forex in Vietnam. Consumers become self-sufficient and tech-savvy as a result of this new source of income or income replacement.
The State Bank of Vietnam (SBV), which also serves as the country's central bank and financial regulator, does not permit the development of a local foreign exchange (Forex) infrastructure. Therefore, Vietnamese Forex traders have no choice but to depend exclusively on international providers because there is no local representation.
Forex traders in Vietnam are frequent targets of fraudulent schemes such as pyramid schemes, multi-level marketing scams, and Forex fraud.
Beginner traders sometimes bypass the teaching process in favor of pursuing large profits from leveraged accounts without proper risk management. It calls for self-control and perseverance, two qualities that many people lack.
Many people trade Forex without giving much thought to the less obvious components of the market, such as psychology, maintaining a healthy body to have better mental toughness, managing their time effectively, and trading in a calm and quiet setting.
Most novice traders grossly underestimate the amount of time necessary to generate adequate profits. They fail to respect that trading is a hard job, and as a result, they have to deal with the consequences.
Expectations of profits that are not grounded can lead to inefficient business operations, feelings of demoralization, and a reduction in wealth.
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