Are there anyone wondering about my title? My purpose of writing today article is to share with you 3 behaviours that reliable brokers for Asian traders should have as well as the most 5 popular forex brokers as my recommendation. You can discover out my reason and the other 2 important criteria in this link. The principles included:
Good payment systems
Regional offices
Brokers’ regulations
And the most famous Asian traders are:
Exness. com >> for more information, check it here
XM. com >> for more information, check it here
Forex. com
Saxo Bank
IG Group
If you think this standards are similar to the criteria for the best forex broker, it is not. To find out the difference, please continue the reading.
1. Good payment systems
The withdrawal time is essential for traders as we all want to have our profit and deposited fund back as quickly as possible, hence our brokers should offer their customers with fast and unlimited payment system. However, there are some brokers who don’t have sufficient money used for mass withdrawal so they will try to reject our withdrawal if we do so. Therefore, you should not choose this type of brokers because the longer you keep the money in their accounts, the higher chance of losing your fund. So the standards for good payment systems would be:
Local payment
Low or zero fee for deposit and withdrawal
High minimum withdrawal limitations
Fast deposit and withdrawal system
Exness will definitely me recommendation to you as that broker has won my impression by offering the fastest money transaction as I could withdraw my fund within seconds and during weekends. Not only that, they also offer local payments system within a shorter time and without any fee. Check Exness Payment system here
2. Regional offices
When you already listed out the chosen brokers, you should looking for the ones that have offices in your country. The reason is each broker has a different target nations, and they only open their offices in countries where they are famous among those domestic traders, this also indicates that they have been delivering the most gratify services to the rest of the brokers in those countries as well as lots of domestic traders trust in them. Brokers with regional offices are more trustworthy because when they want to locate offices in any Asian country, they have to complete some of the regulations and be controlled by the national law. So in case you have any trading problems with them, you could go to their offices for help easily or if there is any scam, there will be government law to protect you. Hence, in order for you to protect your own benefits and stay away from bad brokers, brokers with regional offices in your area will be the best choice. However, it does not mean that the ones don’t have regional offices are bad, all of the 5 listed brokers are reliable, but the ones that having the offices in your country is more beneficial for you.
3. Brokers’ regulations
People usually say “save the best for last”, that what I will do now. Lastly I will introduce you the most important criteria to justify reliable brokers from disreputable brokers which are their regulations. Let’s me share with you my interesting experience with my friends when I ask them about the most reliable type of regulations. The answers I received were the licenses regulated by the United State (US) and United Kingdom (UK) are the most trustable. Additionally, my friends also refuse to consider other type of regulations like Australia, Hong Kong, Singapore and Japan because they have an absolute believe in the US and UK regulations, especially licenses from the US. That’s is not wrong, I must admitted that I personally very value the regulations from the US and UK as they satisfy all of the standards including trading platforms, technique, financial health and management. Nevertheless, it does not mean that brokers without the US or UK regulations are not reliable, it just means that those brokers don’t operate in these two countries so they don’t have licenses regulated by the US and the UK. The best examples are Exness and other big forex brokers, as they serve the second biggest pie of the market, which is Asia, so they don’t have to achieve the US and UK regulations. Especially for Exness, the biggest forex retail at the present, traded estimate of $400 billion a month and 99% of the trading volume is made by Asian traders, is still reliable without US or UK licenses. Moreover, I do not see lots of advantages for Asian and African traders to do trade with US and UK brokers because they usually set high spreads and commissions. Therefore, I usually advise traders to do trade with national licensing organisations, as I have mentioned above, those national licenses could protect you whenever you have any problems with the brokers. However, in the case there is no licensing organisation in the country you are living in, choose brokers who own trustable licenses. The licenses could be qualified from US, UK, Australia, Japan, Hong Kong, Singapore or CySEC. (You can read this article to know why: Disadvantages of US regulation).In summary, regulations are one of the most important to identify trustworthy brokers. You should choose brokers with national regulations belonging to the country you are living in. In contrast, if there is no organisations like that in your country, choose the brokers with the most reliable licenses like US, UK, Australia, Japan , Hong Kong, Singapore and CySEC.Moreover, I have been trading forex for many years and have faced many problems with my brokers. After all, I still value those big 5 brokers below because I have seen how trustworthy they are. That obviously my happiness to recommend them to you:
Exness. com
XM. com
Forex. com
Saxo bank
IG Group