Most reliable brokers are best options for new traders as the solid base to start and for veteran traders to keep most of their investment while working continuously 24 hours a day. Currency trading sessions run without end like time on a clock: as Asian trading session ends, the European session begins, followed by the North American session then go back to the Asian trading session.
Asia is the second biggest market of currency exchange, and Asian traders have donated 30% of trading volume to the forex trading world. The foreign exchange market in Asia has developed quickly over the last 15 years, and there are more and more traders invest their money in the bustle of forex trading in Asia.
The number of new traders in Asia keeps increasing rapidly with newcomers every day with many financial activities and many sophisticated trading strategies. Between many old and new best forex brokers, the demand for trustworthy brokers is becoming increasingly important, especially for the purpose of practicing and testing for the trading community in this largest continent.
By contrast, Asian traders get the worst condition in the forex trading world: trading currency in Asia is restricted in many countries. Thus, they won’t be protected if any change happens. For that reason, we write this article to help Asian traders with factors of consequences to choosing reliable brokers, and we provide the list of the most reliable one as well.
The Key component of reliable forex brokers
There have many brokers operating for years along with hundreds of emerging ones. Without careful research, many new traders find all their fund waste in the very first round. If you don’t want to trouble yourself with scam brokers, you’d better choose carefully, do some research. Don’t blindfold yourself by some superficial fame; reliable forex brokers must have the following key components:
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Regulation.
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Accomplishment.
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Regional Offices System.
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Local Payment System
Now, let’s move to each component in particular for further understanding.
1. Regulation
Regulated forex brokers are professionals that have registered themselves with government financial institutions like the CFTC and NFA from the US, FCA from the UK, CySEC from Europe, and there are brokers with regulation from Asian country like Singapore, Japan, and Hong Kong. When a forex broker is regulated, they are bound to the rules and regulations from the state that control the forex market.
After working for years, we share a lot about the regulation in nations, and this is usually the first topic for most traders taking the first step in the forex trading world. The Western and America launched first on the path of forex trading, and the regulation is essential right from the start. Therefore, many people believe that the US or UK regulated brokers are better than the others. And as the foreign exchange market is restricted in many Asian regions and illegal in several countries, there are some traders even go extreme and don’t trust any brokers without a license from the US. There is no reasonable explanation but self-blinded. The US regulation is very standard and tough to obtain, it shows the reliableness of brokers, but it can’t prove that the others brokers are less reliable for traders.
Some brokers don’t have business in the States so they need not the US license. Especially with Asian traders, if they invest with brokers who have regulation in the local countries, they have better support and the law protection. Take Exness for example; this is the largest retail forex brokers presently, Exness doesn’t have the US license, and the company also has many local offices system in Asia. Their trading volume last month is 395 billion US dollars - the highest, and 99% of this comes from Asian regions. Reliable brokers need regulation, but it does have to be originated from the US. Asia is the second biggest currency market on the Earth, and many forex brokers have achieved success by serving this market.
In Asia, if your country has regulation on forex trading, you should trade with local brokers for more convenient services. Otherwise, you’d better choose brokers with reliable license - which can be from US, UK, Australia, or Europe, or Asian country like Singapore, Japan, Hong Kong. All of these are good for forex traders including Asian traders.
Note:
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Check Exness legal information HERE. Exness reports are audited by Deloitte with professional services networks - one of the Big Four accounting firms.
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US and UK forex brokers spreads, commission, and margin requirement are much higher than other continents’ brokers. If you were Asian and African traders, it’s better to study carefully.
(Check this article to know why: Disadvantages of US regulation).
2. Accomplishment
2.1. As top largest forex trader:
In the forex trading market, sudden changes are no longer the surprises to the community of traders. Only strong forex brokers can stand firm through big and small waves from the currency market for a long time. Reliable brokers climb up through years of dealing with different struggles. If brokers found themselves on the top largest, they must be excellent and honest to all traders.
There are many new Asian traders in the forex market, and it is your option to choose between emerging brokers and those top largest. Don’t forget to research. Then, you can test with the Cent Account for a low deposit and real trading condition. At the start, problems might happen for several months of trading, which rarely occurs with the top forex brokers. If you are interested in the top largest brokers, I recommend you to try Exness Cent Account. It is suitable for Asian traders with for Exness reputation. Here we list the Top 5 World Largest Forex Brokers:
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Exness.com: 400 Billion USD/month
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Forex.com: 300 Billion USD/month
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XM.com 290 Billion USD/month. >> Check more HERE
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Saxo Bank: 265 Billion USD/month
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Hotforex.com 209 Billion USD/month.
2.2. Clear and Clean History
Reliable forex brokers should have no scam report. Scam brokers produce false signals to take advantage of their traders. In 2015, Swiss Central Bank floated its CHF, and the CFH/USD was changed with over 3000 pips resulting in most brokers went bankrupt. With hundreds of millions of dollars fell, many traders jumped off. You can read more about forex trading world volatility and learn how those ghost brokers treated their unfortunate clients.
On the contrary, reliable brokers climb to the top with recognition and awards. There are brokers with over 10 years of operation with no scam claimed. Top largest brokers have proved its accountability through a hard time and earned their reputation. For Asian traders who have the sense of adventure and also love long-term strategies, choose the top forex brokers for the best result.
Read more : EXNESS CENT ACCOUNT - BEST TYPE OF ACCOUNTS FOR NEW TRADERS
Note: Veteran traders have years of experience with testing. Do some researches and save your time.
3. Regional Offices System
Strong forex brokers place their offices in their targeting country to keep in touch with traders, small and unreliable brokers don’t. It’s true, especially in Asia where it is much more complicated for oversea forex companies to open their office. Brokers must request for the registration to have the license in particular country. So, if problems occur, you can get support directly from the regional offices, or by the law if you find a scam broker.
On the other hand, local offices offer better services and direct support. There are local staff members to fill the culture gap; they could help you faster with your mother language and best services. Regional offices are also the place for traders gather together, make friends, and exchange; which also helps a lot to Asian traders. Moreover, as a big forex trading market, many local offices in Asia have come under the name of top largest brokers including Saxo Bank, Hotforex, and Exness. With the broad system of regional offices, large-scale forex brokers can compete with each other and also provide traders with better payment service, which would be explained further right below.
Note: Don’t worry if the top forex brokers don’t have offices in your country. You can still choose the local regulated brokers, or the foreign brokers with trusted regulation.
4. Local Payment System
Regional office goes with the local payment system. Veteran traders have experienced trading with many brokers without local payment support, and it takes a long time waiting for the transaction with different executions. Forex traders love fast payment service and deserve more flexible payment with local services. The excellent payment system must have the following features:
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Good System of Local payments.
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Fast deposit and withdrawal services.
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High minimum withdrawal limit.
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Low or zero fees for deposit and withdrawal.
However, there are brokers reject significant withdrawal to prevent money laundering. They should do the prevention of laundering money, but most traders do not use forex trading for that purpose. In addition, some brokers refuse high withdrawal because of the short amount of available cash in the bank. Moreover, it may also cause you losing all your trading fund if your money was kept for too long. Many brokers cannot guarantee your safety; this mainly affects Asian traders with their habit of using money regularly.
In my experience, between large brokers, Exness has the best payment system with many local payment points which offer instant withdrawal services. All transactions are instant, and you can get your money in no time, even on the weekends, and it’s free which all Asian traders love.
Note: Check the Exness Payment System HERE.
In a Nutshell
To sum up, in this current time of modern marketing, any forex brokers could become famous in a short time with some points of advantages. However, some key components need years to prove, and they show how reliable the brokers are and how they are trusted in particular countries. Traders should spend time reading carefully because many the history would help you to start slow but run fast to succeed. Finally, here is the list of 5 brokers that we consider as the most reliable for Asian traders:
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Exness.com >> Check more HERE
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XM.com
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Forex.com
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Saxo bank
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IG Group
Thanks for your time reading articel "5 Most Reliable Brokers for Asian". See you next time.
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