Best Forex Brokers Comparison in Asia 2023
In today's fast-paced global economy, the foreign exchange market, or forex, plays a crucial role in facilitating international trade and investment. As an individual looking to participate in this dynamic market, choosing the right forex broker is of paramount importance.
With a multitude of brokers available, each offering different services, features, and trading conditions, comparing forex brokers becomes an essential step in ensuring a successful trading experience. By conducting a thorough comparison, traders can identify the broker that best aligns with their needs, goals, and trading style.
In this article, we will compare different forex brokers so that you can pick the right broker according to your needs. So, let's dive in and discover the perfect broker for you.
| BlackBull Markets | Eightcap | FP Markets | IC Markets | FxPro | Finex |
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BlackBull Markets: Trusted Broker with 26,000+ Tradeable Assets
BlackBull Markets started its journey in New Zealand in 2014 and now works with people in more than 180 countries all over the world. Let's check out what makes them special in the world of trading.
Key Features
Nice Trading Conditions: BlackBull Markets gives you good deals for trading. This means they offer low costs, fast trading, and lots of things you can trade, with a way to use high leverage (up to 500 times more).
Educational Resources: They help you learn with things like a calendar showing when to trade, videos, and other stuff for people who are new or know a lot about trading.
No Extra Fees for Deposits: When you put money into your BlackBull trading account, they don't charge you extra fees. They also offer different ways to deposit, depending on where you live.
Regulation and Safety: They follow the rules to make sure your money is safe. They have regulatory membership from the Seychelles Financial Services Authority (FSA) and the Financial Markets Authority (FMA) to make sure they do things right.
Trading Instruments
BlackBull Markets has a lot of different things you can trade, which is great for all kinds of traders.
For the forex traders, they have more than 64 pairs of currency you can trade. Plus, they let you use 1:500 leverage. If you're into trading stock market numbers and shares from different companies, they have lots of those, too. And the best part is you can trade them quickly, so you don't miss out on good deals.
If you want to try trading things like coffee, cotton, corn, sugar, wheat, soybeans, and cocoa, you can do that too with BlackBull Markets. If you're interested in energy resources like natural gas and different kinds of oil, they've got you covered.
And for those who like to invest in companies, BlackBull Markets offers more than 26,000 shares from over 80 places. The best part is that the fees are low, and they provide tools to help you analyze your investments better.
Account Types
They have different types of accounts, like Demo, Standard, Prime, Institutional, and Islamic accounts. They offer a demo account for 30 days. You get $100,000 to practice trading without risking your real money.
Standard Account is good for people who are starting. You don't need to put a lot of money in, and you don't pay extra fees. The trading cost starts from 0.8 pips. If you're experienced, a Prime Account has lower costs and needs $2,000 to start.
If you have a lot of money, you can use an Institutional account. You need to put at least $20,000 in, and it comes with extra things like Virtual Private Hosting (VPS). Further, the Islamic Account is for people who follow Islamic rules strictly.
Research and Tools
They give you information every day to help you make good trading choices. You can also use other tools to make trading easier. To make sure everything works smoothly, BlackBull Markets uses fancy technology. They use special data centers to make sure the trading happens quickly and doesn't stop even if there's a problem.
Risk Management
Eightcap: Offer 800 Instruments and Regulated by Top Tier Authorities
Eightcap is an Australian-based forex broker that offers its services through popular platforms like MT4, MT5, and TradingView. Established in 2009 in Melbourne, Australia, Eightcap has grown significantly while maintaining its commitment to providing top-notch brokerage services. The broker now offers access to over 800 instruments, including foreign currencies and stocks. Notably, Eightcap has received recognition through numerous awards, including the Best CFD Broker in Australia in 2022, the Most Innovative Affiliate Program, and Best Crypto Broker.
Regulations
One of the things that make Eightcap strong is that they follow the rules in different jurisdictions. They are regulated by four different regulatory bodies: ASIC, FCA, CySEC, and SCB. This shows that Eightcap wants to be honest and responsible when they do business in different parts of the world.
Account Types
Eightcap offers two types of accounts: Raw and Standard Account. Raw Account is best for experienced traders and those who like to trade mostly forex. With this account, the prices you see are very close to what's happening in the market (starting from 0.0 pips). You need at least $100 to start, and you can make small trades (as little as 0.01, depending on what you're trading). You can also use Expert Advisors (EAs) for automated trading.
On the other hand, the Standard Account is for people who want to trade without extra fees. The prices are a bit different from the current market price, and spreads start from 1.0 pips, but it's still good for trading. Just like the Raw account, you need at least $100 to start, and you can make small trades (as little as 0.01). You can also use Expert Advisors (EAs) with this account.
Both accounts need a minimum deposit of $100, which is pretty reasonable for most traders. If you're in Australia, you can use a leverage of 1:30, but if you're not in Australia, you can use a leverage of 1:500.
The main difference between these two accounts is how they charge you. The Standard account doesn't have extra charges, but the Raw account adds A$3.50 for every standard lot you trade. Both accounts can use seven different base currencies, like AUD, USD, EUR, GBP, NZD, CAD, and SGD, so people from different countries can use them.
Trading Instruments
At Eightcap, you can trade a lot of different instruments. You can trade 40 different currency pairs. This gives you a lot of options for trading different major currencies. Further, they offer more than 500 share contracts for difference (CFDs). These let you trade shares of big companies from the US, UK, Germany, and Australia without actually owning the shares. If you're into cryptocurrencies like Bitcoin or Ethereum, they have over 250 cryptocurrency CFDs. This includes pairs and groups of cryptocurrencies so you can get into the crypto market.
They also offer index CFDs, which let you trade on the performance of big groups of stocks. Some of the popular indices you can trade include US30, UK100, and SPX500.
While they offer a lot of different things to trade, keep in mind that Eightcap specializes in CFDs, especially share CFDs. They might not have as many options for trading commodities compared to other brokers.
Spreads
Deposit and Withdrawal
Eightcap makes it easy for you to put money into your trading account or take it out. They offer lots of deposit and withdrawal methods, like using credit or debit cards, cryptocurrencies, China UnionPay, bank transfers, Worldpay, Fasapay, Neteller, PayPal, BPAY, Skrill, and POLi.
The good news is that Eightcap doesn't charge you extra money for deposits or withdrawals. But remember, there might be fees imposed by the methods you are using.
When you withdraw, it usually takes 1-2 business days to process. Sometimes, it happens right away, and you get your money in seconds.
Maximum Leverage Offered
FP Markets: Access to 13000+ Trading Instruments
FP Markets started in 2005 and is based in Australia. They've become well-known for being a good forex broker that follows the rules and offers great services.
FP Markets makes sure your money and information are safe. They follow strict rules set by different organizations. Some of these organizations are the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority in South Africa. These groups make sure FP Markets does things the right way. Your money is kept in a separate account, so the company can't use it for their expenses. They also work with big, trustworthy banks like HSBC, Goldman Sachs, JP Morgan, and Barclays to make sure your money is safe and that they have enough money to pay you if you want to take your money out.
Special Offers
FP Markets has special offers for their clients. For example, if you start using their MT4 platform, you might get a welcome bonus of $30 USD. They also offer free VPS services to clients who deposit at least $500 or meet certain trading requirements.
Trading Fees
FP Markets has competitive fees, which means they don't charge a lot. The exact cost depends on the type of account you have and what you're trading. For example, if you use a Standard MT4 or MT5 account, you don't pay any extra fees. But if you use a Raw MT4 or MT5 account, you'll pay a commission of $7 AUD for every round turn. If you trade forex, the FP Markets ECN Raw Account charges a commission of $3 for every lot you trade. They also cover the cost of bank withdrawals, so you don't have to pay extra.
Deposit and Withdrawal
FP Markets makes it easy to add money to your account and take it out. They accept different payment methods like credit cards, bank transfers, and e-wallets. You can also choose different currencies to put in your account. Taking money out usually takes just one business day, but if you're taking out money in a different currency, there might be a $10 AUD fee.
Account Types
Opening an account with FP Markets is easy and can be done online. They have different types of accounts like Standard and Raw accounts for MetaTrader platforms and Standard, Platinum, and Premier accounts for the Iress platform. You can open an account by yourself, with someone else, or even as a company or trust.
Trading Platforms
FP Markets gives you a lot of choices for how you want to trade. They have platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) that you can use on your computer or phone. They also have a web version called MetaTrader WebTrader. Another platform they offer is Iress, which has different parts for different kinds of traders. You can also use cTrader, which has advanced features for charts and trading.
Education and Research
FP Markets has lots of resources to help you learn more about trading. They have articles, eBooks, and videos on their Traders Hub Blog. You can also find technical and fundamental analyses for different things you can trade. They even have videos on their YouTube channel to help you understand better.
Customer Support
If you need help, FP Markets is there for you 24/7. You can call them, send an email, or use live chat. They speak many languages to help people from all over the world. You can also find answers to common questions on their website.
IC Markets: Provide the Lowest EUR/USD Spreads
IC Markets, founded by entrepreneur Andrew Budzinski in 2007, is a renowned broker in the currency and CFD markets. Based in Sydney, Australia, IC Markets offers competitive spreads and a wide range of tradable assets.
IC Markets really cares about keeping your money safe. They follow strict rules from three important regulatory bodies: the Seychelles Financial Supervisory Authority (FSA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Exchange Commission (ASIC). These regulations make sure IC Markets does everything right and that your money is safe.
Key Features of IC Markets
- Institutional-Level Liquidity: IC Markets lets you trade like the big traders with something called "institutional-level liquidity." It sounds complicated, but it's like trading with the experts.
- No Extra Fees: You can trade without paying extra fees on certain accounts.
- Multiple Trading Platforms: They have many ways you can trade, like using MetaTrader and cTrader. You can use these on your computer, phone, or tablet.
- 24/7 Customer Support: Help When You Need It: IC Markets is ready to help you all day, every day. They have customer support to answer your questions.
- Diverse Asset Classes: IC Markets offers a bunch of instruments you can trade, so you can try different things and not put all your money in one place.
- Educational Resources: They provide lots of things to help you learn about trading, like articles, videos, and other stuff. They also give you information about what's happening in the market.
Markets and Instruments
IC Markets Account Types
IC Markets has three main types of accounts: Standard Account for MetaTrader, Raw Spread Account for MetaTrader, and Raw Spread Account for cTrader. The Standard Account is good for different trading styles, and they even have an Islamic account for some people.
Raw Spread Account for MetaTrader is perfect for traders who use special strategies. They also have an Islamic account. Traders who want to trade every day and use different strategies can use the Raw Spread Account with cTrader.
IC Markets offers both commission-based and commission-free accounts, with spreads varying depending on the account type and currency pairs traded.
Trading Platforms
IC Markets gives you different platform options to trade, like MetaTrader 4, MetaTrader 5, and cTrader. You can use them on your computer, phone, or tablet, which makes it easy to trade wherever you like.
Additional Features
IC Markets offers several unique features, including:
Social Trading: Clients can integrate their trading platforms with social trading services to learn from and emulate successful traders.
High Net-Worth Trading: High net-worth traders can access direct liquidity providers through API trading.
Automated Analytics: Traders can access trading ideas and insights through the Trading Central section.
Education and Research
IC Markets provides a comprehensive educational section with resources on forex trading, technical analysis, fundamental analysis, risk management, and more. Traders can access research materials, economic calendars, and trading data to make informed decisions.
FxPro: Best For Brokers Who Want Many Choices in Trading CFD and Forex Markets
When it comes to reputation and trustworthiness, FxPro scores quite high in the UK. The company was founded in 2006 in the U.K. and has executed more than 250,000,000 orders. In 2017, they were voted the most trusted forex brand in the U.K. and in our forex broker comparison list.
At the moment, they operate in 173 countries and have more than 870,000 client accounts and €100 million of Tier 1 capital.
Some of their unique features include an algorithmic trading center that works well with cTrader. With this, you can create your trading strategies and custom indicators. They also have a virtual private server (VPS), that allows the clients to upload and run MT4 Expert Advisors and algorithm robots 24/7 without having to keep the trading terminal active.
As for the choices you get when you use their services, you will find that they offer;
- Over 70 currency pairs
- More than 150 unique equity shares
- Futures (an unusual move for a forex broker company)
- Stock indices
- Commodities
They will give you all this and also offer you both CFD and spread. With the spread, you can get tax advantages as a U.K. citizen. In our IC Markets review, we found their spreads to be comparable to ECN.
Not only do they have all these great options, but their customer service is also excellent. The support is multilingual, available 24/5. The live phone support system works well with a toll-free number in the U.K., France, UAE, Germany, and Russia.
Because of the range of forex pairs and the opportunity to trade equity indices, commodities, and futures, FxPro is head and shoulders above IC Markets, in this respect.
Finex: Top Forex Broker in Indonesia
Finex is an Indonesian forex broker that has been in operation since 2012. Whether you're a seasoned trader or just starting out, Finex aims to cater to your unique trading needs.
Features of Finex
Keeping Your Money Safe: Finex prioritizes the safety of its customers' funds. They ensure that 70% of clients' money is held in a secure institution known as PT. KBI (Indonesian Futures Clearing House), which is guaranteed by the Indonesian government. The remaining 30% is kept in a bank that follows Indonesian regulatory rules. This dual-layered security approach gives peace of mind to traders.
Lightning-Fast Execution: One cool thing about Finex is they're super fast at making trades happen. Almost all the trades they handle are done in less than one second! Also, if you put money in your account, it only takes about 15 minutes for it to show up, so you can start trading quickly.
Easy to Use: Finex uses the MetaTrader 5 platform, which lots of traders like. It has tools and EAs for all kinds of traders, whether you're a beginner or an expert. If you're a Muslim trader, they even have an Islamic account that doesn't involve interest, which is important for some people. And you can make as many trades as you want.
Platform
What You Can Trade at Finex
They have 27 different currencies and three precious metals (Silver, Gold, and Crude Oil). This lets you make your trading safer by spreading your money around. Additionally, you can invest in 41 different company stocks from different countries. This helps you make money when the stock market goes up.
They let you trade in seven big indexes, which helps you be part of different markets and not put all your money in one place.
Account Types in Finex
Finex has one type of account that works for everyone. You can use different levels of leverage, and they don't charge a lot for trading. You only need $10 to start, so even if you don't have a lot of money, you can join in.
For people who follow Islamic beliefs, Finex has special accounts that follow those rules. They also keep an eye on your account balance and stop you from trading too much if you're risking too much money.
Trading Platforms + Tools
How to Start Trading with Finex
- Go to their website and click on "Open real & demo account."
- Fill out a short form or use your social media account.
- Confirm your account.
- Put money in your account using different methods, including popular Indonesian banks.
Research Tools
The Finex Platform
They use MetaTrader 5, which is known for being fast and flexible. You can use it for different trading styles and have access to lots of helpful tools.
Finex might not be the best forex trading broker, but they are a good company to trade with. They have an easy-to-use platform, 78 assets you can trade, and they don't charge too much. They also take care of their customers and make sure your money is safe. So whether you're new to trading or you've been doing it for a while, Finex is a good choice to help you succeed.
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Final Words
It's really important for any forex trader to compare different forex brokers. This means doing careful research and thinking about what you want in a broker. When you compare brokers, you look at things like the platform they use, how much they charge you in fees, how good their customer service is, whether they follow the rules, and what you can trade with them.
Doing this helps you make smart choices that fit with your own trading goals and what you like. It's like finding the right tool for the job. When you compare brokers, you're finding the one that's the best fit for you. This way, you can trade forex with confidence and have a good experience. So, this comparison among the brokers will surely help you to find the perfect broker according to your needs.
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Best Forex Brokers By Countries - 2023
Top Rated Online Best Forex Brokers 2023
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