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Asian Forex Brokers, Brokers with offices in Asia

  • #1
  • First Post: Dec 7, 2009 9:49pm Dec 7, 2009 9:49pm
Hi, I posted a thread in the members lounge asking about Forex brokers located in Korea but after some research I found that there are barely any. So I took a step back and am currently looking for brokers in Asia. I wanted to start a new thread on it so I can start a discussion with fellow traders in Asia and share their experience.

I am a forex day-trader and I used FX Solutions while I was living in New York. I still have my account at FX Solutions and don't plan on closing it but would like to use a broker (preferably ECN) who has an office somewhere in Asia. I am currently trading back and forth in an office in Daegu and Seoul, South Korea. This is the list of brokers I have found so far and have some kind of interest in:

FX Solutions - had an Asia summit in 2007 and has white label partnerships in Asia

GFT - opened an office in Tokyo and Hong Kong

InstaForex - just won the "Best Broker in Asia" award - instaforex.com

FXAsia - fxasec.com , they use a platform called Chart Trader but I know nothing about it and they are located in Japan

FXCM Asia - I wasn't a big fan of FXCM while in the US

If anyone has any more to add that I can look over or if anyone can recommend any good brokers from experience, it would be greatly appreciated.

I prefer to use a broker with an office in Asia, but does anyone have any experience trading and having a broker only located in the UK or US?
  • #2
  • Dec 7, 2009 9:59pm Dec 7, 2009 9:59pm
If anyone else is interested, I'm looking into InstaForex and I like it. They are an ECN and use MT4, and apparently there are no spreads (I just started looking at the site so I'm not sure how they work yet, if anyone knows please explain). Minimum deposit is 10 dollars.

http://www.instaforex.com

I'm seriously considering opening an account there.
  • #3
  • Dec 8, 2009 12:40am Dec 8, 2009 12:40am
You are claiming they are an ECN. Yet, look at their model. Does it look like an ECN? If you do not know what an ECN is, research it, then look at instaforex.

Stay clear, they definitely are NOT an ecn.
  • #4
  • Dec 8, 2009 2:01am Dec 8, 2009 2:01am
Both onanda and saxo capital have offices in singapore
  • #5
  • Dec 8, 2009 4:13am Dec 8, 2009 4:13am
Quoting latropsudoxe
If anyone else is interested, I'm looking into InstaForex and I like it. They are an ECN and use MT4, and apparently there are no spreads (I just started looking at the site so I'm not sure how they work yet, if anyone knows please explain). Minimum deposit is 10 dollars.

http://www.instaforex.com

I'm seriously considering opening an account there.
You might check the Forex Peace Army forum for info, and esp re. InstaForex. I haven't traded with them, but I know they have a bad reputation. Sounds like you might be taking what they say on their website at face value; better to get trader's opinions (such as you're doing here), and do some independent research...
  • #6
  • Dec 8, 2009 7:33am Dec 8, 2009 7:33am
Quoting Takisd
You are claiming they are an ECN. Yet, look at their model. Does it look like an ECN? If you do not know what an ECN is, research it, then look at instaforex.

Stay clear, they definitely are NOT an ecn.
Try MF Global, ECN offering Currenex accounts. Local office in Singapore too.

P.S. I have no affiliation to them, however drop me a note if you need a contact.
  • #7
  • Dec 8, 2009 11:28am Dec 8, 2009 11:28am
(1) It's illegal to have overseas FX broker account for Koreans. You should only use domestic brokers such as KEB or Samsung securities, etc. If Korean authorities find out you have FX Solution account in the USA, they will arrest you.

(2) Under current law, Korean brokers can't get price feed directly from banks. They can get liquidity only from two foreign FX brokers (it used to be only 1 foreign broker until this August, now they changed the law and it's 2 brokers now). Yes, it's ridiculous law, but still it's the current law. So 100% of Korean brokers used FXCM until this summer and FXCM was making around $60 mio annually only out of Korea for providing liquidity to them. (Because of Korean market, Hotspot and FXCM was in serious argument when FXCM bought Hotspot retail.) Now, Gain capital, Advanced Markets and Interbank FX are fighting for the second spot.
  • #8
  • Dec 9, 2009 6:56am Dec 9, 2009 6:56am
I'm not a Korean citizen; I'm an American citizen living in Korea. I think it's legal for an American citizen to hold an account at a broker overseas. I'll check it out; if you know off the top of you head or can direct me in the right way, let me know.

Thanks again.
  • #9
  • Dec 9, 2009 12:25pm Dec 9, 2009 12:25pm
Avafx forex trading website is having a office in Dubai. I have opened a demo account there. The trading platform looks good. But when I searched about the payment credibility of avafx I found some disturbing discussions. So I would like to know more about avafx before opening a trading account there.
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  • #10
  • Dec 11, 2009 4:12am Dec 11, 2009 4:12am
Quoting latropsudoxe
If anyone else is interested, I'm looking into InstaForex and I like it. They are an ECN and use MT4, and apparently there are no spreads (I just started looking at the site so I'm not sure how they work yet, if anyone knows please explain). Minimum deposit is 10 dollars.

http://www.instaforex.com

I'm seriously considering opening an account there.
Not only are they not an ECN (lying to us in other words), they are unregulated and unlicenced, but they are also in big trouble in Malaysia for operating their business illegally. Steer well clear of them.
  • #11
  • Dec 11, 2009 7:52am Dec 11, 2009 7:52am
Hi Traders

If you may, pls. offer your inputs on ODL UK, FxPro UK and GoMarkets Australia?

I am planning to open a small live acct in 1st quarter 2010.

Thank you.
  • #12
  • Dec 23, 2009 5:49am Dec 23, 2009 5:49am
Quoting myonline
Hello all traders...

I think this broker is the best for me..
Best broker in Asia and very popular in Malaysia...
Happy Trading...

USD1500 For 5 Winner Every Week With Best Broker In Asia
Did they tell you how they hosted an expo illegally in Malaysia?
  • #13
  • Dec 24, 2009 7:16am Dec 24, 2009 7:16am
Quoting Takisd
Did they tell you how they hosted an expo illegally in Malaysia?
Hello Takisd
Tell me more with facts.
Instead going out of Msia, if InstaForex is genuine, I would consider to open a live acct, or else forget abt it.
  • #14
  • Dec 24, 2009 7:21am Dec 24, 2009 7:21am
Quoting myonline
This broker HQ located in Russia...
THE BEST BROKER IN ASIA 2009
You can can check the award...
Ok happy trading..
Hello myonline

Are you the employee of Instaforex?
Or you are a live trader with it?
  • #15
  • Dec 26, 2009 5:07am Dec 26, 2009 5:07am
FX TRADING and offering of trading services, is illegal in Malaysia. Alot of companies with presence in malaysia are offering teaching services. But Instaforex hosted an expo without permission from the government, and have since ruined it for anyone else who wishes to pitch the same sort of expo in that particular country. They are a bucketshop, a pump and dump company, and are now starting move accounts to their next scam after liteforex started going down.

I'd advise against using them.
  • #16
  • Dec 30, 2009 9:17am Dec 30, 2009 9:17am
Quoting pj.waterloo
Hello Takisd
Tell me more with facts.
Instead going out of Msia, if InstaForex is genuine, I would consider to open a live acct, or else forget abt it.
LOL the evidence is pretty clear to you, don't you think so? Open with more reputable broker like Oanda or MB Trading. Forex trading is difficult and risky enough already, why would you want to increase the risk against you by trading with a dubious broker?
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #17
  • Dec 30, 2009 9:40am Dec 30, 2009 9:40am
MB Trading charges you the old commission rates if you live in Hong Kong or China, seems unfair since Singapore and other top Asian cities are unaffected! Ok if you don't scalp but if you do then I suggest another cheaper same quality broker such as ATC
  • #18
  • Feb 3, 2010 2:14am Feb 3, 2010 2:14am
Alpari UK opened their office in Mumbai, India..last year only.
Just for the info only! No advise !
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #19
  • Feb 24, 2010 11:06pm Feb 24, 2010 11:06pm
i am considering this broker fxpro.
is cyrus safe for fund transactions?
i have no idea about this country but the mt4 platform is seems good to me?
any opinion?
thanks.
  • #20
  • Feb 24, 2010 11:20pm Feb 24, 2010 11:20pm
Quoting fxpip8
i am considering this broker fxpro.
is cyrus safe for fund transactions?
i have no idea about this country but the mt4 platform is seems good to me?
any opinion?
thanks.
i hold off for while, Greece is in a lot of trouble
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