Open Trading Account

It is now 21st century and has never been easier to open an account in your country. Although regulation varies between countries, basically all you need to open an account is your ID. Proof of residency might be required in some countries as well.

1) For Viet Nam Stock Broker, I would recommend these companies:

  • SSI
  • FPTS
  • VCBS
  • ACBS
  • HSC

I personally like FPTS for the low commission (0.15%). SSI is the biggest company and very good as well. To open an account with these companies, just come directly to their office and bring your ID with you. It usually doesn’t take more than 10 minutes to open an account. With some companies like FPTS, you can immediately start trading within 1 hour after finishing the submission. Brokers in general ‘desperately’ need customers to survive and grow so don’t be afraid to ask questions or demand anything you want.

For US and Australia or anywhere in the world, I’m open to your recommendations as long as it is objective.

2) For Forex broker, I would recommend:

  • FXCM (highly recommended because of no dealing desk- ECN broker)
  • OANDA ( very trustworthy company with a variety of products)

If you want to trade CFDs on US stocks, you might want to consider:
Teletrade (Don’t trade forex with this company, you will burn your account soon)

** Please do your research before opening a forex or CFDs account. My word is not enough for you to trust these brokers with your money. Beside, with IronFx and Teletrade, I wouldn’t be so sure to put much of my money in.

Open an account with these Forex brokers might be a bit more complicated if you are not living in US or developed countries. You need to fill in all the information registration on their website. Normally you would need to scan your ID and send it via email. With FXCM, a proof of residency is usually required. The hardest part is about money withdrawal and deposit. You would need to use bank wire or an Visa DEBIT account to do this. And as you might be already aware, there is a fee whenever you transfer your money so make sure to discuss with the company before you open an account. Some companies might give you a refund on the transferring fee.

Just a warning for those who are about to open account with a Forex broker or CFDs as mentioned above. THIS MARKET IS UNREGULATED and YOUR FUND IS UNSECURE. So please, protect yourself by not depositing a significant amount of fund in 1 broker. Because if anything happens, you are the first one to lose the money. If for a second you doubt what I just said, go and do some search about broker Alpari to see how their investors has been struggling since the SNB abandon the cap on CHF which led to the insolvency of the company.
With stock brokers, you are dealing with the exchange so it is regulated and safer to invest a huge amount of funds.
That’s all! Open an account is easy but Investing is much more intimidating so be prepared!.