A lot of brokers want to offer their services in Korea as it is a very prosperous country. However, not every one of them wants to be regulated and do business legally.
Our list is based on research conducted by us. We are happy to share the list of FSS regulated brokers. People who live in financially prosperous countries tend to invest a lot. This is very true about South Korea. It is among the top ten richest countries in the world and people invest a lot of their earned money in various financial instruments.
Forex is one of them. However, trading in currencies has never been without risks. All profits in trading come with relative risk taking. One of the ways to significantly reduce the risk is to choose a reliable broker you are going to trade with.
How is that done? Secondly, it has to offer user friendly and easy to use platform. Thirdly, commissions have to be low. Then, you need to have a choice of different types of accounts so that you could choose the one that fits your trading style best. The broker also has to offer excellent customer service and finally you should be able to get lots of additional and useful services. With time financial market regulators become stricter and stricter. It does not really matter where you live, financial authorities around the world tend to be more strict against unregulated brokers and they place more restrictions on leverage that brokers offer to traders.
Margin requirements have also been raised. It regulates, monitors and supervises financial institutions in the country.
As Korean traders experienced huge losses during the mentioned meltdown the FSS stepped in and in introduced new regulatory measures. They reduced leverage that brokers can offer to They also require now of financial intermediaries to strengthen risk disclosure statements and reduce their promotions that aim to gain more clients.
FSS punishes those brokers who fail to follow these new regulations and those who trade without proper regulation are out of business for good. So, if you trade with one of the FSS regulated brokers you can be pretty sure that the regulator will not allow any foul play by any broker under its jurisdiction. As a Korean trader you will be spending your work time in front of your pc doing analysis of currencies, opening and closing positions and etc. This means you will need a good trading platform in order to work as efficiently as possible.
In this electronic age, traders do not stand in crowded rooms shouting their orders to dealers. No, they are at home, outside or wherever they want to be, provided they have their laptop with them. One wrong push of a button or setting your stop at a wrong place and you can lose a load of money due to the mistake. Therefore, your platform or online software for trading has to be user friendly, comfortable to use, has a possibility to open a truckload of symbols if you need to do cross analysis of various currency pairs, different time frames, from tick to one month, as many indicators as you need, possibility to do your own technical and fundamental analysis and many more.
Most traders find Metatrader to be the right platform for them and if your broker does not offer that one, you should probably search for another one. Commissions can increase the cost of trading. It is only natural for traders to search for brokers with low transaction costs. In Forex, spreads are commissions. A spread is the difference between bid and ask price and they are usually the only way for brokers to charge their clients. Spreads can be fixed or variable.
Different currency pairs have different spreads. Major pairs with fixed spreads will often have spreads ranging from 1 to 5 and crosses from 6 to Exotic currency pairs can have from 20 to 50 pips. So, if you trade majors your costs of transaction will be the lowest. Variable spreads are always lower than fixed, but under regular market conditions.
If there are no major news impacting price action major pairs can have However, when important news such as interest rate decision by FED comes out you can expect a lot of volatility and then spreads widen times for a few minutes.
You might live in Korea and still have very little money to invest in currencies. Do not worry about that as Forex brokers offer different kinds of accounts that usually depend on your capital size. You can open a standard account if you have 10k or more and trade lot sizes that exceed k. However, do not forget to set tight stops as losses tend to increase with the risks on big amounts of money.
Some traders open positions that are in the thousands or even millions worth of dollars. In that case, they need a VIP account to get special service, large volumes and other necessary things for trading such huge positions. As brokers make money from their services to you, amazing customer service is something you should expect from them. They have to answer your questions, solve your problems and help you with any issues that arise with your trading in a quick and efficient manner.
If their online customer service is slow, it takes weeks to get a reply and if the problems are not dealt with efficiently, you should not open an account with them or stop using their services if you have actually opened an account with them. Good brokers place a lot of useful materials on their websites, mostly educatory in nature, but there could be other resources too. Free Ebooks and webinars, daily and weekly technical as well as fundamental analysis is expected from a reliable broker.
A news feed should also be there with some comments from experts regarding interest rate policy of most popular Central Banks. Some brokers also organize trading contests where you can test your skills to make a lot of money in a short period of time.
So, the more you are offered, the better. Choosing a reliable broker is a complex process that includes finding a broker which is regulated, offers excellent trading platform, has low spreads, accepts different kind of accounts depending on your capital size and treats his customers with respect and solves their problems in a timely and careful manner. Best Forex Brokers in Korea A lot of brokers want to offer their services in Korea as it is a very prosperous country.
Your capital is at risk. All trading involves risk. Your capital might be at risk. How to Choose a Forex Broker as a Korean trader People who live in financially prosperous countries tend to invest a lot. Account Types You might live in Korea and still have very little money to invest in currencies.
Standard account You can open a standard account if you have 10k or more and trade lot sizes that exceed k. VIP accounts Some traders open positions that are in the thousands or even millions worth of dollars. Customer Service As brokers make money from their services to you, amazing customer service is something you should expect from them. Additional Services Good brokers place a lot of useful materials on their websites, mostly educatory in nature, but there could be other resources too.
Conclusion Choosing a reliable broker is a complex process that includes finding a broker which is regulated, offers excellent trading platform, has low spreads, accepts different kind of accounts depending on your capital size and treats his customers with respect and solves their problems in a timely and careful manner. ABOUT US FX Empire - the company, employees, subsidiaries, and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website.
The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. FX Empire may receive compensation from the companies featured on the network. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price.
FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire. AvaTrade 23 User Reviews. Open Account All trading involves risk eToro Review. IQoption 14 User Reviews. Open Account Your capital is at risk Markets. Plus 43 User Reviews. Open Account Your capital is at risk Plus Review.More...