Forex trading in Taiwan is popular among Taiwanese residents, as the country has a developed and integrated economy, is a major exporter, and has a tech-savvy population.
Our Taiwan Forex brokers review provides a list of competitive Forex brokers and an introduction to Forex trading to assist beginners.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
Comparison of the Best Forex Brokers in Taiwan
| | | | |
Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | FMA, FSA |
Year Established | 2011 | 2005 | 2009 | 2014 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | ECN/STP, Market Maker | ECN/STP, No Dealing Desk |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 0.1 pips | 1.2 pips | 1.0 pips | 1.3 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.4 pips | 1.2 pips | 2.0 pips |
Average Trading Cost Gold | $0.18 | $0.16 | $0.12 | $0.90 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | ||||
Negative Balance Protection | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM offers the industry-leading MT4 and MT5 platforms, which support algorithmic trading and have an embedded copy trading service. The Pivot Point Strategy MT4 plugin upgrades the trading experience, while mobile traders benefit from the user-friendly FXTM Trader.
Traders will increase profits due to the ultra-low-cost structure - raw spreads of 0.0 pips for a commission of $0.80 and $4.00 per 1.0 standard round lot. This places FXTM at the top of our Taiwan Forex brokers ranking. In addition, beginners get actionable trading signals and quality education.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets lands on our competitive Taiwan Forex brokers list due to its 12-plugin upgrade package, plus services by Trading Central and Autochartist for MT4/MT5. Traders can also use cTrader, and while the Iress trading platform is available, geographic restrictions apply. VPS hosting ensures algorithmic traders get low-latency 24/5 market access. Licensed account managers can provide traditional account management services via MAM/PAMM accounts.
Beginners get quality education and research, and multi-lingual customer support is available 24/7. Besides embedded MT4/MT5/cTrader copy trading services, traders can use the FP Markets alternative, the well-known Myfxbook Autotrade service, or fee-based Signal Start.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap is the broker on our Taiwan Forex brokers list with the most cutting-edge trading solutions. Capitalise AI for MT4, allowing algorithmic trading in a code-free environment, stands out as a unique trading tool. The FlashTrader plugin enhances MT5, and cryptocurrency traders get the dedicated Crypto Crusher. VPS hosting ensures low-latency 24/5 Forex trading for algorithmic traders, who benefit from great trading infrastructure and deep liquidity.
Traders get a well-balanced asset selection and competitive commission-based trading costs. Eightcap also connects social traders to the 50M+ traders at the active TradingView community, while copy traders get embedded MT4/MT5 services.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Forex Trading in Taiwan
Taiwan is the perfect Forex hub for international Forex brokers, given the excellent infrastructure. Internet penetration is just shy of 91% with mobile penetration standing at 125%, granting everyone a access to the web, and, therefore, access to the Forex market. Additionally, almost 85% of the population is active on social media.
Trading with one of the brokers on our Taiwan Forex brokers list will provide Taiwanese traders with the right resources that cater to the most popular Forex strategies in Taiwan.
What to Look for in a Taiwanese Forex Broker
All competitive Taiwanese Forex brokers should offer the following:
- Regulation - A clean regulatory track record of 10+ years.
- Low trading fees - Maximum fees of 0.8 pips or $8.00 per 1.0 lot on major currency pairs and competitive swap rates, including positive rates on qualifying assets.
- Trading platforms - Full support for algorithmic trading as 80%+ of Forex trading volume is algorithmic.
- Asset diversity - Sufficiently liquid and well-diversified assets to enable numerous trading strategies.
- Deposits/Withdrawals - No internal deposit or withdrawal fees with low to no minimum requirements.
Forex Trading Regulations in Taiwan
The Central Bank of the Republic of China (Taiwan) regulates the domestic Forex market. It does not apply to international Forex brokers like the ones on our Taiwan Forex brokers list. Taiwan does not impose Forex controls, and there is no requirement for international Forex brokers to obtain a license in Taiwan.
How Much is Maximum Forex Leverage in Taiwan?
The platforms from our Taiwan Forex brokers ranking offer a maximum Forex leverage of 1:500 on major currency pairs with negative balance protection. Some brokers have a multi-tier system, increasing margin requirements with lot size. Taiwanese traders must always use proper risk management when using leverage to avoid magnified trading losses.
How to Start Forex Trading in Taiwan?
Traders should consider the tips below before opening and funding an account with one of the brokers on our Taiwan Forex brokers list.
Here are tips on how to start Forex trading in Taiwan:
- In-depth education is paramount.
- Forex trading is a skilled profession that traders must respect.
- Up to 90% of traders lose money, while those who are profitable master trading psychology.
- Traders must understand the importance of leverage and its relationship to risk management.
- Leverage can magnify profits and losses but is an excellent and necessary tool if used properly.
- Risk management is equally essential as the trading strategy.
- A suitable trading strategy often reflects the personality of traders.
- A competitive trading environment requires low trading costs, its primary component.
- Profitable traders must master the proper placement of take profit and stop loss levels.
What is the Best Trading Platform in Taiwan
All brokers on our Taiwan Forex brokers ranking offer MT4. It is the best trading platform in Taiwan due to its versatility and upgradeability. It fully supports algorithmic, copy, and API trading. MT5 and cTrader complete the top three trading platform choices.
Forex Trading Taxation in Taiwan
While the brokers on our Taiwan Forex brokers list are offshore brokers, Taiwanese Forex traders must consider domestic taxes. There has been no capital gains tax in Taiwan since 2016, but income taxes may apply. Therefore, all Taiwanese Forex traders should consult with a legal professional to seek tax advice in Taiwan to ensure compliance with local rules and regulations.
Pros & Cons of Forex Trading in Taiwan
Before opening an account with one of the brokers Taiwan Forex brokers, traders should consider the pros and cons of Forex trading in Taiwan.
The pros of Forex trading in Taiwan are:
- Lower capital requirements versus other assets
- 24/5 decentralized trading
- Passive income opportunities
- Frictionless financial transactions
- 80% of daily volume is algorithmic.
- Copy and social trading.
- PAMM/MAM accounts
The cons of Forex trading in Taiwan are:
- Disrespect of Forex trading as a high-skilled profession
- Demo trading yields a false sense of accomplishment.
- Overtrading, frustration, and inefficient trading amid a lack of sufficient capital and unrealistic trading expectations.
- Emotion-based decision-making
- A fundamental misunderstanding of Forex trading, its requirements, and possibilities
- Manual trading in an algo-dominated environment
- Disconnect between leverage and its relationship to risk management.
- Improper risk management
- Scams and frauds
Bottom Line
Taiwan has an excellent infrastructure for Forex trading, and international offshore Forex brokers, like the ones on our Taiwan Forex brokers list, serve retail demand. Taiwanese Forex traders usually have higher deposits than many other countries, and the growth continues to attract Forex brokers, who often customize their websites in Chinese. Before opening and funding accounts, beginners must invest in education to lay a sound foundation for success.
You might also be interested in reviewing the below top brokers:
