Taiwan Forex Company Complete Guide: How to Choose the Right Forex Trading Platform

For investors looking to enter the Forex market, finding a reliable Forex trading platform is the first step toward success. However, the market is filled with various Forex companies, each with different services, costs, and regulatory backgrounds. This guide will help you understand the main domestic and international Forex brokers in Taiwan and teach you how to choose the one that best suits your needs.

What is a Forex broker and why trade through it

A Forex broker is the bridge connecting retail investors to the Forex market. Individual investors cannot directly access the interbank Forex market and need to execute trades through licensed Forex companies. These Forex trading platforms provide clients with bid/ask quotes, order execution, and leverage trading tools.

Unlike traditional banks that only offer major currency exchange, professional Forex trading platforms can offer over 100 currency pairs for clients to choose from. Some currency pairs are highly volatile, offering traders potential profit opportunities.

Two operational models of Forex brokers:

Dealing Desk (Market Maker) Model

• The broker acts as the counterparty to the trader, providing fixed bid/ask prices
• Profits are made from the spread
• Orders are usually executed within the broker’s internal liquidity pool, requiring traders to trust the broker
• Advantages: fast execution, relatively transparent costs

No Dealing Desk (STP/ECN) Model

• The broker sends orders directly to the market for matching
• Clients see real-time quotes from global banks
• Divided into STP and ECN types
• Advantages: lower spreads, more transparent prices

Key comparisons of major domestic and international Forex brokers

Below is a comparison of the core features of seven major Forex trading platforms in Taiwan and internationally:

Detailed introductions of the seven Forex brokers

Yuanta Futures: Taiwan’s first locally regulated leverage broker

Yuanta Futures became Taiwan’s first futures broker licensed for leverage trading in 2017, regulated by the Taiwan Financial Supervisory Commission. The platform is based on MetaTrader 5, offering 35 currency pairs.

Key advantages:

• Locally regulated, ensuring fund safety
• Forex and metals with 0 spread offers
• Minimum lot size of 0.01, friendly for small traders
• Leverage of 20x-30x, with professional clients able to apply for higher

Points to note:

• Overseas indices and stocks incur 0.01%-0.1% handling fees
• Trading hours limited to Asian session

Mitrade: A combination of international platform + localized service

Founded in Australia, Mitrade is authorized by ASIC and other regulators, with over a million global users. The platform is recognized for its self-developed trading system and user-friendly design for beginners.

Key advantages:

• Supports TWD deposits/withdrawals, eliminating currency exchange hassle
• Low minimum deposit of $50, suitable for small traders
• Flexible leverage from 1x to 200x
• Zero commission + floating spread model
• 24-hour Chinese customer support
• Negative balance protection, losses cannot exceed principal
• $50,000 demo account bonus for beginners

Ideal for: beginners, small traders, investors seeking convenient TWD deposits/withdrawals

KGI Leverage Broker: Direct regulation by Taiwan FSC

KGI Futures’ leverage broker is regulated by Taiwan FSC, the Central Bank, and OTC Center, ensuring high fund security. The platform uses Nano Trading King system, supporting 12 currency pairs.

Core features:

• Multiple layers of regulation, strong fund protection
• Floating spread + overnight fee
• Overseas indices incur 0.01%-0.50% handling fee
• 24-hour trading support
• Some products with minimum $5 fee per trade

Far Eastern Bank Forex: Traditional bank’s Forex trading

Far Eastern Bank is a well-established Taiwanese commercial bank that recently launched Forex margin trading services, with 56 branches nationwide offering account opening.

Features:

• Bank background, high credibility
• Minimum deposit of $10,000 USD, higher entry barrier
• Major currency pairs with fixed 5 pip spread, adjustable with market conditions
• Fixed 20x leverage
• 24-hour trading

Suitable for: conservative investors preferring bank-backed systems with larger capital

IG: The oldest global Forex broker

Founded in London in 1974, IG is part of the FTSE 250 index, offering thousands of tradable financial products. It has offices in 17 countries and is well-known for its strength and reputation.

Advantages:

• Long history, globally recognized
• Wide selection of 100+ currency pairs
• Up to 200x leverage
• Proprietary platform + app with rich features

Cost considerations:

• Floating spreads from 0.6 pips
• Overnight fees and monthly inactivity fee of AUD 18
• Withdrawal minimums vary by currency (from USD 150)

IC Markets: High-leverage ECN platform

IC Markets is an Australian ECN Forex platform with a strong financial background, known for high leverage.

Highlights:

• Up to 1000x leverage (very high risk)
• 61+ currency pairs + stocks, crypto, bonds
• Floating spreads + low commissions
• Supports multiple international currencies for deposits
• No withdrawal fees

Risk warning: Extremely high leverage involves significant risk; proper risk management is essential

CMC Markets: A long-established broker regulated in multiple countries

CMC Markets is listed on the London Stock Exchange, regulated by FCA, ASIC, FMA, and others, providing a global institutional-grade trading platform.

Platform features:

• Nearly 12,000 CFD products
• Customizable, intuitive trading platform
• Up to 500x leverage
• Spreads vary by currency pair (AUD/USD from 0.7 pips)

Funding & costs:

• Only supports bank wire transfers
• Dormant account fee of USD 15/month after 1 year
• Commissions vary by account type

How to choose the right Forex trading platform for you

When selecting a Forex company, traders should evaluate based on these six dimensions:

1. Trading cost structure Beyond obvious spreads and commissions, watch for hidden costs. Check withdrawal fees, account inactivity fees, overnight holding costs, etc. Some platforms may have low spreads but high overnight or withdrawal fees, so consider the true cost.

2. Regulatory credentials and safety The most critical factor is whether the Forex company holds a valid license. Check their website for the regulator’s name, license number, and verification method. Platforms regulated by ASIC, FCA, FSB, etc., are relatively safer. It’s recommended to verify license authenticity directly on the regulator’s official website.

3. Range of trading instruments Ensure the platform offers the currency pairs, commodities, or indices you plan to trade. Some platforms offer over 1000 products, others only a few dozen—significant difference.

4. Trading platform and tools User experience directly impacts trading efficiency. MetaTrader 4/5 is industry standard, but platforms’ custom tools, analysis features, and mobile design vary. It’s advisable to try demo accounts first.

5. Deposit and withdrawal flexibility Check supported payment methods, minimum amounts, processing times. Platforms supporting TWD deposits/withdrawals, like Mitrade, are more convenient for Taiwanese traders, avoiding currency conversion losses.

6. Customer service quality When facing trading issues or market anomalies, quick professional support is crucial. Check if 24-hour Chinese support is available, response speed, and problem-solving ability.

How Forex brokers make profits

Understanding the platform’s profit model helps assess potential conflicts of interest.

Market Maker’s profit logic:

• Profits from the bid/ask spread
• When clients lose, the platform profits; when clients win, the platform may lose
• Some platforms may restrict client profits or manipulate slippage
• Caution is advised; verify regulatory status carefully

STP/ECN platform’s profit logic:

• Charges fixed commissions or markups per trade
• Profits from trading volume regardless of client profit/loss
• Prefer frequent traders
• Profitability is more consistent, with lower risk

Example account opening process: Mitrade

Knowing the account opening process helps you get started quickly. Using Mitrade as an example, the entire process is online and completed in three steps:

Step 1: Register an account

• Visit the official website, fill in basic info (email, password, residence)
• Verify email and complete identity verification
• Choose to open a real account or start with a demo

Step 2: Deposit funds

• Select deposit method (credit card, e-wallet, bank transfer, TWD deposit/withdrawal)
• Confirm exchange rates and fees
• $50 is enough to start trading

Step 3: Start trading

• Choose trading instruments (EUR/USD, gold, oil, crypto, etc.)
• Set leverage, stop-loss, take-profit
• Place orders and execute

Common FAQs

Q1: Why must I choose a regulated Forex platform?

A: Regulated platforms under authoritative financial institutions must comply with strict industry standards and capital requirements, meaning:

• Client funds are kept separate from platform funds
• If the platform collapses, client funds are protected via compensation funds
• Disputes can be filed with regulators
• Operations are transparent and supervised

Unregulated platforms, if problems occur (e.g., fraud, withdrawal denial), leave investors with little recourse.

Q2: How to verify a Forex company’s regulation status?

A: Every regulated Forex broker has a unique license number. Verification steps:

• Visit the broker’s website, find “Regulation” or “About Us”
• Note the license number and regulator’s name
• Visit the regulator’s official website (e.g., ASIC) and verify the license
• Confirm license status, issuance date, scope
• If the platform cannot clearly display regulation info or provides vague explanations, be cautious

Q3: Are Market Maker platforms really bad for traders?

A: Not necessarily. The quality depends on regulation and integrity:

• Well-regulated Market Makers (e.g., licensed large brokers) often have fast execution and transparent costs
• Unregulated Market Makers are high risk
• The key is choosing licensed, reputable platforms with long operation history and good reviews
• Beginners may prefer stable execution platforms rather than extremely high leverage ECN

Q4: What is the minimum deposit to start trading?

A: Varies widely:

• $50 or more: Mitrade, IG, suitable for beginners
• $200 or more: IC Markets
• $10,000 USD or more: Far Eastern Bank Forex
• No minimum: Yuanta Futures, KGI, but actual margin requirements apply

Choose based on your capital and risk tolerance.

Q5: Is higher leverage always better?

A: Absolutely not. Leverage is a double-edged sword:

• Very high leverage (e.g., 1000x) amplifies gains but also losses
• A single adverse market move can lead to margin calls
• Beginners should choose 20x-50x leverage and learn risk management first
• Focus on proper stop-loss and position sizing rather than just leverage size

Q6: Why is TWD deposit/withdrawal important?

A: Platforms supporting direct TWD deposits/withdrawals offer:

• No currency conversion losses
• Faster transfers, usually within 1-2 business days
• Easier accounting and tax reporting
• Mitrade and some international platforms support this, which is a major convenience for Taiwanese traders

Summary

Choosing a trustworthy Forex trading platform is the foundation for long-term trading. When evaluating, prioritize regulatory status, then consider trading costs, instrument variety, deposit/withdrawal convenience, and customer support. For Taiwanese traders, special attention should be paid to whether the platform supports TWD transactions and is regulated by international authorities. Regardless of the platform chosen, start with demo accounts, develop a clear risk management plan, and avoid blindly chasing high leverage. There is no absolute “best” platform—only the one most suitable for your trading style and capital.