5 Best Forex Brokers in China [year,month] - Forex Trading in China
Best Forex Brokers in China
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Affiliate DisclosureDailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Christopher Lewis
China is an ultra-competitive Forex market, with over 1.4 billion residents. The Chinese Yuan continues to increase its role in the global economy competing with the US Dollar in its aim to become a global reserve currency. China is also a challenging market to penetrate as an offshore retail Forex broker selling into the country as a new entrant. Given the opportunities Forex trading in China presents, we see more Forex brokers tailor their approach to compete locally, and we have conducted an in-depth review of brokers operating in China. Do you trade with the most competitive Forex brokers in China?
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Excellent choice of currency pairs & superb order execution
‘Perfect Money’ as a payment processor & 24/7 instant withdrawals
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Capitalise AI for code-free algorithmic trading & other innovative trading tools.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Broad choice of copy trading services & proprietary trading platforms
Well-balanced selection of trading instruments & cutting-edge MT4 trading
Best all-around broker with high floating leverage and fast execution
We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Pros
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
Proprietary copy trading platform, low minimum deposit, and high leverage
Cons
No cryptocurrencies and limited choice of
commodities
Exness ranks highly on our Forex trading in China list as it presents an excellent choice of 100+ currency pairs and ultra-low trading fees. It offers its website in Chinese and offers the payment processor Perfect Money, a popular funding option locally. Exness publishes excellent order and performance-based metrics, as China resident Forex regulators appreciate brokers showing this level of transparency.
Exness offers the MT4 and MT5 trading platforms, VPShosting for 24/5 algorithmic Forex trading, and its proprietary copy trading system complemented by its in-house developed mobile app. Exness is a well-regulated, highly trusted Forex broker and a Hong Kong-based Financial Commission member for additional protection.
Pros
Excellent
24/7 multi-lingual customer service
Multi-regulated
broker with excellent order and volume statistics
High
level of transparency and financial audits by Big Four accountancy Deloitte
Instant
withdrawals from a trusted broker with numerous payment processors
A commission-free broker with a proprietary copy trading service.
OctaFX brings its native Trading App to China, which complements its proprietary copy trading service. It serves 12M+ trading accounts and has won numerous awards, including “Best Global Broker Asia 2022.” OctaFX made it on our Forex trading in China list due to its swap-free costs and 24/7 customer support, which is available in Chinese. It also has a Chinese website, and traders can use MT4/MT5 in a competitively priced, commission-free pricing environment.
Active traders can lower trading costs and unlock additional benefits via the four-tier Status Program. OctaFX also features competitions and giveaways, which are highly popular among Chinese traders.
Pros
Quality educational tools
and generous bonuses
Low minimum deposit and high leverage
Proprietary copy trading
service and status program for improved conditions
Eightcap belongs on the Forex trading China list due to its cutting-edge trading tools. The availability of Capitalise AI elevates Eightcap into a highly exclusive league of Forex brokers, as it supports algorithmic trading in a code-free environment for MT4 traders. Eightcap added FlashTrader for MT5, and social traders can connect to the 50M+ active TradingView community. Traders also benefit from an AI-powered economic calendar and 24/5 support.
The Eightcap website is available in Chinese, and Eightcap offers China Union Pay supporting Chinese Yuan transactions. It is the most popular Chinese payment processor, fully approved by the Chinese central bank.
Pros
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Highly regulated, choice of fixed or floating spreads
Chinese regulators highly prioritizeheavilyregulated Forex brokers with excellent reputations, making AvaTrade a standout choice on our list. The AvaTrade website is available in Chinese, and the choice of trading platforms and advanced trading tools landed AvaTrade on our Forex trading in China ranking. Besides Capitalise AI, which allows algorithmic trading in a code-free environment, AvaTrade offers its Guardian Angel MT4 plugin, ensuring a highly advanced MT4 trading environment.
Traders get access to numerous copy trading services, which remain in high demand across the Chinese Forex market. They include the proprietary AvaSocial and third-party provider DupliTrade, next to embedded MT4/MT5 solutions.
Pros
High-quality educational offering via SharpTrader
Excellent choice of trading platforms catering to various trading needs
Broad asset selection and cross-asset diversification opportunities
Well-regulated and trusted broker with oversight from a central bank
The first thing our Forex trading China review analyzed was the legality of Forex trading in China. While leveraged Forex trading remains banned, Forex trading is legal and well-regulated in China. Chinese traders can open accounts with offshore brokers with a local presence, either via a partnership with a licensedChinese financial firm or as a standalone subsidiary, which became an option after China loosened its ownership rules for financial firms.
China is the largest mobile market globally, making activities like copy trading and traditional fund management favored trading strategies. It is also a leading global tech hub, and Chinese Forex tradersembrace algorithmic trading. Since the Chinese Yuan is scarcely available, especially among retail Forex brokers, the AUD/USD became its favorite proxy currency pair to trade.
Forex Regulations in China
The People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE)regulate the Forex market in China. All Forex brokers must satisfy strict requirements before obtaining a license, and all Forex brokers on our Forex trading China list adhere to these requirements. The rules and regulations remain dynamic, and Forex traders should be aware of developments that aim to maintain the safety of the Chinese Forex market while increasing its competitiveness, where it currently trails behind most other countries.
Chinese regulators are active and quick to close unlicensed market participants and expel them from China. For example, in 2018, 600+ Forex brokers were closed. Financial firms must report all overseas payments to maintain compliance.
Choosing the Right Forex Broker in China
Our Forex trading China checklist consists of attributes every Forex broker must offer to ensure competitive trading conditions:
A clean regulatory track record spanning 10+ years
A choice of low-cost payment processors
How to Start Trading Forex in China
Beginners must begin with in-depth education and master trading psychology, which requires investing time in live trading accounts, facing losses, managing your decision-making process, experiencing both fear, greed, and stress, and creating a plan to maneuver through all market conditions.
Here are more tips on how to start your Forex trading in China journey:
Use a micro account to learn how to trade in live trading conditions.
Have a deposit plan consisting of smaller monthly deposits.
Increase your mental strength via regular workouts and a healthy diet.
Follow your trading plan for a few months before adjusting.
Keep ajournal as you start to trade Forex.
Find a Forex strategy that suits your personality.
Avoid weekly or monthly profit targets and have realistic expectations.
Forex Trading Platforms in China
MT4 remains the most-used trading platform, despite its developer, MetaQuotes Software, stopping technical support and licensing in 2018 to force usage of MT5. Our Forex trading China review confirms the dominance of MT4 and its 25,000+ plugins, custom indicators, and EA’s (Expert advisors). Some brokers offer proprietary web-based alternatives and better mobile apps, catering to manual traders and copy trading strategies. China is the largest mobile phone market globally, making it a core focus point for Forex brokers.
Forex Payment Methods in China
During our Forex trading China analysis, China Union Pay emerged as the go-to payment processor across China. Besides full backing from the Chinese central bank, the PBOC, China Union Pay is the largest issuer of credit and debit cards, surpassing Visa and Mastercard. Alipay also ranks highly, with mobile payment volumes eclipsing PayPal and other e-wallets. WeChat Pay, ideal for mobile payments, and Perfect Money, a more traditional e-wallet with global reach, are two alternative payment processors Chinese Forex traders prefer.
Risks of Forex Trading in China
The risks of Forex trading in China are like other well-established markets, except for the gambling mentality, which is more dominant in Chinese culture according to behavioral economists.
Here are the primary risks of Forex trading in China our Forex trading China review revealed:
Lack of respect for Forex trading as a high-skilled profession
Poor approach to trading mentality
Unrealistic expectations
Insufficient trading capital – less of an issue in some regions like Hong Kong
Trading frauds and unlicensed Forex brokers
Failure to obtain a sufficient in-depth education before funding live Forex accounts.
Bottom Line
Following our Forex trading China review, we conclude that Forex trading in China continues to expand in a fast-changing regulatory environment aimed at increasing its competitiveness. The rules and regulations are strict, but China remains a core growthmarket for international Forex brokers that continue to strive to enter the Chinese Forex market.
Margin retail trading became illegal in 2008, and Chinese regulators tend to be very responsive. They act quickly to close Forex brokersviolating rules and regulations but keep an open mind to swiftly implement changes. Copy trading from mobile phones and algorithmic trading rank amongst the most favored of trading strategies, followed by traditional account management. Since the Chinese Yuan is unavailable at most retail Forex brokers, the AUD/USD became its trading proxy currency pair of choice.
FAQs
Can you trade Forex in China?
Yes, it is possible to trade Forex in China, and Chinese Forex traders get an ever-growing and changing Forex environment.
Is Forex trading legal in China?
Yes, Forex trading is legal and well-regulated in China.
How many Forex traders are there in China?
No data exists on it, but as the most populous country with an expanding economy and a tech-savvy population, China has the most Forex traders of any country.
Is Forex trading legal in Hong Kong?
Yes, Forex trading is legal in Hong Kong, supervised by the SEC, and Hong Kong Forex traders rank among the highest-depositing Forex traders globally.
Does MT4 work in China?
Yes, Forex traders in China can use MT4.
Can you day trade in China?
Day trading for Forex traders is permitted, but day trading Chinese equities is prohibited.
Why is the Chinese currency not included by most Forex brokers?
China maintains a closed-capital policy, prompting most Forex brokers to avoid the Chinese Yuan. Forex traders can trade the Chinese Yuan via Forex brokers with significant operations and compliance teams.
What is China’s Forex policy?
Forex trading is legal in China with annual restrictions, leveraged trading is banned, and Forex brokers must comply with strict rules and regulations, which include government monitoring of all trading activity.
Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.
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