Last update: 9 November 2020
5 min read

Discover The Best Forex Brokers in China for 2024

Are you wondering which are the best forex brokers in China? Good news, you’ve come to the right place. On this page, our forex experts have provided you with a list of the best places to trade, as well as a complete guide to FX trading within the country.

Although China does not issue licenses to forex brokers, and leveraged services are deemed illegal, you’ll be happy to learn that there are plenty of high-quality offshore brokers you can trade with. In general, the Chinese Ministry of Public Security and the State Administration of Foreign Exchange (SAFE) allows forex brokers which are regulated by respected global authorities, such as the FCA, ASIC and CySEC, to offer their services to Chinese clients.

All of our recommended best forex brokers in China boast reliable and offer specific benefits to you. These include Chinese language sites and customer support, localized payment methods and competitive fees.

Browse the list below to sign up to a trusted Chinese forex broker today or read on to learn more about the country’s forex market.

Our list of the best forex brokers in China are:

  • XM Group
  • FXTM
  • Alpari
  • Instaforex
  • HotForex
  • AvaTrade
  • easyMarkets
  • FBS

Best and most trusted forex brokers in China April 2024

The basics of Forex trading in China

Following the reforms in 1978, China started to move away from a centrally planned economy, and towards a more market-based economy, although it is still not considered to be a totally free market. This is one of many reasons why foreign investors are not too keen on starting a business in China. The Chinese government is, however, actively encouraging the growth of Chinese industry and its expansion overseas, as well as protecting domestic industries.

Many experts consider China to be an economic powerhouse, due in part to high literacy rates, vast labour force, high life expectancy, and the fact that there are more internet users in China than anywhere else in the world. Which has also helped to fuel industrial interest, and that includes Forex brokers in China.
China has actually become very dependant on the foreign exchange markets and it has turned into an important if the national economy. Billions of dollars are generated every year, all thanks to Chinese Forex traders and brokers.

The symbol used for the Renminbi Yuan (The official Chinese currency) is CNY. Exchange rates for the Yuan are set by the Chinese Central Bank. The rate is set after taking into account factors such as economic and political developments internationally. The Chinese Yuan is becoming one of the most traded currencies in the world, and this has been aided by the expansion of the foreign exchange market in China.

How does it look for Forex brokers in China?

It hasn’t always been easy for western companies to get into the Chinese market, and this included Forex companies and brokers. The business environment in China is much different to anywhere else in the world, which can be rather off-putting. There are still a number of restrictions in place for non-domestic Forex brokers in China, but the country is slowly opening up to the world of the international forex market.

Forex brokers in China, are managing to gain a foothold in the Chinese market by working with local representatives based in China. The purpose of these local Chinese forex brokers is to act as introductory brokers and build up a network of clients who trust them and are happy to work with them on a long term basis. This is a common way of doing business in China, where business relationships based on trust are more usual.

Working with representatives rather than direct is considered an independent operation and not bound by Chinese government restrictions and interventions. If it was a joint venture or partnership, this would be considered illegal. Another problem that makes it difficult for Forex brokers to operate in China is there is still no real clarity as to whether margin forex status is a tradeable class of assets for investors.

The future of the Forex market in China

Fuelled by the growth of international trade in China, the Yuan is being traded in very large volumes. There are a few banks that carry out foreign exchange trading in China, as well as a number of Forex brokers. Generally, the standard of service is pretty good, and the rates offered are competitive. There are a number of websites that operate in China and they provide reliable information about the Chinese foreign exchange market.

The China Banking Regulatory Commission (CBRC) and the Chinese government both consider Forex to be a highly leveraged product, which means it is not that popular an investment choice. There are still a number of hindrances to prevent Forex trading from completely taking over, so there is a long way to go. But currently, there are a number of Forex brokers in China who are worth considering.

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