which brokerage firm allow me to trade chinese yuan?
I dont know where you can trade the Yuan, but GFT will let you trade the hong kong dollar.
HOWEVER! If you decide to trade it (dont know why you would) The spread is absolutely outrageous, a whopping 25 pips, that means your paying $250.00 per standard lot just to trade the sucker. No thanks.
The only way I could see trading this currency would be for the extreme long term only. You aint gonna get a scalp here buddy.
I would seriously doubt it if any US brokers can offer a much better spread than that.
Pips to you (your gonna need alot for the HKD)
Yeah, I’ve never seen a broker that made the Yuan available to trade either.
But I trade with Forex.com and they’ve recently added the USDHKD pair. The spread for the pair right now is 4.2pips and I’ve never seen it much more than that, so I think it’s very available to trade for any timeframe. I can’t say why GFT is gouging their customers on the spread for the USDHKD, very strange.
The HKD is pegged to the USD so it’s a nice alternative to EURUSD when you want to trade the USD alone.
Hmmm.
Well, GFT does well on all of the major currency pairs. Who knows why they do that with the HKD.
If I wanted to trade the HKD though, sounds like I would be switching to Forex.com huh?
Yeah, Forex.com is annoying in that they don’t give you their “best spreads” until your account is over $10,000. I’m sure those spreads are very competitive, but the spreads on my <10,000 account are a little high compared to other brokers I believe. It’s both reassuring and frustrating that they cater to larger accounts, but I’m gonna bite the bullet for now in hopes that my account will be up there in the near future.
but HKD is not the same as chinese yuan, i have been finding chinese yuan for a long time and still not knowing which brokerage firm provide chinese yuan trading. i do have forex.com account and the trade for HKD was around 4 to 5.
I think the problem is that the chinese government still has a lot more control over their currency compared to other floating currencies. Only in the last few years did they start allowing well-capitalized banks to form markets for their currency. It’s likely a “privelege” to trade the yuan right now, and likely won’t be available for retail traders until their government is more willing to let the market have total control over the value of their currency.
USD/CNY is available on Oanda to the best of my knowledge.
Best Regards
Boca
You have to open a futures trading account to trade RMB currency futures. That is the only way that I know in trading chinese yuan.
Forex.com does this a with their software too. I traded with them for a while and finally became frustrated enough that I started looking into other brokers. Ended up cashing out my account with Forex.com and going with GFT. I pretty much explained to them that even though I enjoyed their service I am a full-time college student and def. could not come anywhere close to that level of account balance. Many other brokers allow you a much more even playing field with much smaller account sizes, for example, GFT.
-Matt