USD/CNY Forex Brokers

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: May 14, 2024

We analyzed dozens of brokers offering price quotes for USD/CNY to identify the trading sites with the best conditions for this exotic currency pair. Our extensive research revealed these are the 10 best brokers for USD/CNY trading as they offer the tightest spreads and the fastest order execution, allowing customers to extract maximum value from their forex trades. Continue reading to learn more about the benefits of trading USD/CNY with the brokers featured on our toplist.

1XM Group
Rating: 2.7 ⭐
72.82% of retail investor accounts lose money
2Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
3AvaTrade
Rating: 4.5 ⭐
76% of retail investor accounts lose money
4FxPro
Rating: 3.9 ⭐
74% of retail investor accounts lose money
5City Index
Rating: 4.2 ⭐
69% of retail investor accounts lose money
6Pepperstone
Rating: 4.5 ⭐
75.5% of retail investor accounts lose money
7FXCM
Rating: 4.2 ⭐
70% of retail investor accounts lose money
8Tickmill
Rating: 3.4 ⭐
70% of retail investor accounts lose money
9Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
10IC Markets
Rating: 4.8 ⭐
70.64% of retail investor accounts lose money

Top 10 Brokers with Lowest Spreads for USD/CNY

  1. XM is a well-regulated broker that has won over 30 industry awards for the excellence of its services. The company serves international customers with authorization from CySEC, BaFin, FSCA, ASIC, and DFSA, among other accredited financial regulators. XM offers an outstanding selection of over 1,000 tradable instruments, including currencies, metals, energies, stocks, and indices.

    Spreads are ultra-competitive at XM and start from zero pips for key currency pairs. Clients can also trade offshore renminbi against the dollar at average spreads of 0.004 and leverage their forex positions at maximum rates of 1:1000 or 1:30, depending on their jurisdiction. XM provides free access to daily forex webinars and various market research tools to aid forex traders in making better informed decisions.

    Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  2. Fusion Markets is the go-to broker for traders seeking affordable pricing, market versatility, and low financing costs. The company falls under the regulatory purview of ASIC, FSA, and VFSC. It caters to a broad range of forex traders, offering a choice from over 90 currency pairs tradable at highly competitive spreads from zero pips, with no-dealing-desk order processing.

    Traders can additionally diversify their portfolios with stocks, metals, energies, soft commodities, indices, and digital assets. Fusion Markets accommodates large-volume and small-scale traders alike as it has no minimum account size requirements. Spreads for trading offshore renminbi against the dollar average 4.73 with this broker. Trades can be executed via MT4, MT5, cTrader, and TradingView.

    Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
  3. Launched in 2006, AvaTrade is a reliable international broker with a solid global presence across six continents. The broker has obtained authorization from nine reputable financial watchdogs, including CySEC, CBI, ASIC, JFSA, and FSCA. AvaTrade is renowned for offering excellent trading conditions for forex, options, stocks, indices, and commodities. Customers can choose from a comprehensive selection of robust trading platforms like MT4, MT5, and DupliTrade. The broker is also a great option for social and copy traders.

    AvaTrade has its own dealing desk, which enables it to offer low fixed spreads to forex traders. The USD/CNY pair is tradable with average spreads of 20 pips and no overnight interest fees on buy positions. Retail customers on a budget can trade this pair in micro-lots consisting of 1,000 currency units.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  4. FxPro has been delivering online trading at competitive prices since 2006. The company has successfully expanded its global footprint to over 170 countries, serving professional and retail traders with licenses from the FCA, CySEC, FSCA, and SCB. FxPro boasts an impressive product line comprising over 2,100 financial instruments across multiple asset classes like forex, shares, futures, indices, commodities, and cryptocurrencies.

    The brokerage ensures deep liquidity with no dealing desk intervention, routing client trades directly to its top-tier liquidity providers. It has an average order processing speed of under 13 milliseconds, eliminating the risk of slippage and requotes. Forex traders can choose from over 70 currency pairs tradable via familiar platforms like MT5, MT4, and cTrader.

    Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  5. City Index is an established provider of forex trading, spread betting, and CFDs, with over one million active customers worldwide. The London-based brokerage has more than 40 years of industry experience and falls under the regulatory gaze of first-tier watchdogs like the FCA and ASIC. Its parent company, the StoneX Group, is publicly listed on NASDAQ, further adding to the broker’s solid reputation.

    Customers of the renowned broking firm have access to over 13,500 markets and will benefit from lightning-fast execution speed that averages 0.02 seconds. Over 84 major, minor, and exotic forex pairs are tradable at City Index with tight spreads from 0.7 pts. The broker offers a choice from three platforms – TradingView, MT4, and WebTrader.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  6. Established in 2010, Pepperstone is a trusted online broker upholding high standards of transparency, accountability, and regulatory compliance. The company is regulated in multiple jurisdictions, including the UK, Dubai, Australia, and Cyprus. Pepperstone clients gain access to over 1,200 tradable instruments across seven asset classes.

    From forex and currency indices to stocks, commodities, and EFTs, there is no shortage of lucrative markets to explore at Pepperstone. Forex traders, in particular, can choose from over competitively priced 90 currency pairs, including exotic options like USD/CNY. The brokerage boasts high fill rates of 99.99% for forex market orders, with tight pricing from top-tier banks.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  7. 7. FXCM

    If you are looking for ultra-tight spreads and speedy order execution, FXCM is one broker you may want to consider. The brokerage provides a robust range of tradable symbols for forex, stocks, and commodities with razor-sharp spreads and processes client orders within milliseconds. The company has corporate offices in multiple countries and has procured licenses from the FCA, ISA, and ASIC, among others.

    Average spreads for forex range from 1.3 to 1.8 pips, allowing customers to extract more value from their currency trades. The broker has developed powerful proprietary software called the Trading Station, although registered clients can also connect their FXCM live accounts to third-party platforms like TradingView and MT4.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 
  8. Tickmill is an industry-leading broker offering over 500 tradable instruments, including forex pairs, commodities, and low-risk securities. The company has more than a decade of experience in delivering low-cost trading services as it launched in 2014. The broker boasts a long track record of transparency and regulatory compliance and operates with licenses from the FCA, DFSA, SFSA, and CySEC.

    Forex traders who join the ranks of Tickmill will benefit from spreads as low as 0.0 pips, no requotes, and superb execution times of under 0.20 seconds. The company adheres to strict client fund segregation policies and offers negative balance protection to customers trading on margin. Retail clients registering through the Seychelles-licensed entity can access maximum leverage of 1:1000 on select markets.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  9. Founded in 2010, Global Prime is an Australia-based broker regulated by ASIC, VFSC, and SFSA. Known for its tight spreads and excellent trading conditions, the brokerage provides access to over 150 global markets covering forex, cryptocurrencies, commodities, and indices. Traders at Global Prime will benefit from interbank liquidity and minimum spreads from 0.0 pips on select major FX pairs with Raw accounts.

    Standard accounts attract slightly higher spreads, averaging 0.9 pips with no additional commissions on trades. Clients can trade the renminbi against the US dollar at average spreads of 4.74 pips. Customers can execute low-latency trades with the popular MT4 and TradingView platforms. The brokerage poses an ideal option for small-scale investors, allowing them to trade forex in micro-lots (1,000 currency units) at ten cents per pip.

    Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
  10. IC Markets poses a solid choice for scalpers, algorithmic and high-volume traders alike. The company has become a force to be reckoned with since it launched in 2007 and has its superior trading conditions to thank for this. It enables customers to trade with over 2,250 financial instruments, including 61 currency CFDs and over 2,100 stock CFDs. This is a well-regulated broker operating with authorization from the SFSA and CySEC.

    Customers can take advantage of raw spreads from zero pips on select instruments. The broker ensures a seamless trading experience for all clients as it supports globally recognized platforms like MT5, MT4, TradingView, and cTrader. Customers trading with the Seychelles-licensed entity can leverage their CFD positions at maximum rates of 1:1000. Swap-free trading via Shariah-compliant accounts is an option for Islamic traders at IC Markets.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

USD/CNY Forex Pair in Brief

The USD/CNY ticker symbol corresponds to the United States dollar and the Chinese yuan currency pair. It belongs to the category of exotic forex pairs because it consists of a major currency (USD) and the currency of a developing economy (CNY). As an exotic pair, USD/CNY is less liquid, more volatile, and traded in smaller quantities.

The spreads for this currency pair are often wider compared to those for forex majors like EUR/USD due to its lower liquidity and greater volatility. The dollar is the base currency here, while the yuan serves as its counter currency, which means prices for this pair reflect the value of the dollar against the value of the yuan. For instance, a price quoted as USD/CNY 7.2354 indicates traders can buy 7.2354 yuan with a single dollar.

What Is Spread in Forex Trading

The term “spread” denotes the cost built into the bid-ask prices of forex currency pairs. It reflects the difference between the price at which a broker sells a given currency and the price at which it buys the same currency. If you examine the price quotes for forex pairs closely, you will notice that ask (sell) prices are usually higher than bid (buy) prices.

This discrepancy is measured in pips (percentage in point), representing the smallest fluctuations in currency exchange rates. To illustrate this with an example, let’s assume a broker offers a bid price of 7.3089 for USD/CNY and an ask price of 7.3092. You can calculate the cost of your forex trades by subtracting the bid from the ask price, which gives us a spread of 3 pips (0.0003) in this case.

What Is the Lowest Spread for USD/CNY

Exotic forex pairs like USD/CNY tend to have wider spreads because of their higher volatility and lower liquidity. Minimum spreads for this ticker symbol are broker-specific and can vary vastly, depending on where you trade. Finding a broker with tight spreads is crucial for your overall trading results as lower spreads translate into fewer expenses in the long term. In our observation, minimum spreads for USD/CNY generally range from 0.0035 to 0.0040 at most brokers recommended on this page.

Market Hours for Trading USD/CNY

Since forex is an over-the-counter (OTC) market, currency pairs like USD/CNY can be traded round the clock Mondays through Fridays. However, trading conditions are more favorable during certain hours of the day due to increased liquidity and higher market volatility. The optimal time to trade currencies is when the markets are most active. The USD/CNY is usually at its busiest between 9:30 and 23:30 Beijing time (GMT) when trading volumes are higher.

Pros and Cons of Trading USD/CNY with Leverage

Key Pros

  • Most online brokers give customers the option to use leverage, allowing them to open larger positions even when having limited capital at their disposal. The main benefit of leveraging your USD/CNY positions is that it enables you to increase your market exposure by borrowing extra capital from your broker. Closing your leveraged position on profit would result in greater potential returns.
  • EU-compliant brokers commonly offer retail leverage of 1:20 for exotic pairs like USD/CNY. This means a retail client can trade up to $200 in value for every $10 they have in their available live balance. A trader can lock in some handsome profits when using leverage and take advantage of more market opportunities when conditions are favorable.

Key Cons

  • The main issue of trading with leverage, though, is that even the smallest price fluctuations in the opposite direction could greatly magnify your losses and even decimate your entire balance. Overleveraging can result in debt when trading with brokers that offer no negative balance protection (NBP). Even if NBP is in place, leverage traders still run a significant risk of receiving margin calls or having their positions liquidated due to rapidly mounting losses.
  • Last but not least, you should not forget that trading with borrowed funds would attract interest fees on all positions that remain open overnight. These fees, known as swaps, are bound to take their toll on your trading budget if you are not careful.

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