The best Forex brokers that offer accounts denominated in JPY, or that allow withdrawals and deposits in Yen currency, according to our research, are:
- Pepperstone
- XM
- Vantage
- Axi
- IC Markets
- EasyMarkets
- Moneta Markets
- AvaTrade
- Fusion Markets
- FP Markets
To choose the best JPY forex brokers, we took the following factors into consideration:
- The overall quality of the broker
- The availability of making deposits and withdrawals in JPY
- The availability of trading accounts in JPY
- The broker’s minimum spread, and the average spread for major JPY pairs
- The JPY deposit and withdrawal methods offered
- The presence of Japanese forex regulation
Round up
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| JPY Forex Brokers | JPY Deposit Methods | JPY Account |
|---|---|---|
| Pepperstone | Wire transfer, credit/debit cards, PayPal, Neteller, Skrill, Union Pay | Yes |
| XM | Wire transfers, credit/debit cards, Skrill, Neteller, WebMoney | Yes |
| Vantage | Wire transfer, credit/debit cards, JCB | Yes |
| Axi | Wire transfer, credit/debit cards | Yes |
| IC Markets | Wire transfer, credit/debit cards, broker to broker | Yes |
| easyMarkets | Credit/debit card, Astropay, Sticpay, Webmoney, and bitwallet | Yes |
| Moneta Markets | Wire transfer, credit/debit cards, Sticpay and JCB | Yes |
| AvaTrade | Wire transfer, credit/debit cards, Neteller, Skrill | Yes |
| Fusion Markets | Wire transfer, credit/debit cards, PayPal, Perfect Money, Jeton Wallet, SEPA | Yes |
| FP Markets | Wire transfer, credit/debit cards, Neteller, Sticpay, broker to broker | No |
What are the best forex brokers with JPY accounts?
Pepperstone
Pepperstone offers JPY accounts for both Standard and Razor accounts with no minimum deposit. JPY deposits are enabled through wire transfer, credit/debit cards, PayPal, Neteller, Skrill, and Union Pay without deposit fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Both Standard and Razor accounts can be opened in JPY under the SCB and ASIC regulations.
- No minimum deposit.
- JPY deposits via several methods (availability may depend on your location): wire transfer, credit/debit cards, PayPal, Neteller, Skrill, Union Pay.
- No deposit fees from Pepperstone’ side.
- 60+ pairs for forex traders to utilize.
- Average spread on currency pairs through a Pepperstone Razor Account:
- USDJPY 0.26 pips with a 7 USD round-turn;
- EURJPY 0.43 pips with a 7 USD round-turn (Razor Account);
- GBPJPY 1.50 pips with a 7 USD round-turn (Razor Account).
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
XM
XM provides JPY as a base currency for Standard, Micro, and Zero accounts. It accepts JPY deposits via wire transfers, credit/debit cards, Skrill, Neteller, and WebMoney with no deposit fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM provides JPY as a base currency to several of its accounts including the Standard, Micro, and under CySEC regulation, the Zero account.
- Minimum deposit starts from 5 USD.
- They are a forex broker which accepts deposits by Yen via wire transfers, credit/debit cards, Skrill, Neteller, and WebMoney.
- XM won’t charge any deposit fee on JPY deposits from its side.
- 55+ forex currency pairs.
- Average spread on the XM Zero Account:
- USDJPY: 0.1 pips with 3.5 USD commission;
- EURJPY: 0.4 pips with 3.5 USD commission;
- GBPJPY: 1.2 pips with 3.5 USD commission.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Vantage
Vantage allows JPY currency for all accounts with a minimum deposit of 50 USD. JPY deposits are available without fees through wire transfer, credit/debit cards, and JCB.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Vantage
Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.
Vantage Features
The features of Vantage are listed below.
- All Vantage accounts can be opened with the JPY currency.
- The minimum deposit is 50 USD.
- JPY deposits via wire transfer, credit/debit cards, and JCB are fee-free from the broker’s side.
- Wire transfers take 2-5 business days, credit/debit cards and JCB are instant.
- 40+ forex pairs.
- Average spreads in the forex market on the Vantage Standard account:
- USDJPY: 2.2 pips;
- EURJPY: 2.9 pips;
- GBPJPY: 2.5 pips.
Vantage Pros and Cons
Advantages of Vantage
The advantages of Vantage are listed below.
- Competitive spreads and low commissions
- Strong range of asset classes
Disadvantages of Vantage
The disadvantages of Vantage are listed below.
- Not available to US traders
- Customer service could be improved
Axi
Axi accepts JPY as the base currency for Standard and Pro accounts with no minimum deposit. It supports JPY deposit methods like bank transfers and credit/debit cards without deposit fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Axi
Axi, formerly known as AxiTrader, is a global forex and CFD broker founded in 2007 and headquartered in Sydney, Australia. Axi offers trading on currencies, commodities, indices, cryptocurrencies, and stocks through MetaTrader 4 and proprietary platforms. Axi is regulated by multiple authorities including ASIC, FCA, and DFSA. Axi is known for competitive spreads, fast execution, and extensive educational resources. Axi serves clients in over 100 countries worldwide. The Axi CEO is Rajesh Yohannan.
Axi Features
The features of Axi are listed below.
- Both Standard and Pro accounts accept JPY as base currency to open the account under the global entity of the broker.
- There is no minimum deposit with the broker.
- JPY deposits via bank transfers, credit/debit cards with no deposit fees charged by Axi.
- Credit/debit cards are instant, wire transfers take 1-3 days.
- Forex traders can trade more than 70 currency pairs.
- Average spread on the Axi Pro Account:
- USDJPY 0.3 pips with $7 round turn commission;
- GBPJPY 4.9 pips with $7 round turn commission.
Axi Pros and Cons
Advantages of Axi
The advantages of Axi are listed below.
- Low Forex Fees
- No Deposit/Withdrawal Fees
- Regulatory Assurance
Disadvantages of Axi
The disadvantages of Axi are listed below.
- Limited Platform Options
- Lack of Advanced Educational Resources
IC Markets
IC Markets supports JPY accounts with a minimum deposit of 200 USD. JPY deposits are processed through credit/debit cards, wire transfers, and broker-to-broker transfers without deposit fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- Clients can open accounts with JPY under the global entity of the broker.
- The minimum deposit is 200 USD.
- Japanese Yen deposits via credit/debit cards,wire transfers, broker to broker with no deposit fee charged by IC Markets.
- Those trading forex can choose from 60+ forex currency pairs.
- Average spread on the IC Markets Raw Account:
- USDJPY 0.14 pips with 7 JPY round turn;
- EURJPY 0.3 pips with 7 JPY round turn;
- GBPJPY 0.82 pips with 7 JPY round turn.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
EasyMarkets
EasyMarkets uses JPY for account openings and sets a minimum deposit of 25 USD. It accepts JPY deposits via credit/debit cards, Astropay, Sticpay, WebMoney, and bitwallet without fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About EasyMarkets
EasyMarkets is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, cryptocurrencies, and stocks. EasyMarkets provides proprietary web and mobile platforms alongside MetaTrader 4 and 5. EasyMarkets is regulated by multiple authorities including CySEC and ASIC. EasyMarkets is known for innovative features like dealCancellation and fixed spreads. EasyMarkets serves clients worldwide and has received numerous industry awards. The EasyMarkets CEO is Nikos Antoniades.
EasyMarkets Features
The features of EasyMarkets are listed below.
- All easyMarkets accounts can be opened using JPY.
- The minimum deposit is 25 USD.
- JPY deposits via credit/debit cards (instant), Astropay (instant), Sticpay, Webmoney, and bitwallet (1 working day).
- All JPY deposits won’t cost you a fee from the broker’s side.
- On the foreign exchange market they offer 100+ forex pairs to trade.
- Average spreads:
- USDJPY: fixed 1 pips (MT4), variable from 0.6 pips (MT5);
- EURJPY: fixed 1.8 pips (MT4), variable from 0.6 pips (MT5);
- GBPJPY: fixed 2.5 pips (MT4), variable from 0.6 pips (MT5).
EasyMarkets Pros and Cons
Advantages of EasyMarkets
The advantages of EasyMarkets are listed below.
- Innovative Risk Management Tools
- User-Friendly Platform
- Regulatory Trust
Disadvantages of EasyMarkets
The disadvantages of EasyMarkets are listed below.
- Limited Tradeable Symbols
- Higher Spreads on Some Accounts
- Outdated User Experience
Moneta Markets
Moneta Markets offers JPY accounts for STP and ECN with a minimum deposit of 50 USD. Fee-free JPY deposits are available via wire transfers, credit/debit cards, Sticpay, and JCB.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Moneta Markets
Moneta Markets is a global forex and CFD broker offering trading on over 1000 instruments including currencies, indices, commodities, shares, cryptocurrencies, bonds, and ETFs. Moneta Markets provides advanced trading platforms and is regulated by multiple authorities including FSCA in South Africa. Moneta Markets recently expanded into Dubai through a partnership with Sterling Financial Services, regulated by SCA. Moneta Markets focuses on transparency, client satisfaction, and global expansion. The Moneta Markets CEO and founder is David Bily.
Moneta Markets Features
The features of Moneta Markets are listed below.
- Account opening with JPY for both STP and ECN.
- The minimum deposit is 50 USD for the STP account.
- JPY deposits via Wire transfers, credit/debit cards, Sticpay and JCB with no deposit fee on Moneta Markets’ part.
- Wire transfers take 2-5 business days, credit/debit cards, Sticapay and JCB are instant.
- For currency trading, there are 40+ forex pairs.
- Average spread on the Moneta Markets ECN Account:
- USDJPY: 0.3 pips;
- EURJPY 0.56 pis;
- GBPJPY 0.90 pips.
Moneta Markets Pros and Cons
Advantages of Moneta Markets
The advantages of Moneta Markets are listed below.
- Low Trading Costs
- Wide Range of Instruments
- Fast Execution
Disadvantages of Moneta Markets
The disadvantages of Moneta Markets are listed below.
- Limited Educational Resources
- Regulatory Concerns
AvaTrade
AvaTrade provides JPY as a base currency with a minimum deposit of 100 USD. It accepts fee-free JPY deposits through wire transfers, credit/debit cards, Neteller, and Skrill.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade is regulated in Japan by the JFSA and FFAJ.
- AvaTrade offers JPY as base currency to open a trading account.
- The minimum deposit is 100 USD.
- JPY deposits via wire transfers (take up to 7 days), credit/debit cards (instant), Neteller, Skrill (24 hours) with no deposit fees from AvaTrade.
- 60+ foreign currency pairs.
- Average spread:
- USDJPY: fixed 1 pips;
- EURJPY: fixed 1.8 pips;
- GBPJPY: fixed 2.5 pips.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Fusion Markets
Fusion Markets allows JPY as a base currency with no minimum deposit. JPY deposits are enabled via wire transfers, credit/debit cards, PayPal, Perfect Money, Jeton Wallet, and SEPA without fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Fusion Markets
Fusion Markets is an Australian-based forex and CFD broker founded in 2019. Fusion Markets offers trading on over 90 currency pairs, stocks, indices, commodities, and cryptocurrencies. Fusion Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. Fusion Markets is regulated by ASIC and VFSC. Fusion Markets is known for low trading costs, no minimum deposit, and copy trading services. The Fusion Markets CEO is Phil Horner.
Fusion Markets Features
The features of Fusion Markets are listed below.
- Fusion Markers accepts JPY as a base currency to open retail investor accounts including both the Classic and Zero accounts.
- No minimum deposit.
- Wire transfers, credit/debit cards, PayPal (instant) Perfect Money, Jeton Wallet, SEPA (instant) in JPY are all permitted.
- No fee from Fusion Markets’ part on JPY deposits.
- 60+ forex pairs.
- Average spread on the Fusion Markets Zero account:
- USDJPY: 0.03 pips;
- EURJPY: 0.23 pips;
- GBPJPY: 0.59 pips.
Fusion Markets Pros and Cons
Advantages of Fusion Markets
The advantages of Fusion Markets are listed below.
- Low Trading Costs
- Zero Spread Accounts
- Excellent Customer Support
Disadvantages of Fusion Markets
The disadvantages of Fusion Markets are listed below.
- Limited Product Selection
- Basic Educational Resources
FP Markets
FP Markets facilitates JPY deposits through credit/debit cards, Neteller, Sticpay, and broker-to-broker transfers. It requires a minimum deposit of 100 USD and does not charge deposit fees.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- JPY deposits via credit/debit cards, Neteller, Sticpay, broker to broker and they are available under the SVG regulation.
- The minimum deposit is 100 USD.
- You won’t get charged any fee on deposits from FP Markets’ part.
- Credit/debit cards, Neteller, Sticpay are instant, broker to broker takes 1 business day.
- 70+ forex pairs.
- Average spread on the FP Markets Raw Account:
- USDJPY: 0.5 pips with a commission of $3 per lot;
- EURJPY: 0.9 pips with a commission of $3 per lot;
- GBPJPY: 1.6 pips with a commission of $3 per lot.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
How does a JPY account work?
A JPY account is a trading account provided by a broker that is based on the Japanese Yen. All trading (opening and closing positions) and non-trading (deposits and withdrawals) transactions on a JPY trading account are conducted in JPY.
In the case of forex trading, this has several implications:
The forex world is USD-based, so all Japanese yen trades on forex (except for the USD/JPY pair), will charge conversion fees. For example, to trade the USD/EUR pair, brokers first convert the order to USD/JPY (because the account is in yen), and then from USD/EUR. Because of this, trading costs may be higher than in a classic USD account.
It may also be less convenient to scalp, as the speed of order execution may be affected by the double conversion.If you withdraw money from your JPY trading account, but the trader’s bank account is not in the japanese currency, the bank and/or broker may charge additional fees for deposits and withdrawals.
To avoid these charges on deposits and withdrawals, you can open a bank account in Japan (but only if you are a resident of the country), or ask the bank to open a second bank account denominated in JPY.
How to choose a forex broker with a JPY account?
The most important factors to consider when choosing a broker with a JPY account are:
- JPY transaction fees;
- Deposit and withdrawal methods accepted;
- Japanese regulation if you are a resident of Japan.
Commissions are important to consider because they are additional costs that reduce the profit margin, and increase the loss margin. Not all deposit methods accept Yen. If one is a resident outside Japan, it is possible that Yen deposits will charge additional fees. If the trader is a resident of Japan, the broker must have local regulation. Otherwise, it is sufficient to trade with forex brokers regulated by other bodies such as the FCA.
How to open a JPY trading account for forex trading?
Most brokers make you choose the account currency at the time of registration. The account currency cannot be changed, however, you will be able to open a secondary trading account denominated with another currency.
Search for the “account base currency” information, and select JPY. Below is an example of XM’s account opening form:
Other brokers won’t let the trader select the currency, but they denominate the account in the currency of the deposit (e.g. if you fund a new account in yen, the account base currency will automatically be set to the Japanese currency).
Are JPY forex pairs available on any platform?
JPY forex pairs are available on every trading platform. These pairs, just like other forex pairs, can be categorized in: major, minor, exotic:
- Major: are the most traded and liquid, such as USD/JPY;
- Minor: liquid forex pairs that do not include the USD, such as EUR/JPY;
- Exotic: low liquidity pairs such as ZAR/JPY.
Most trading platforms make Major forex pairs available.If you wish to trade less liquid jpy forex pairs you need to choose a trading platform such as MT5, which makes available a wide range of markets and assets compared to MT4.
You should trade less liquid forex pairs only if you are an expert. They are low liquidity (might not be able to close your trading positions), have high spreads, and high volatility at times.
Also, make sure that the broker of your choice makes these currency pairs available.
The following chart shows some of the categorization of pairs with the JPY:
| JPY Currency Pairs | Category | Bid Currency |
|---|---|---|
| USDJPY | Major | USD = US Dollar |
| EURJPY | Minor | EUR = Euro |
| GBPJPY | Minor | GBP = British Pound |
| CHFJPY | Minor | CHF = Swiss Franc |
| NZDJPY | Minor | NZD = New Zealand Dollar |
| CADJPY | Minor | CAD = Canadian Dollar |
| AUDJPY | Minor | AUD = Australian Dollar |
| MXNJPY | Exotic | MXN = Mexican Peso |
| NOKJPY | Exotic | NOK = Norwegian Krone |
| SGDJPY | Exotic | SGD = Singapore Dollar |
| TRYJPY | Exotic | TRY = Turkish Lira |
| ZARJPY | Exotic | ZAR = South Africa Rand |
How to simulate JPY accounts trading commissions?
Many forex brokers offer demo accounts. These demo accounts can be used to trade forex with virtual currencies so there is no risk. A demo forex account simulates a live trading environment. You can use it to simulate rollover fees or conversion fees when trading jpy forex pairs.
In fact, forex brokers allow traders to choose their own base currencies on their demo account. Select the base currency you might be using in the future on the real account in order to better simulate the fees.
What are the foreign exchange risk when using JPY accounts?
When using an account other than that of your country of residence, you need to pay attention to foreign exchange risk, which is the devaluation of one currency against another.
Example:
If you are a U.S. resident but want to trade with a JPY trading account. If $100 is worth 10,000¥ and the JPY loses value against the USD. Now that 10,000¥ is worth $90. So it is like having lost money, even though you have not been trading.
Practical example:
The below table charts the value of 1,000,000¥ against the EUR, USD and GBP over the past 10 years from January 1st, 2013.
| Currencies | 01/01/2013 | 31/12/2022 | Difference |
|---|---|---|---|
| 1 million JPY to USD | 11540 USD | 7627 USD | -3913 USD (-33,91%) |
| 1 million JPY to EUR | 8742 EUR | 7110 EUR | -1632 EUR (-18,67%) |
| 1 million JPY to GBP | 7103 GBP | 6304 GBP | -799 GBP (-11,25%) |
What are the pros and cons of JPY forex trading accounts?
Pros
- No currency exchange risk if you are based in Japan
- No currency conversion fees for yen deposits
Cons
- Currency exchange risk if not based in Japan
- Currency conversion fees for deposits in currencies other than yen