Vantage
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74-89% of retail CFD accounts lose money
Best forex brokers with JPY accounts for 2023
Top Picks
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Pepperstone
Visit Pepperstone74-89% of retail investor accounts lose money when trading CFDs -
XM
Visit XM77,37% of retail investor accounts lose money -
Axi
Visit Axi69.6% of retail investor accounts lose money -
IC Markets
Visit IC Markets74-89% of retail CFD accounts lose money -
EasyMarkets
Visit EasyMarkets75% of retail investor accounts lose money -
Moneta Markets
Visit Moneta Markets74-89% of retail CFD accounts lose money -
AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
Fusion Markets
Visit Fusion Markets(Your capital is at risk) -
FP Markets
Visit FP Markets74-89% of retail CFD accounts lose money
In this article, you will find the best forex brokers that offer accounts denominated in JPY, or that allow withdrawals and deposits in Yen currency.
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
Table of Content
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 |
|---|---|---|
| Vantage | Wire transfer, credit/debit cards, JCB | Yes |
| Pepperstone | Wire transfer, credit/debit cards, PayPal, Neteller, Skrill, Union Pay | Yes |
| XM | Wire transfers, credit/debit cards, Skrill, Neteller, WebMoney | 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?
- 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.
- 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).
74-89% of retail investor accounts lose money when trading CFDs
- 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.
- 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.
- 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.
- 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).
- 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.
- 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.
- 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.
- 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.
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
About The Author
Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
Best forex brokers with JPY accounts for 2023
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