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China Forex Legislation Penetrating the Chinese Forex market has not always been easy for foreign brokerages due to the unique business environment and regulations in the country. Trading foreign currencies against each other is legal here but is hindered by the closed-capital policy China maintains.
This prevents the free flow of money from and into the country unless it is conducted under stringent rules. Non-domestic brokerages can penetrate the local Forex market by partnering with local foreign-exchange companies, which assume the role of introductory brokers, enabling foreign firms to build a network of trusty customers.
Foreign companies regulated by respected financial watchdogs like the UK Financial Conduct Authority FCA or the Australian Securities and Investments Commission ASIC are safe from revocation by the local authorities provided that they have established China-owned offices within the mainland part of the country.
Most well-respected brokerages that have set up offices in mainland China have done so either through partnerships with fully Chinese-owned companies or through direct ownership.
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This allows foreign Forex brokers to run their business on Chinese infrastructure, in turn enabling the local government to keep a close watch on all of their activities through internet surveillance. All activities, from depositing and market execution to withdrawals and customer-support interactions, are strictly monitored by the Chinese authorities. Companies without a physical presence in the country and little-to-no infrastructure in mainland China are likely to face the boot. They risk having their websites blocked because it is not possible for the government to adequately monitor them and determine whether they service Chinese customers properly or not.
By the end oflocal authorities had given the boot to over unauthorized margin-trading platforms because of complaints from losing investors. Very importantly, retail customers from the country are permitted to trade Forex currencies but there are restrictions on how much they can buy annually.
Margin trading is officially prohibited in China. This method enables one to trade with money provided by third parties, giving them access to larger amounts of capital through leverage.
In turn, this can greatly amplify both the profits and losses the traders realize. The two entities are also responsible for setting exchange rates through a managed float regime. SAFE, in particular, assumes a variety of other functions apart from drafting laws and regulating the Forex markets in China. The entity also regulates cryptocurrencies and monitors the balance of payments and external debt. Companies operating on local soil, foreign exchange brokerages included, are expected to report all overseas payments within the designated timeframes, or bnex binary options trading strategies they will not be permitted to arrange such transactions.
Between andtrading with margin was allowed in the country as long as the brokers had authorization from the respective Chinese regulatory authorities.
Subsequently, the situation changed in when direct or indirect margin trading became illegal under Chinese law. Those who violate this condition face various administrative and criminal penalties under the Administrative Regulations on Forex Exchange.
Some of the sanctions imposed on violators include formal warnings, fines, confiscation of illegal proceeds, and conviction for conducting illicit business operations. China Forex Payment Methods China-friendly Forex brokerages generally offer high-standard services and competitive prices to Chinese customers. Traders from the country commonly prefer to fund their live accounts with China UnionPay, a very popular payment method among Chinese residents.
China UnionPay is the biggest issuer of debit and credit cards in the world, surpassing even established brands like Visa and Mastercard in this respect. Payments conducted with China UnionPay are fast, efficient, and reliable, which is why many traders from the country choose it when funding their Forex accounts. It also offers support across all devices and allows for payments in almost all currencies.
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Another advantage of this local method results from the fact Chinese traders can deposit and withdraw without paying any extra charges for currency conversion. Some Forex brokers that service clientele from the Middle Kingdom also support the locally available Alipay solution. This third-party platform allows Chinese traders to conduct mobile and online payments.
It was established at the beginning of by the Alibaba Group. As of MarchAlipay facilitated payments from more than million users, surpassing even PayPal in terms of mobile-payment volume. Another local method accepted by some China-friendly brokerages is WeChat Pay, which services more than million active users each month. WeChat Pay is primarily recommended to those who prefer to trade on the fly because its main focus falls on mobile payments.
It is convenient, easy to use, fast, and reliable.
Perfect Money is another suitable alternative for Chinese residents who want to quickly top up their live accounts. It is bnex binary options trading strategies in a variety of other countries as well including the Philippines, Singapore, India, Indonesia, Malaysia, Thailand, Mexico, and Austria. This financial service was established in Switzerland but is presently based in Hong Kong. Before they can use it, Chinese traders must set up a Perfect Money account and then fund it, via their online banking accounts, cards, or standard bank wire transfers.
The method is relatively easy to use and quite cost-effective.
Popular Trading Software in China When it comes to software, many Chinese traders lean toward brokerages that offer them a choice from multiple platforms. Some brokers develop proprietary trading platforms with a unique design and features and offer them in parallel with the third-party software developed by the Russian company MetaQuotes.
This is undoubtedly the most broadly implemented platform in the world when it comes to trading on the foreign exchange markets.
MetaTrader 4 is very user-friendly and easy to implement if you are a Forex beginner. At the same time, the platform appeals to veteran traders because it features various useful tools for technical analysis, including numerous technical indicators and graphical objects. Traders will also benefit from nine different timeframes and the availability of thirty or so languages.
With that said, it is also important to mention that MetaQuotes announced in January that it is to cease issuing licenses for MetaTrader 4 to new brokerages. The company also stated in its official announcement that it will no longer provide technical updates and support for this platform.
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Nevertheless, this is no reason for concern bnex binary options trading strategies Chinese traders who have joined an established broker as they should be able to continue using the software. The other bnex binary options trading strategies is the more advanced and newer MetaTrader 5 platform, which comes with several improvements.
There is a greater choice of timeframes here while the architecture of the platform is far more reliable.
MetaTrader 5 is equipped with numerous add-ons that would be of great benefit to experienced traders. For example, indicators can be added to the customizable charts, enabling traders to interpret price action. Nevertheless, many retail customers still lean toward MetaTrader 4 and prefer it over its successor. Mobile Trading in China China is home to one of the largest tech markets on a global scale, especially where mobile devices are concerned.
Statistics show there were roughly million smartphone users in the country as of but this number is projected to increase to million by This usually happens via free native applications available for Android and iOS although in-browser access to the brokerages is also a possibility. The apps of established brokers ensure a full-feature trading experience on the go which closely mimics that on desktop devices. Chinese traders can remain on top of the price action, keeping a close eye on the latest market movements in real time.
Most apps typically enable users to create customer watchlists with the markets they are most interested in. Of course, the exact features would differ between brokers but mobile traders normally benefit from advanced drawing tools, different technical indicators, numerous timeframes, and a variety of chart types. Reputable China-friendly brokerages strive to deliver optimal performance on mobile in all aspects, from trade execution to account management, deposits, withdrawals, and customer support.
China Forex Brokers
In many cases, the apps support standard Mandarin, making it hassle-free for Chinese customers who are not fluent in English to easily manage their accounts and orders. FAQ 1. Is Forex trading legal in China?
Yes, Chinese nationals can legally trade Forex despite the stricter stance their government has adopted. Retail customers can trade currency pairs, stocks, and other financial instruments although there are limits on the amounts one can buy annually. It should be noted that trading with leverage is not allowed by the Chinese authorities due to bnex binary options trading strategies high level of financial risk involved.
Can Chinese citizens trade with margin? No, the country currently disallows margin trading, which is a practice where traders use borrowed funds to make an investment.
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Margin trading is leveraged, which can considerably magnify both the gains and losses of the trader. The practice was disallowed in China in Can Chinese traders realize significant profits through Forex trading?
Whether or not an individual trader from China or any other country for that matter turns up substantial profits all depends on their level of understanding and experience. Beginner traders can avoid huge losses through learning and practice. For this purpose, reliable China-friendly brokerages offer free demo accounts funded with a specific amount in demo credits.
This enables customers to acquaint themselves with the features of the trading platforms and build some experience with Forex until they feel ready to commit with real-money investments. What currency pairs are popular among Chinese Forex traders? This market offers less liquidity because it pairs a major currency with an emerging one. In turn, this results in higher costs of trading. The smaller trading volume leads to a slower trading pace for this market, which makes it easier for long-term traders to make accurate predictions about the price action.
This exotic pair also provides great opportunities for portfolio diversification and thus, attracts more seasoned investors. Do China Forex brokers cater to customers with localized payment methods? Indeed, they do.
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The largest brokerages that operate on Chinese soil usually provide customers from this jurisdiction with various locally available payment solutions, such as China UnionPay, Alipay, and Perfect Money.
Pi in trading are often processed at no cost for the customers. Chinese traders should also adhere to the minimum and maximum limits on payments, which differ depending on the broker one trades with. Author: Michael Fisher Michael is an active trader and market analyst. He has participated in surveys regarding trend-following trading systems. Quick Links.