Where can I trade USD/JPY with tight spreads?
Verdict
- Pepperstone is where we would trade USD/JPY: its Razor account publishes a 0.3-pip average spread plus commission, and the Standard account a 1.3-pip average with none.
- In a JPY-denominated Razor account the commission is JPY 303 per side, so one lot costs about JPY 906 round trip at the average spread.
- No other broker in our data publishes a USD/JPY average; XS offers JPY accounts but quotes only EUR/USD pricing.
- Singapore residents trade through Pepperstone Markets Limited (SCB Bahamas, SIA-F217), without a MAS licence.
USD/JPY is one of the busiest pairs in Asian hours, and Pepperstone is one of the few brokers that publishes an average spread for it. That number, plus a clear commission, lets you cost a trade before you place it.
Pepperstone's USD/JPY pricing
Pepperstone's published averages put USD/JPY at 0.3 pips on Razor and 1.3 pips on Standard. A pip on one standard lot of USD/JPY is worth JPY 1,000, so the spread alone is about JPY 300 on Razor and JPY 1,300 on Standard. Razor adds commission: USD 3.50 per side on MT5 and TradingView, USD 3.00 on cTrader, or JPY 303 per side in a yen account.
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One lot of USD/JPY, costed
| Account | Spread cost | Commission | Total |
|---|---|---|---|
| Razor | 0.3 pips = JPY 300 | JPY 606 | About JPY 906 |
| Standard | 1.3 pips = JPY 1,300 | None | About JPY 1,300 |
USD/JPY against Pepperstone's other majors
USD/JPY is a little wider than EUR/USD (0.1 pips on Razor) and GBP/USD (0.2 pips) in Pepperstone's own figures, but the gap is small. If you hold positions overnight, the financing cost on USD/JPY can matter more than these fractions of a pip; check the swap shown in the platform for your direction, long or short.
Other places to trade USD/JPY
- XS: accepts Singapore residents, offers JPY as a base currency on MT4 and MT5, and quotes its Elite pricing (from 0.1 pips plus USD 6 round turn) for EUR/USD only; ask XS for USD/JPY.
- Phillip Securities (POEMS): MAS-regulated, FX CFD spreads from as low as 0.3 pips with no commission, a minimum across pairs, not a USD/JPY average.
- Capital.com: not available to Singapore residents.
Before you trade USD/JPY
- Pick the account currency: a JPY account keeps profits on USD/JPY in yen; an SGD account converts them.
- Use cTrader if you want Pepperstone's lowest Razor commission.
- Keep leverage modest: Pepperstone's retail maximum on forex is 1:200, which means a 0.5% move can consume your full margin.
Sources
Pricing data used on this page.
What is Pepperstone's USD/JPY spread?
Published averages are 0.3 pips on Razor (plus commission) and 1.3 pips on Standard (no commission).
Is a JPY account worth it for USD/JPY?
It avoids converting your yen profits, but your whole balance then moves with the yen against the Singapore dollar.
Does XS publish a USD/JPY spread?
Not in our data. XS's published Elite figure covers EUR/USD only.
Leveraged forex trading carries a high risk of losing money rapidly. Published averages are not guarantees of future spreads. This page is general information and not investment advice.